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500 staff fired at Groupon

#recession #finances #heisesays
Discretionary spending is the first to take a hit.

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  1. I've used Groupon to promote my business – it was VERY SUCCESSFUL. I own a laser studio. If a treatment is for eg $100 I sell it on Groupon at a discounted price of say $30. You do not make a profit initially due to the discounting, just cover costs if you manage the deal well, but you can sell a massive volume. Many people who buy vouchers on Groupon are 'bargain junkies' and will never return, but I've found that about 30% of the customers do come back and many refer friends/family and/or buy other products/services when they come in to use their voucher. I think of it as giving a potential customer a 'free sample', which for a small business is much better than spending money on advertising with no idea what the ROI will be. With the 'discount voucher system' everyone wins: the customer gets a heavily discounted service, the merchant doesn't pay anything for the deal so if it's a flop nothing is lost except time doing the services and Groupon take a commission based on sales. You can use the system to fill quiet times in the business or to sell stock that is not moving well. The interesting thing is that Groupon expanded to what they are not during the GFC, probably because people were looking for discounts or a cheaper alternative eg they didn't want to splurge on a holiday in uncertain times so they treated themselves to say a spa treatment or a massage & facial instead. Also during the 1930's downturn, sales for items like lipstick actually increased (women looking for a 'cheap treat' to cheer themselves up). It is really odd that a discount business is losing sales at the moment. Re the lockdown and online shopping, i'm not sure this would impact Groupon because many businesses including mine could not operate so there was no point selling vouchers. I really hope they continue to operate in Australia.

  2. Every groupon coupon I purchased was low quality stuff that broke on first use. The only were the coupon was a heavily discounted dinner at moomoo wine bar. But showing up with a coupon at a swanky joint is also and experience in itself

  3. I haven't used group on in years. I've found that the businesses that sign up to it are desperate. They take the money but then don't want to honour the deal because they realise that it's unprofitable for them.

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