history repeats itself
2012 Groupon I would like to introduce you to 1999 pets.com and webvan.com. The only difference is all the investors too young to remember the dot com debacle.
In an open letter to shareholders Groupon CEO Andrew Mason has outlined plans to take the firm into local ecommerce services with a series of products designed to expand beyond its core business. "Groupon is setting out to reinvent the multi-trillion-dollar local commerce ecosystem. We are building an integrated suite of tools …
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Right now, as was said by LesboInMansBody (great name, by the way), Groupon has no choice but to change their biz model. They are heading for the wall very quickly. And, from what has been let out in the press so far, it appears it's not likely what they are offering is sustainable, either. Everyone would be better off if the company was just shot in the head now, rather than make us watch a prolonged death.
This whole IPO thing was embarrassing. The only saving grace for them was Zuckerberg's sage decision to spend a mighty billion on Instagram. Took the media heat off them for a bit.
Things like this are good for some laughs maybe, but too many people will be badly affected. This swing-for-the fences approach to growing the tech business has to stop.
Businesses who have used them not going back.
Customers demanding refunds
Businesses who have not used them yet hearing how other businesses have lost money.
Why?
The customer is a Groupon customer and prolific bargain hunter who will never pay full price anywhere.
The customer is unlikely to come back and pay full price is he.