Chicago-based Groupon allows people to further enjoy their community by providing daily deals with unbeatable prices; Groupon is able to offer unrivaled prices by guaranteeing retailers higher total sales. Plus, cost-conscious consumers that may not have been aware of a local business are encouraged by the savings to frequent businesses. Thus, overall awareness is increased, as is the opportunity for increased long-term sales.
The “deal of the day” website heralds, “One ridiculously huge coupon each day, on the best things to eat, see, do and buy in Chicago.” Groupon, started in Chicago in November 2008 as a platform for collective action; since their inception, the company’s experienced tremendous growth, raising finances to expand into other markets backed by dollars gained from venture capitalists
According to Mashable, a recent investment by Digital Sky Technologies and Battery Ventures – $135 million in new funding – has pushed Groupon’s value above the $1 billion mark. Groupon, which is estimated to be generating over $1 million/week in pure profit already, will undoubtedly put the new funding to work by expanding. At the current time, Groupon is available in 26 cities.
Groupon will soon become a household as they join an elite group on Web 2.0 sites that have surpassed the billion-dollar mark, joining the likes of social media sites Facebook and Twitter.