What is a buying group?

A buying group is a group of people or organizations who come together to leverage their purchasing power to obtain better prices and services from suppliers. These groups can be formal or informal, comprising individuals, small businesses, or even larger corporations. By pooling their resources, members of a buying group can negotiate better deals and discounts, which can lead to significant cost savings for all involved parties. The benefits of a buying group also include access to a wider range of products and services, as well as the ability to share expertise and knowledge about suppliers and vendors. Buying groups can operate in a variety of industries, such as healthcare, construction, technology, and retail.