REPORT PREPARED FOR: GROUPON
REPORT: BUSINESS MODEL ANALYSIS
BY GO DIGIBONKERS
POSTGRADUATE DIPLOMA IN BUSINESS
APMG 8119: DIGITAL ENTERPRISE
ASSOCIATE PROFESSOR DR. NITIN SETH
AUTHOR CONTACTS
NAME:
VIRAEK CHEU (145486)
SHARI GRENZ (1456206)
HIMESH TRIVEDI (1452836)
POOJA CORNELIUS (1446842)
SWATI CHAWLA (1457595)
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Executive Summary
Groupon entered the e-business in 2008 and is one of the world’s largest online
coupon company with close to 40 million customers. The Company declined a $6
billion takeover offer from Google in late 2010. The report examines Groupon business
model by leveraging two theoretical approaches and tools, “Business Model Canvas”
considering nine different components and then a further detailed analysis of the digital
business model (DBM) by the framework of KPMG (2009) focusing digital tribes, value
proposition and revenue model, which have a decisive impact on the company´s DBM.
Initially, the report provides the first six elements among the nine elemens of Canvas
buiness model and then the details of the last three elements (revenue, cost and value
proposition) with incorporation of digital tribes from KPMG’s digital business model.
The revenue analysis is broken down into sectors of local deals, goods and travel that
are the main sources of revenues. Out of this, risks of this type of model are identified,
e.g. the dependence on vendors, but also the advantages for instance the online
business reaches a large target market and has additional revenue stream
opportunities. The report also examines the cost factor and concludes that the different
natures of the costs. More than 80% of total costs are direct costs and SGA which
requires Groupon to improve via a number of initiatives. Furthermore, the report
provides valuable suggestions for Groupon to consider including the review of cost
control structure from activity base to function base and internal legal team to deal with
regulatory issues. In addition, the report analyses the value creation of the company
using the 20 C´s framework of KPMG considering the internal and external
perspective. It shows that Groupon can still improve its customer experience in various
categories. The report aims to provide a practical analysis of this e-business model
concept along with the theoretical and managerial implications.
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Table of Content
Executive Summary ................................................................................................... 2
Table of Content ......................................................................................................... 3
1.
2.
3.
4.
5.
Introduction ......................................................................................................... 5
1.1.
Purpose of the Report ................................................................................... 5
1.2.
Business, Industry and Market ...................................................................... 5
1.3.
Stakeholders and Shareholders .................................................................... 5
Groupon’s Business Model ................................................................................. 5
2.1.
Theoretical Background ................................................................................ 5
2.2.
Groupon’s Business Model by Canvas ......................................................... 6
Revenue Analysis ............................................................................................... 7
3.1.
Avenues of Revenue Generation .................................................................. 7
3.2.
Consolidated Revenue Figures ..................................................................... 8
3.3.
Risks and Advantages pertaining to the Revenue Model .............................. 9
3.4.
Key Findings ............................................................................................... 10
Cost Analysis .................................................................................................... 10
4.1.
Groupon´s Cost Structure ........................................................................... 10
4.2.
Risks and Opportunities .............................................................................. 11
4.3.
Key Findings ............................................................................................... 11
Value Creation Analysis .................................................................................... 11
5.1.
Value Creation in General ........................................................................... 11
5.2.
Digital Tribe - Digital Clubbers..................................................................... 12
5.3.
Value Proposition ........................................................................................ 12
5.3.1. Internal Organisation Perspective ......................................................... 12
5.3.2. External Customer Perspective ............................................................ 13
5.4.
Digital Equalizer .......................................................................................... 14
5.5.
Key Findings ............................................................................................... 15
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6.
7.
Conclusion and Recommendation .................................................................... 15
6.1.
Theoretical Implications .............................................................................. 15
6.2.
Managerial Implications .............................................................................. 16
Summary ........................................................................................................... 16
References ............................................................................................................... 17
Appendices .............................................................................................................. 20
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1. Introduction
1.1. Purpose of the Report
The purpose of the report is to provide an analysis of Groupon’s business model, which
focuses on revenue, cost and value creation. Primarily, the report introduces the
relevant theoretical models and tools and then examines Groupon’s practices. It gives
theoretical and managerial implications along with recommendations.
1.2. Business, Industry and Market
Groupon is a global e-commerce market space connecting customers with local
merchants by offering activities, travel, goods and services. It started in November
2008 in Chicago and by October 2010 Groupon served more than 150 markets in
North America and 100 markets in Europe, Asia, New Zealand and South America
and has 35 million registered users. By the end of March 2015, Groupon featured more
than 425,000 active deals globally. Although, the company faced a loss of US$88,946
in 2013 (Groupon, 2014).
1.3. Stakeholders and Shareholders
“Our customers and merchants were all we care about (Mason, 2011)”. Groupon has
faced a new set of expectations from stakeholders who have grown accustomed to
peering deeply into increasingly transparent organisations and accessing the
information they want to make decisions about the company. Similarly, the
shareholders are mainly American investment companies, a list is given in Appendix
A showing the value of the shares they have (Lynley, 2010).
2. Groupon’s Business Model
2.1. Theoretical Background
The report leverages two theoretical approaches and tools for analysing business
models. Firstly the business model analysis follows the “Business Model Canvas”
considering nine different components, key partners, key activities, key resources,
customer relationships, channels, customers segments, cost structure, revenue
streams and value proposition (Strategyzer, 2015). Then the report incorporates with
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a further analysis of the digital business model (DBM) by using the framework of
KPMG (2009), focusing digital tribes, value proposition and revenue model, which all
have a decisive impact on the company´s DBM.
Digital Business Model Framework (KPMG, 2009)
2.2. Groupon’s Business Model by Canvas
Groupon´s key activity, connecting subscribers with local merchants, determines the
company´s key partners and customer segments, which include the local merchants,
other retailers and brands and all internet users but also payment operators, service
providers and operating system providers to offer the Groupon App.
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Six parts of Groupon´s business model (Strategyzer, 2015, Groupon, 2015)
The main resources are the customer data and the relations to merchants in order to
distribute appropriate offers to the customers. The channels which Groupon uses are
its website, app, newsletters and additionally social media, for example Facebook with
14 million likes (Facebook, 2015), but the customer relationships are still mainly based
on the daily emails which should support Groupon´s goal to be the “destination that
customers check first” (Groupon, 2015).
3. Revenue Analysis
3.1. Avenues of Revenue Generation
Groupon has done significantly well. In 2013 it held 60% of the market share for the
daily deals market (Chiefmarketer, 2015).
The Revenues are generated from 3 different sources (Groupon, 2015):

