Power in Numbers
When it comes to finding a great deal on a new restaurant, hotel, or event, Groupon has put power in the hands of the consumer. That is, if there are enough of them. Founded in 2008 with just shy of 500 subscribers, this deal-of-the-day website has since grown into a multi-billion dollar international behemoth that is changing the way businesses provide for their customers.
So how does Groupon work? After signing up for a free subscription, you will start receiving daily emails that feature deals on everything from food to fashion associated with local businesses. Unlike your standard 30% off or “two for the price of one” sale, Groupon works on unique system in which a deal is made available only if a predetermined number of subscribers agree to purchase it by a specific deadline. For example, a Groupon offer may include a massage that is 60% off for the first 50 customers. Acting quickly is the key to getting in on the best deals, but luckily Groupon sends subscribers a new notification every morning.
Groupon has had tremendous success over the past three years due to its ability to get the best deals for its subscribers, while also providing a new kind of exposure for local businesses. With almost 40 million subscribers, Groupon is quickly becoming the best way to save money together by spending money together.
- Spencer Cromwell