Buyer Bonus Scheme (See sample calculations or use the calculator on the site)
Buyers have the option of participating in GSG Buyer Bonus Scheme based on forecasting.
The scheme is based upon the benefits of forecasting from community of Buyers, which helps the community of Sellers plan their inventory better thus lowering the costs, a benefit which is passed on to the Buyers by way of this Bonus Scheme.
Buyer may make an advance payment against forecasted order for any sum between Rs. 1,000/- to Rs. 20,000/- in multiples of Rs. 500/- with GSG, and indicate the products that he is likely to purchase over the next 90 days, which is treated like a forecast. Minimum forecast period required is 30 days.
If the buyer makes a purchase anytime between 31 to 90 days during those 90 days from the date of advance payment against forecast, he gets a FORECAST MET FEES calculated @ 0.066% per day on the purchase amount from the date of initial advance payment along with forecast to the date of actual purchase. This amounts to a FORECAST MET FEES of approx.. 2% per month or 24% per annum (on annualized basis) on the advance payment amount for purchases made. This fees is over and above any other discounts being offered by the vendors or other special promotions being run by www.gaonsegaon.com
If the purchase value is less than the advance payment amount, then the purchase value less the FORECAST MET FEES as calculated above is settled against the advance payment, and remainder amount stays as balance for future purchases and continues to be eligible for same bonus or FORECAST FEES as described above from the date of initial advance payment.
If the purchase value is higher than the advance payment amount, then the buyer gets the FORECAST MET FEES as calculated above on the complete advance payment amount, and has to pay only the differential price between the actual price less the advance payment amount and FORECAST MET FEES as calculated above.
If the buyer does not make any purchases against forecast or purchases less than the advance payment amount against the forecast, then in a way he has still helped the forecasting system with some degree of probability, and his purchases earn him the FORECAST MET FEES as described above, whereas remainder of the advance payment money is refunded along with FORECAST PARTICIPATION FEES, which will be calculated as 3.75% of the initial advance payment or remainder amount as applicable within 3 working days of completion of the 90 day forecast duration from the date of advance payment, which amounts to approx. 15% per annum on annualized basis.
Thus in short, the buyer gains FORECAST MET FEES equal to 0.066% on daily basis (approx.. equal to 24% per annum on annualized basis) for the purchases he makes against the forecast between 31 to 90 days of advance payment, otherwise he gets a full refund of his remaining money with FORECAST PARTICIPATION FEES calculated @ 3.75% (approx.. 15% per annum on annualized basis), within 3 working days after completion of 90 days from the date of initial advance payment.
The Scheme is for a limited period only, and maybe withdrawn anytime without any prior notice by www.gaonsegaon.com for new participants. However, all benefits as described above will apply and will be honoured for forecast participants once advance has been paid along with forecast.
Buyer Bonus Scheme Calculation
|Sample Calculation :- (Please read the Buyer Bonus Scheme carefully and see the sample caclculator on the site)|
|Forecast with Initial Advance Payment of Rs. 20,000/- on 01st January 2015 (Date of Advance Payment is counted as Day Zero, and next day as Day 1)|
|Figures in negative indicate amount to be paid by Buyer to the Company (Shown in Red)|
|If purchase value is lower than the remainder amount, then FORECAST MET FEES will apply on the purchase amount|
|If purchase value is higher than the remainder amount, then FORECAST MET FEES will apply on the remainder amount (Shown in Yellow)|
|Secnario 1||Scenario 2||Sceanrio 3||Scenario 4||Scenario 5||Scenario 6|
|Initial Advance Payment made towards forecast and potential Purchase By Buyer||20000.00||20000.00||20000.00||20000.00||20000.00||20000.00|
|First Purchase on 01st Feb. 2015 (after 31 days)||7000.00||0.00||0.00||0.00||0.00||0.00|
|FORECAST MET FEES on first purchase calculated @ 0.066% per day for 31 days||143.22||0.00||0.00||0.00||0.00||0.00|
|Effective purchase price for the item||6856.78||0.00||0.00||0.00||0.00||0.00|
|Remainder Amount after first purchase||13143.22||20000.00||20000.00||20000.00||20000.00||20000.00|
|Second Purchase on 16th Feb. 2015 (after 46 days)||8000.00||15000.00||0.00||0.00||18000.00||0.00|
|FORECAST MET FEES on second purchase calculated @ 0.066% per day for 46 days||242.88||455.40||0.00||0.00||546.48||0.00|
|Effective purchase price for the item||7757.12||14544.60||0.00||0.00||17453.52||0.00|
|Remainder Amount after second purchase||5386.10||5455.40||20000.00||20000.00||2546.48||20000.00|
|Third purchase on 11th March (after 69 days)||4000.00||4000.00||0.00||0.00||8000.00||0.00|
|FORECAST MET FEES on third purchase calculated @ 0.066% per day for 69 days||182.16||182.16||0.00||0.00||115.97||0.00|
|Effective purchase price for the item||3817.84||3817.84||0.00||0.00||7884.03||0.00|
|Remainder Amount after third purchase||1568.26||1637.56||20000.00||20000.00||-5337.55||20000.00|
|Fourth purchase on 26th March (after 84 days)||800.00||2000.00||19000.00||24000.00||0.00||0.00|
|FORECAST MET FEES on fourth purchase calculated @ 0.066% per day for 84 days||44.35||90.79||1053.36||1108.80||0.00||0.00|
|Effective purchase price for the item||755.65||1909.21||17946.64||22891.20||0.00||0.00|
|Remainder Amount after fourth purchase||812.61||-271.65||2053.36||-2891.20||0.00||20000.00|
|Amount against which no purchases were made||812.61||0.00||2053.36||0.00||0.00||20000.00|
|Refund due on 01st April 2015, i.e. after 90 days of Advance Payment||812.61||0.00||2053.36||0.00||0.00||20000.00|
|FORECAST PARTICIPATION FEES due on refund @ 3.75% of remainder amount||30.47||0.00||77.00||0.00||0.00||750.00|
|Sum total to be paid to Buyer within 3 working days of 01st April 2015||843.08||0.00||2130.36||0.00||0.00||20750.00|