August 1, 2011
It seems like just yesterday the group coupon mega site that started it all offered its first deal of the day. Back in October of 2008, GroupOn offered a half price special on pizza from the restaurant on the ground level of the building they were in. Nearly 3 years later, GroupOn is one of the fastest growing companies ever and saw revenue of $644.7 million in the first quarter of this year. Most of the news on GroupOn is positive however, as the group coupon site has found, with great success comes many, many, many copy-cats.
The surge in the amount of these daily deal sites has forced GroupOn to evolve more quickly than they ever anticipated. Foes such as; LivingSocial, SwarmJam, WagJag and many more have kept GroupOn on its toes and GroupOn hasn’t missed a step.
In the past few months, they’ve gone from offering one deal a day in each city for 24 hours to offering several deals a day in a city and extending the period the deal is available from 24 hours to 48 or even 72. They made a deal with the location based social networking service Foursquare, which now allows them to offer up to the hour deals on locations you may be walking by. They also made a deal with the online travel booking website Expedia to offer what they call “Getaways” to various resorts, hotels and cities outside of your province, state, and even country.
Many of these new additions seem to working very well in the cities they’re available in. Because GroupOn is expected to have the largest user base of all the daily deals sites, it allows them to try new things and be the trendsetter when it comes to group coupon sites rather than be the follower.
Even with major sites like Facebook, Google and Amazon starting up their own versions of daily deal sites, GroupOn has managed to stay on top. Their ability to evolve with the market and their willingness to try new things has kept them one of the fastest growing companies ever and has stock market analysts drooling over a possible IPO. Stay tuned!