When you think of the fastest growing web company most people would give similar answers, Facebook? Google? Twitter? Nope. The answer was surprising to me as I too was wrong. Groupon. As numbers show Groupon is indeed the fastest growing web company ever, in only two years subscribers have exceeded 60 million while earning 1 billion in venture capital and 760 million in annual revenue. And the future holds the same brightness as Groupon was reported for declining a 6 billion dollar buyout from Google.
But what is all the hype all about? Groupon is a deal of the day site that presents deals in over 500 markets. The site makes coupons available for consumers if a certain number of customs signs up for the deal to ensure the merchant will still receive their proportion of the sell. Great for the consumer and the businesses involved Groupon has started a movement millions are following. As businesses offer groupons they increase the number of customers in their stores which creates return buyers and has the consumer paying a reduced price creating a win-win situation. The idea of the company was “an antidote to a common ailment for us city-dwellers: there's so much cool stuff to do, but the choice can be overwhelming… By focusing on one good or service each day, Groupon makes it simple.”(7) Along with their consumer based marketing and great personal aspect of the site there is now apparent reason why this business will not continue its unbelievable start.
With entrepreneurs such as Andrew Mason (Groupon) and Mark Zuckerburg (Facebook) I’d say our future economy is in great hands and we are sure to have many others with billion dollar ideas to come.
http://www.groupon.com/about
Dear Writer,
ReplyDeleteI was very suprised that Groupon was the fastest growing web company right now. I have never even heard of Groupon until now, and from hearing what you have said about it, I think that it is a very interesting website that will benefit many people.
One major thing that caught was my eye was this quote; "The site makes coupons available for consumers if a certain number of customs signs up for the deal to ensure the merchant will still receive their proportion of the sell." After reading this, it really does benefit everyone. It benefits the customers that go to these stores by giving them a discount, but also benefits the companies as well, since it will increase their customers and therfore make more money because of it.
Another quote that was interesting to me was this one; "The idea of the company was “an antidote to a common ailment for us city-dwellers: there's so much cool stuff to do, but the choice can be overwhelming… By focusing on one good or service each day, Groupon makes it simple." There are so many things that are offered to do in every city, that if Groupon concentrates on one popular activity each day, this will let people experience a wide range of fun things to do, but also lets them do it at a cheaper rate, which is always a good thing.
I really enjoyed reading your blog, and learned a lot about the fastes growing website, Groupon. It makes me quite interested to see more about Groupon, and I do plan on visiting their website as soon as possible! Thanks again for your blog post, and keep on coming with the interesting topics!
Sincerely,
Goldfinch
Dear Blogger,
ReplyDeleteInteresting that I have never heard of Groupon. But maybe because it is after a different type of customer than myself--seeing as how I use the internet for anything but shopping.
"...only two years subscribers have exceeded 60 million while earning 1 billion in venture capital and 760 million in annual revenue." This is a lot of people over such a short time! And I have always wondered how companies over the internet make money. Is it when other companies such as Google or Yahoo buy a part or the entire website?
"Great for the consumer and the businesses involved Groupon has started a movement millions are following." The guy who made this is possibly a genius (of simplicity). He has caught both major groups in a great trap: consumers and businesses. And the point that this website is helping both and still making money amazes me.
Your blog brought to light a new website that I just may have to look into. I also like how it covers a different realm: internet corporations. I think so many people forget about such things.
--Blue Jay
Dear Corporations in Every Day Life,
ReplyDeleteI have never personally used Groupon, but I have heard that it is a handy website and that it's getting pretty big. I've never personally heard people in my area talking about Groupon, but it will probably come my way soon!
"And the future holds the same brightness as Groupon was reported for declining a 6 billion dollar buyout from Google." Whoa. That's an insane amount of money to decline. Groupon must be extremely confident in their company!
"With entrepreneurs such as Andrew Mason (Groupon) and Mark Zuckerburg (Facebook) I’d say our future economy is in great hands and we are sure to have many others with billion dollar ideas to come." I agree with this and I hope it is true. Definitely thinking positive, which is awesome because people are always talking about how much our economy is in the sink hole.
I really liked this blog because it was positive and said good things about a corporation and its future. Thanks for writing this and I will continue to read your blogs!