Groupon's new CEO insists the corporate is 'misunderstood'
Final week Groupon’s shares hit an all-time low, solely days after appointing Wealthy Williams as its new CEO instead of co-founder Eric Lefkofsky. What’s extra, Groupon just lately ceased operations in Puerto Rico, Taiwan, Denmark, Finland, Norway, Sweden and a handful of different nations, including to notable layoffs the corporate introduced again in September. All of that is to say that Groupon, which provides coupons and offers to on-line clients, is at an important level in its brief historical past — how for much longer can it go on like this? To reply that, newly appointed chief Wealthy Williams in the present day wrote about Groupon’s possibilities to win the every day native offers recreation, one which tech giants like Amazon have failed at, amongst different issues.
“Groupon is a misunderstood firm. We’re misunderstood by analysts. We’re misunderstood by media. We’re misunderstood by shoppers,” says Williams, “each those that have not visited our website in awhile and people who’ve by no means bought from us.” He provides, “We’ve not executed sufficient to inform our story over the previous few years. And we’ve not all the time been humble about our hits and misses.” He appears to be referring to the very fact many individuals consider Groupon’s enterprise mannequin is not designed for fulfillment, in addition to shoppers not figuring out what Groupon is or the right way to benefit from it.
Williams additionally stated that Groupon being merely “an e-mail every day deal firm” is nothing greater than a fantasy. “The truth right here is twofold: first, we’re a market — and an enormous one — one with greater than half one million offers in three totally different classes,” he says. “Positive, e mail continues to be necessary, however extra of our purchases come from on-website search than e-mail, and greater than half our purchases happen on cellular. There’s merely nowhere higher on the web to seek out superior native retailers, nice merchandise and superb journey provides and experiences multi functional place.”
The Groupon CEO completed his open letter by claiming that he is not loopy for taking up the corporate “in a really darkish time.” He writes, “Nobody is handing us the keys to native with an enormous pink bow tied round them. And whereas I am shaking issues up, I guarantee you that I am not loopy. So I do not take a look at this as a darkish time. I take a look at this as a time to make issues occur, quicker. It is the time to understand our potential and make Groupon higher for retailers, for shoppers, for workers and for shareholders.”