collective purchasing
nounUK /kəˈlɛktɪv ˈpɜːtʃɪsɪŋ/
US /kəˈlɛktɪv ˈpɜːrtʃəsɪŋ/
Collective purchasing is when a group of people buy things together to get a better price.
The neighbors used collective purchasing to buy a big order of garden supplies at a discount.
RELATED WORDS
OTHER MEANINGS
2. A purchasing strategy in which several organizations combine their orders to negotiate lower prices from suppliers.
The hospital network saved millions through collective purchasing of medical equipment.
3. The act of several individuals pooling money to buy a single expensive item.
Their collective purchasing of a beach house made the vacation affordable for everyone.
4. A business model where customers form groups online to unlock volume discounts.
The website specializes in collective purchasing for office furniture.