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Groupon CEO tries to clear a few "misunderstandings"

20 November 2015 2

Groupon is not going on a good path since past few months. The company has seen its share prices declining constantly and with hitting an all-time low last week when it fell down to $2.54 before closing at $2.57. Additionally, it also closed down its operations in Denmark, Finland, Norway, and Sweden to take the total count of exits made this year to more than 12. The things are clearly not appearing to be good for Groupon, but its newly appointed CEO Rich Williams thinks otherwise. So, he posted a blog post in order to clarify all the "misunderstandings" and to show why the company will be winning it big in local.

The first thing that Williams talked about is that Groupon is a "misunderstood" company. According to him, almost everyone misunderstands the company, be it the analysts, media, or the consumers. In his words, "We have not done enough to tell our story over the past few years." He further added that Groupon is not an email daily company and instead, it is a marketplace. As per him, most of the purchases on the company come from the on-site search as compared to email.

Williams also talked about the reasons about why the company will win in local, even though tech giants like Google, Amazon, and Facebook failed. He said, "Winning big is absolutely possible in local. It’s a massive space that remains largely underserved. Consumers and merchants ultimately want that to change, and that makes winning in local possible. We have sold nearly a billion Groupons life to date. Add to that our nearly 50 million active consumer and 1 million merchant customers to date and you have a lot of proof of the possibilities in local."

Rich Williams was appointed as the CEO of Groupon about two weeks ago after co-founder Eric Lefkofsky stepped down. Talking about his new position, Williams said, "A lot of people have told me that I’m taking over the reins of this company in a very dark time. Plenty have said that I’m nuts to take this on. Without question, no one is handing us the keys to local with a big red bow tied around them. And while I’m shaking things up, I assure you that I’m not crazy. So I don’t look at this as a dark time. I look at this as a time to make things happen, faster. It’s the time to realize our potential and make Groupon better for merchants, for consumers, for employees and for shareholders."


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Groupon CEO tries to clear a few "misunderstandings"
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