Today, I finally found my definition of E-commerce from Groupon, it is “a combination of the new trends of business world – entrepreneurship and management information system.”
When we evaluate a successful entrepreneurship, we always talk about innovation. What exactly is innovation in the most competitive e-commerce world? In my opinion, Groupon demonstrates innovation in various ways.
To begin with, Groupon provides a platform for itself and small business to engage in marketing innovation. On this platform, customers can easily access special deals and promotions according to their geographic locations and interests via social network. Firms no longer need to use trial and error and waste precious time and money to determine their customers’ wants; instead, the customers display their preferences and interests and firms can cater directly to their target market’s tastes. As customer base grows, Groupon and firms that are involved can certainly take advantage of this and further expand their business.
In addition, Groupon’s system as a whole can be deemed as an innovative supply chain. The firms find out what consumers want, and can promote their business to a large and deep market at the same time. Thus, firms from different industries and areas will continuously come to Groupon for help with raising brand awareness for their business. Groupon’s selling point is its strong MIS, this has attracted firms from all different industries and these firms subsequently stimulate Groupon’s contious growth and advancement.
These reasons are exactly why even Google is willing to purchase the website for $6 billion!
