eBay has launched eBay Group Gifts, a new way of shopping/giving on eBay allows users to pitch-in towards the same item together in an effort to give a “group gift” to a friend or family member.

The following video breaks it all down:

You can follow eBay Group Gifts on Twitter: @ebaygroupgifts.
Share stories about group gifts using the hashtag #groupgifts
Check out eBay Group Gifts on Facebook: http://facebook.com/ebay

The following FAQ should prove helpful too:

Can I buy anything on eBay as a group gift?
You can only select Buy It Now items for group giving. This ensures that you and your fellow gift givers know the total amount you’ll need to raise to buy your gift.
Do I need to have a PayPal account to set up a group gift?
Yes, the funds contributed for the gift will be sent to your PayPal account. Once your gift goal amount is met, then the funds are transferred from PayPal to pay for the gift.
Is a PayPal account required to contribute money to the gift?
No, contributors can chip in money with a credit or debit card without needing to use or create a PayPal account. However, after contributing money, a PayPal account will be created for them to receive refunds if the gift is cancelled.
What will happen if our gift sells out or expires before we raise enough money to buy it?
You will be given the option to either find a similar item on eBay to replace it, or issue a refund to your fellow contributors.

Cheers,
RBH