Group Buy Covenants
Is there a product on your watchlist just awaits the perfect moment for you to pull the trigger? If yes, then you should consider creating/joining a Lolovee covenant group to share idea and exchange intel about the product with others who are on the same purchase journey as you. Not only it is more fun and informed shopping, but it also makes vendors compete against each other to do business with you, resulting in the best deals found no where else on the internet.
Have more fun shopping
There is nothing like shopping together with others to discuss and share ideas
Make better decisions
Intels exchanged and uncovered in the covenant groups help members make more informed & better purchase decisions
Direct price bargain
Members negotiate with vendors who are competing against each other to make a deal with them, resulting in the best deals seen nowhere else
why is it great for creators and vendors too?
Covenant groups are essentially niche communities where creators are the moderators
Sell More Faster
Move inventory in bulk faster for a healthier cashflow and risk tolerance, achieve higher profit albeit lower margin
Covenant groups gain influence as they grow, making them a great asset to generate and retain value
Plan Ahead Room
Group buy covenant deals allow producers to produce ahead with plenty of room to plan, mitigating the risk of overproduction and underproduction
We remind members with concluded sale covenants to tip creators for the good work they have done to create, manage, and nurture the groups
Off-season shoppers are active within Lolovee covenant groups, making it a good marketplace for merchants to liquidate excess inventories
How it works
1. create/join a Covenant Group
Create a covenant group for a product or join an existing one
2. Creator moderates
The creator of the covenant is in charge of all the group activity
3. send invite to friends
Both creator and members can invite friends to join the covenant
4. vendors join
Vendors who would like to make a deal can join the covenant approved by the creator and make offers to win a round.
5. a deal is made
A round of covenant is successfully reached when the offer from a vendor is accepted by the initiator. Members may choose to skip the round at this stage, those who decide to proceed will accept the covenant and move forward to the next step
6. pay and deliver
Participants make payment, pre-payment, or deposit, the vendor makes the delivery subject to the deal terms
Frequently Asked Questions
What is a group buy covenant?
A Lolovee covenant is a sales contract among members and vendors, it is both legally and morally binding and treated as a real sales contract.
Who can initiate these covenant groups?
Anyone with a valid Lolovee account has access to create/initiate covenant groups.
Who will manage the covenant groups?
The creator who created the group will be in charge of the group, including but not limited to add/remove members, approve/disapprove join requests, moderate content posted by members, approve/disapprove vendor request, set bid price and decide to accept an offer provided by the vendor(s)
What product can I create a covenant group for?
You can create any product by providing us with its product title, description, and image(s)
I am a vendor, how do I join the group and make an offer?
Vendors must sign up for a Lolovee vendor account first, they will then be able to submit a request to become a vendor in a covenant group with the approval of the group initiator. Once approved, they can update their offer price and conditions to win the deal.
Is there an extra charge for the covenant service?
There is no extra charge for covenant transactions other than the 10% marketplace commission charged to vendors. Vendors should have the 10% commission rate considered while making an offer.
What is a round in a covenant group?
A covenant group can potentially attract more people and vendors as it grows, therefore, we make it a way that the group itself will not expire, it will instead generate group buy covenants in different rounds. If a member decides to skip a covenant, she can forfeit it and wait for a next round where the terms might be more suitable.
Is the payment secure?
The payment will be 100% secured because Lolovee will serve as an escrow service, we will be the one to refund your order if in any scenarios a vendor is in b reach of the covenant. We will refund the full amount to the members first, and going after the vendor after. Besides this, we perform a rigid due diligence check on all our vendors to deliver the best quality of both products and services.
What is the refund/return policy?
Unlike purchasing directly from Lolovee marketplace, where all purchases are eligible for 90-day money back guarantee, sales through group buy covenants have their own terms agreed upon by all parties. This is why it is important for you to review key conditions such as delivery time frame, refund/return policy etc upon signing/accepting a group buy covenant.
What benefits do I receive as a covenant group creator?
We understand that it is a lot of work to run a successful covenant group, that is why we will remind members to tip the creator after an order is concluded directly in real money which the creator can spend on Lolovee marketplace, group buy covenants or withdraw into their bank account once it reaches the minimum threshold.
Make shopping socially fun
While unlocking the best deals seen no where else