Local Deals: Revenue derived from partnering with local merchants such as
restaurants or parlours on a 50:50 partnership.

Goods: Revenue derived from the sale of various merchandise such as
electronics or clothing

Travel: Revenue derived from deals with for example travel based companies
or hotels
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3.2. Consolidated Revenue Figures
The pie chart below shows the total revenue that Groupon made at the end of the
financial year for 2014. The company yielded a total of US$3.3 billion in sales turnover
which was significantly higher than the previous year, which yielded US$2.5 billion.
Revenue from their goods/merchandise sector has continued to be the biggest source
of revenues for the group (approximately 57% of total turnover) with the North
American market being their biggest source in terms of geographical location.
REVENUE PER SECTOR
Travel,
$175 M, 5%
Local Deals,
$1.2 B, 38%
Goods/Merchandise,
$1.8 B, 57%
Revenue of Groupon per Sector (Groupon, 2015)
The detail breakdown of the revenue per sector for each geographical location is given
in Appendix B.
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REVENUE PER REGION
Rest of the World,
$395 M, 13%
Europe,
$960 M, 30%
North America,
$1.82 B, 57%
Revenue per Geographical Location (Groupon, 2015)
Also, the total revenue generated from new customers was more than the existing
customers (Refer to Appendix C).
3.3. Risks and Advantages pertaining to the Revenue Model
According to the Groupon Financial Report of 2014, there are a number of risks
associated with this type of revenue model. Whilst there may be a down side, there
are however strong advantages as well.
Risks and Advantages of Groupon´s Revenue Model
(Groupon 2015, Indrupati& Henari 2012, Statistica 2015, Wong 2010)
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Revenue for Groupon is directly related to the value proposition that the company
offers. A detailed analysis of the value proposition is done in chapter 5.
3.4. Key Findings

Revenues are mainly generated through goods and merchandise, particularly
in North America.

