It’s been a long time since I posted a Groupon refresher. It’s been almost a year since Groupon launched and I am certainly addicted to the amazing deals. Here is some helpful information about Groupon, how it works and how it can save you some serious cash.
What is this Groupon you speak of?
Last year, I kept seeing advertisements for Groupon.com, but had no clue what it was. I figured it was some sort of coupon, but beyond that, I was lost. Then one night here in Philadelphia, our local news ran a segment introducing Groupon- and I finally got it. AND I LOVED IT!
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Here’s the idea: Groupon actually stands for “Group On.” Each day there is 1 super fabulous deal offered, one per city. The deal could be anything from a restaurant discount to laser hair removal to bowling. The featured merchant offers a product or service at a substantial discount for one day only.
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Ah ha- but there’s more. In order for that discount to be accepted, a certain number of people have to purchase it (behold, the power of collective buying!). Once the group reaches a certain set number (usually around 20 or so), the GROUP is ON. The merchant will accept the coupons, your credit card will be charged, and you will save a boatload of money!!
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You don’t have to rush right out to use your coupon. From what I have seen, many of them are valid for 6 months to a year after you purchase them.
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What happens if not enough people sign up? Your credit card is not charged. The deal is dead.
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Here’s an example of a great past Groupon (note- these are one day deals ONLY- you cannot purchase old deals!). In Dallas, there was this phenomenal deal for a local bowling alley.
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Let me dissect the deal for you:
1) Pay just $19 for $50 worth of bowling and entertainment
2) 20 people need to purchase in order for the GROUP to be ON
3) The GROUP is ON!! You can see that they blew past the required 20 people.
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Go head- try Groupon today! Sign up and then wait for a fantastic deal (or 2 or 3!) to come along.
Still not sure? Watch the video below- it’s a fantastic tutorial!
I have used groupon in the past and the deals are good. However, please keep in mind that the merchant doesn’t receive much from these deals. They primarily do it for the exposure. While I know we’re all here for good deals, if you can support these merchants please do so. Many of these merchants are small business; my brother is one of them, and he said that the businesses only receive about half of the groupon price, which barely covers their expenses.