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We live and work in exciting times - revolutionary times. Technology continues to recast the media industry.

The extraordinary advance of affordable personal digital technology and the stellar rise of social networks are both distrupting and transforming the media market making this a unique moment to be involved in the convergence sectors we focus on.

This is also our place to ruminate and comment on the world as we see it, we hope you enjoy and please join in.

Tuesday, 31 August 2010

Groupon - its spreading fast

Is anyone else out there tracking the rise of Groupon? It seems to be growing very fast in the UK. I judge this on my own personal experience. I signed up two or three months ago and just lately the service has gone from one rather poor and mostly irrelevant 'deal of the day' to at least 6 really good deals a day. I mean good enough to take advantage of.

So what is Groupon? It's official tag is that its the 'leading social commerce site' or put another way its the 'leading social shopping site' or even 'collective buying'.

Ok but what does that all mean? Well actually its a pretty simple concept. You sign up for the service. The service emails you a deal of the day (or many actually). If you like the deal and want it you pay upfront. The deal only takes effect if the specified number of customers buy-in (thats the social bit). The deals expire after a day.

So why so popular?

Well for merchants its a results driven no cost ad meduim (they dont charge up front, it shares the proceeds)and for punters its another targetted deep discount channel.

We are very interested in what the effect of this fast growing meduim will be on business. There are clearly opportunities for media owners to joint forces with Groupon to leverage the hyper local ad market (or to offer their own perhaps?)

More on the opportunities and challenges posed by Groupon soon, but in the meanwhile watch this space.

1 comment:

Anonymous said...

Very Interesting!
Thank You!