Main risk of Groupon´s revenue model is the dependence on vendors.

Pure online business allows to reach a large target market and additional
revenue stream opportunities
4. Cost Analysis
4.1. Groupon´s Cost Structure
Groupon is a marketspace supplier and agent so its cost are mainly costs of goods or
services, technology and marketing with detail in the Appendix D. The company
spends mostly on direct cost and SGA (selling, general and administrative).
Consolidated Statements of
Operations for 2015
$1k; 0%
$33k; 1%
$242k; 8%
$1294k; 40%
$1401k; 43%
$269k; 8%
Third party and other
Direct
Marketing
Selling, general and
administrative
Acquisition-related
expense
Other (expense) income,
net
Cost breakdown for 2014 (Groupon, 2015a)
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According to five-year financial data, growth of the cost of revenue was approximately
196% and of operating expenses 32% on average while revenue grew only around
123% on average. Cost has outweighed the revenues (Groupon Inc., 2015), which
can be considered as a matter of concern for the entire business.
4.2. Risks and Opportunities
According to Groupon (2015a), inventory is the main cost driver and particularly the
outsourced shipping and fulfilment costs. Another big cost proportion is the SGA,
which increased after various acquisitions and caused a huge drawback to profit and
loss in 2014. Furthermore, there are a number of potential costs the company may
encounter due to intellectual property claims. In fact, the company has been facing
many regulatory inquiries. In response, a number of initiatives have been carried out
such as

Creating in-house inventory fulfilment (“fulfilment centre”) and reviewing
inventory management

Reducing shipping and fulfilment cost from external logistic providers

Discontinuing a controlling stake in acquired companies
4.3. Key Findings

83% of the costs are direct costs and costs for SGA, another cost driver are the
costs for growth through acquisitions

Activity-base cost

There are a lot of potential costs e.g. for legal issues, regulatory costs.

Various initiatives have been carried out in order to lower the costs.
5. Value Creation Analysis
5.1. Value Creation in General
Value creation is the most important aim for any business entity as it helps selling the
products and services. The first step in achieving value creation is to first understand
the sources and drivers within and outside the company, industry and
marketplace/market space (Amit & Zott, 2000).
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According to the framework, given by KPMG, Digital Business Model talks about the
Digital Tribe, Value Proposition and Revenue Model. The digital tribe and value
proposition are explained below.
The Digital Business Model Framework (KPMG, 2009)
5.2. Digital Tribe - Digital Clubbers
In accordance to Groupon the digital tribe consists of people who are e.g. travellers,
food lovers and price hunters. They are “Digital Clubbers” - like the name suggests the
traits are similar to the people who visit night clubs, they are low on loyalties and will
find better deals more suited for them. A study by Rice University's Jesse H. Jones
Graduate School of Business suggests that only 19% of the buyers return to Groupon
for purchasing vouchers (2015) that affects the value proposition of the company.
5.3. Value Proposition
Groupon’s value creation can be analysed using a checklist of 20 ways, the “20 C’s”
(Refer to appendix E) through which the company can provide the value creation
(KPMG, 2009).
5.3.1. Internal Organisation Perspective
The internal organisation perspective of Groupon´s value creation can be displayed in
the six following categories out of the 20 C´s:
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Groupon´s value creation – Internal perspective (Groupon, 2015)
Groupon´s website design, order fulfilment processes and payment channels are
essential for the company´s growth through value creation.
5.3.2. External Customer Perspective
The value is not just restricted to financials but also psychological wherein the
customer feels value which further strengthens their relationship with Groupon (Bughin
& Copeland, 1997). Referring to the 20 C´s model of KPMG some parts of the external
customer perspective in creating value are not fulfilled successfully for instance the
categories Comment, Combination and Conversation.
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Groupon´s value creation – External perspective (Groupon, 2015)
Additionally, the organisation doesn’t have sufficient backups for dealing with
customer complaints (Refer to Appendix F).
5.4. Digital Equalizer
KPMG’s Digital Equalizer is an online tool using the 20 C´s Framework to visualise
and enhance the value creation through the customer experience and operational
processes to modify the DBM and increasing customer satisfaction.
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Groupon´s Value Proposition with KPMG’s Digital Equaliser
(KPMG 2015, Groupon 2015)
5.5. Key Findings

Groupon´s value creation from the internal organisational perspective supports
the company´s growth.

