I have recently become infatuated with all things social media– in particular how it can improve my shopping experience.
Then, there was Groupon.
Groupon = Groups of shoppers + coupon
Surprisingly, a lot of people don’t know much about what it is or why it’s awesome.
The premise is this. Everyday, based on your geographical location, Groupon features a Deal-of-the-Day. It can be anything — 50% off your favorite restaurant or huge savings at your favorite clothing store. The catch is that the deal isn’t “on” unless a certain number (usually between 100 and 500) people buy into it. So, if you buy into the deal, you are increasing its odds of being an actual deal. Further, if you buy into the deal and the deal doesn’t go through (ie. not enough people buy in), then you are not charged at all.
For example, they did a deal a month or so ago– which I was VERY sorry to have missed out on — where you could buy $50 worth of merchandise at the Gap and pay only $25. So if you buy in, you pay the $25 up front on Groupon. They print you a coupon on your printer and then you goto the store if the deal is on. And it was. In fact, in that particular case, Groupon was selling it 10 times per second, grossing $11,000,000 in sales for Gap.
Don’t miss out.