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This is what happened to the business of group buying. Groupon, a site that came out of nowhere in late 2008, had by 2010 rejected a 6 billion dollar offer from Google. This, of course, is nothing new in the Internet era. What’s different, what’s special about Groupon, is that its business model actually makes sense, in the sense that it actually makes money.

For Chinese Groupon wanna-bes, there are also additional benefits. Group buying thrives on thrift and efficiency instead of profligacy and wastefulness, two values that the most traditional of businessmen can identify with. Furthermore, the barrier to entry seems low, while first mover advantage seems high.