Regis V.P. Client Services
The down-turn in the economy has forced everyone, from large corporations to individuals to reconsider their spending habits. An online article published earlier this year by business magazine Inc. reported a 27% increase in coupon use from 2008 (http://www.inc.com/news/articles/2010/02/coupon-use-hits-record-high.html). The increase in coupon use has given way to new business ventures focused on bringing bargains to consumers.
One such successful venture is Groupon.com.
Established at the height of the economic down-turn, Groupon was created to grant people access to community business that might otherwise be out of the consumer’s reach. Groupon posts a discounted activity daily and “the deal is on” only if enough people purchase the activity. A quota of Groupons must be purchased before a “deal is on” as Groupon likes to describe it. Once the quota is reached, there is an additional number of Groupons that are promoted until sold or for a twenty-four hour period, whichever comes first.
Groupon’s success comes as a result of making things like fitness classes, salon visits, and restaurant outings accessible and affordable to the consumers. In addition to boosting consumer power, Groupon serves as an advertising vehicle for local businesses and successfully promotes the concept of “buying local.”
Having had several successful Groupon experiences, (accessible at http://www.groupon.com/)I give Groupon.com a Tip of the Hat for their ingenuity and success.
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