This post was edited by ttt222 at 2011-11-24 21:37|
Nearly 1,500 group-buying websites closed or quit the group buying business due to fierce competition as of the end of October, according to a recent report on China's group-buying websites, China Youth Daily reported.
In October alone, up to 456 websites shut down. Many Chinese group buying sites, including well-known Tuanbao and Wowotuan, have conducted mass layoffs. Statistics from Etao show that the transaction value of the group-buying market in October dropped 11% from that of September.
Experts say rational behavior among investors has returned and the market has entered a period of self-correction.