Groupon grows

I've written about Groupon before - the online discount voucher company with a twist. You register for the deal of the day but it's only when the required minimum number of people register that you get sent your voucher. The key to Groupon's success is that they've built a huge number of subscribers here and in the US. One of their recent offers for the Gap demonstrates the power of Groupon. Gap offered $50 worth of clothing on Aug. 19 for $25 in 85 U.S. and Canadian markets. The campaign made $11 million, while sometimes selling 10 Gap "Groupons" per second over the course of the day. By late morning, the company says, it was selling 534 Gap offers per minute - representing its most successful campaign by far. The previous best had been 41 per minute for an architectural tour of Chicago in a deal that was served to only Groupon subscribers in that city. You can read more about it in this ClickZ article.

Groupon is one of those companies I wish I'd started - the idea is simple and brilliant. My wife is addicted to Groupon and has used it for everything from the theatre to eyelash extensions. But I still think there is room for other players in this group buying market - why should I be buying a new car on my own, or a new plasma TV, or countless other products, when I could be buying it with many others and get a better deal. It seems an obvious extension to me for the price comparison sites but no one yet seems to be making the move.