Wow! What a deal! For just $40 dollars you can have the amount of $200 to buy whatever you would like at Forever 21! I don't know about you but some girls love Forever 21 just because its cheap and cute at the same time, plus girls love sales. Anyways, Groupon is a social coupon firm which gives out great deals for a smaller amount of money. Now, after you buy this online they send you an email which has a coupon code and then when you go to checkout you either enter the code, or you print it out and give it to the cashier. Groupon has deals for many many cities, including but not limited to Palm Beach, Detroit, New York City,Cleveland, Cincinnati, and etc. Groupon also has an app that you may buy the deals from your phone.
Although dont be fooled, Groupon isnt the only social coupon firm out there, there are competitors, which also has great deals,offers etc. Livingsocial, GiltCity, BuyWithMe, Tippr, Etc. With the help of marketing this could make or break any of these coupon firms. But since competition is fierce Groupon might not make it as fast as they would want to, that also goes for the other competitors since there is much competition.
Talking about much competition, Google had tried buying Groupon for about $6 billion but Groupon refused. Since then Google was not going to let this coupon/voucher market get away without a fight, just recently Google has started talking about their own coupon/voucher deals called Google Offers which has not been taken into effect just yet, but it's going to work about the same as any of those coupon firms. They will also be connected to all the social networks like Facebook, Twitter, and etc.
This is a growing business and a win win situation for everyone included. The buyer of the deal gets a great price on something they want, groupon for example gets companies business, and the actual company gets more customers! What's not to love?
Stay tuned with the Future of Marketing for any updates.
References:
http://techcrunch.com/2010/07/11/groupon-competitors-guide/
http://mashable.com/2011/01/20/google-offers/
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