Despite the fact that Groupon - a company that ignited the once white-hot daily deal market - is valued at a third of its IPO price, the group-buying website is adapting to both the needs of local merchants and the wants of digitally savvy consumers.
As shoppers increasingly turn to their mobile devices to access local businesses, Groupon saw more than 10 million app downloads within the first quarter of 2014 and 54 percent of its transactions came from mobile in March of this year. Groupon could gain even more steam if they truly embrace the convergence of local and mobile.
"Central to our operating plan is that in order to win in mobile, you have to win in local, as mobile and local are inherently connected," said Groupon CEO Eric Lefkofsky in the company's Q1 2014 earnings call. "Everything we do is with local in mind. While we have a significant advantage in local commerce given our scale, we have yet to truly deliver an experience our customers can't live without."
By all accounts, Groupon is becoming a mobile-first company - looking to deliver a better local commerce experience. One way they plan on doing so is by getting the very best merchants onto its platform and improving the redemption experience for its customers, according to Lefkofsky. Its newest product, Groupon Gnome, should help. The solution works as an all-in-one cash register, enabling merchants to log cash transactions, accept credit and debit card payments, print or email receipts, calculate multiple tax rates, manage menu items, view transaction history and issue refunds. Read more at wsm.co/ggnome14.
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