Groupon says it will no longer sell stuff. Instead, the daily deals site will focus on peddling experiences
The daily deals site no longer wants to be in the business of selling physical goods.Groupon is throwing in the towel on selling clothing, toys and all other physical items. Instead, the daily deals site will focus on peddling experiences.
“We believe our plan to exit goods will allow us to dedicate the focus and resources necessary to build a winning position as the purchase of experiences continues to migrate online,” said Groupon’s CEO Rich Williams in a statement. It is betting that experiences will help the company deliver revenue growth in the mid single-digits by 2022, plus drive costs down."At scale we believe we can unlock the potential of our financial model and become the largest two-sided marketplace that connects merchants to loyal, engaged customers who are looking for unique local experiences around the world,” said chief financial officer Melissa Thomas.
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