Collaborative Buying is a purchasing strategy where multiple individuals or organizations come together to buy goods or services in bulk. By pooling their resources, they can negotiate better prices and terms with suppliers, leading to cost savings for all parties involved. This approach is often used in various sectors, including retail, education, and nonprofits. In addition to cost savings, Collaborative Buying fosters relationships among participants, encouraging networking and shared knowledge. It can also enhance purchasing power, allowing smaller entities to compete more effectively with larger organizations. Overall, this method promotes efficiency and collaboration in the buying process.