BuyWithMe is a deal-a-day website that enables consumers to use the power of group purchase in order to gain significant discounts on products and services in their local area. Although BuyWithMe’s headquarters is in New York City, their first market was actually in Boston. Other cities involved in BuyWithMe’s franchise include Washington DC and San Diego. It is backed by Bain Capital Ventures, a group of angel investors that boasts the likes of LinkedIn in its portfolio.
What Is BuyWithMe All About?
BuyWithMe is a relatively new company, having being formed in May 2009. It was important that they managed to differentiate themselves from giants such as Groupon and they complied. On the surface, BuyWithMe is the same as the other major deal-a-day sites. They encourage consumers to use the power of bulk discounts with savings of between 50-90% commonplace.
Where BuyWithMe is slightly different is in the way the products and services are offered. Instead of having one deal a day and allowing it to lapse, BuyWithMe allows each deal to remain on their site for up to 7 days. Once you see something you like and bid on it, you automatically become part of the bidding group with an email update coming your way each day. Once the offer sells out, you pay for the item and benefit from a massive discount. ‘What’s so different about this?’ you ask. There’s a twist. If the deal hits the 7 day barrier and has still not sold out, you don’t pay a penny for the deal. That’s right, a genuine 100% discount!
Pros
Thanks to the fact that the deal can be free if not sold out within seven days, BuyWithMe has all the excitement of an auction. The timer is on constant display, reminding you of how long there is to go before the item finally becomes yours. If you refer friends to the site, you receive a further $10 discount on the next item you purchase from the site. BuyWithMe was starting to fall away as the deal-a-day novelty is wearing off for some consumers. However, its recent acquisition of Edhance.com adds an element of excitement to the site. Edhance is a loyalty-based site that enables its users to register their debit or credit cards. When they make purchases at certain stores who are affiliated with the site, consumers are given cash back. This exciting development seems to have breathed new life into BuyWithMe.
Cons
Although the 7 day waiting period may be exciting for some, it can be irritating for others. In some cases, all you want to do is buy the product/service, pay for it and enjoy it. Being forced to wait a week can be annoying as can the daily emails updating you.
Verdict
BuyWithMe is a company that showed a lot of early promise, experienced a downturn in fortunes but appears to be finding its feet once again. One feels that the key to its future success lies in bold moves like their acquisition of Edhance. Otherwise, BuyWithMe is just another deal-a-day site.