Groupon doesn’t have enough customer interface, better customer care/
services will certainly improve the value creation.
6. Conclusion and Recommendation
6.1. Theoretical Implications
Groupon considers all nine fields of the “Business Model Canvas” in its DBM, which
include two parts of KPMG´s framework, value proposition and the revenue model and
additionally the digital tribe. Referring to the 20 C´s model of KPMG, Groupon fits in
6 C's i.e. compelling content, context, coverage, convenience and customer
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compensation. But in order to be profitable, generate revenue and increase the value
proposition the organization must follow the following managerial implications.
6.2. Managerial Implications
In order improve the DBM of Groupon and create value the company should take into
consideration the digital equalizer along the revenue model and the cost factors.

Vendor relationships and contracts: Groupon should improve the control
mechanisms over the products/ order fulfilments.

Expansion: Groupon needs to concentrate on geographical expansion along
with an increase in the range of products and should use its opportunities given
by a pure online business.

Adopt the cost by function approach providing a holistic view of each function´
resource optimisation which leads to a better cost management through
utilisation, productivity and efficient improvement

Establishing an internal legal team to avoid unnecessary legal costs in the
future

Combination and Conversation: Groupon should work on bundling together the
services provided along with the opportunity to contact the company directly via
an online chat.

Choice and Comment: Groupon needs to give its buyers better choices of
products and a platform to express their concerns and happiness regarding the
purchased products in order to improve customer loyalty and retention.
7. Summary
Groupon aggressively invested in growth that sometimes was profitable but often led
to mismanagement and losses. The company achieved growth from 2008 to 2011 but
its business model with its revenue model and cost structure has to be modified in
order to increase the company's profit. Additional value creation through
improvements from the internal organisational and external customer perspective can
help Groupon to stabilise its revenue generation.
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References
Amit, R., &Zott, C. (2000). Value creation in e-business: INSEAD.
Bughin, J., & Copeland, T. E. (1997). The virtuous cycle of shareholder value
creation. The McKinsey Quarterly (2), 156.
Capgemini Consulting/ MIT Center for Digital Business (2012). The Digital
Advantage: How digital leaders outperform their peers in every industry,
https://www.capgemini.com/resource-fileaccess/resource/pdf/The_Digital_Advantage__How_Digital_Leaders_Outperf
orm_their_Peers_in_Every_Industry.pdf, access on 26th September 2015
Chiefmarketer (2013, September 13). Groupon owns nearly 60% of the U.S. dailydeals market in 2013, industry to see slowed growth. Retrieved from
http://www.chiefmarketer.com/report-groupon-owns-nearly-60-of-the-dailydeals-market-in-2013/
Freedman, J. (2015). Functional Based Cost Accounting Basics. Retrieved from
http://smallbusiness.chron.com/functional-based-cost-accounting-basics51647.html
Groupon (2015). Financials and Filings Page. Retrieved from
http://files.shareholder.com/downloads/AMDAE2NTR/716666907x0x824897/96A29ED7-0479-409A-970F1439D7556C1C/2014_Annual_Report_FINAL.PDF
Groupon (2015). Annual Report, http://files.shareholder.com/downloads/AMDAE2NTR/769426525x0x824897/96A29ED7-0479-409A-970F1439D7556C1C/2014_Annual_Report_FINAL.PDF, access on 26th
September 2015
Groupon. (2015a). Form 10-Q Retrieved from Chicago:
Groupon. (2015b). Second Quarter 2015 Result [Press release]
Helfert, E. A. (2000). Techniques of Financial Analysis: A Guide to Value Creation,
McGrawn-Hill Book Co, Singapore.
Indrupati, J., Henari T. (2012) "Entrepreneurial success, using online social
networking: evaluation", Education, Business and Society: Contemporary
Middle Eastern Issues, 5, (1), pp.47 – 62. Retrieved from
http://dx.doi.org/10.1108/17537981211225853
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Jin, Byoungho/ Yong Park, Jin (2006). The Moderating Effect of Online Purchase
Experience on the Evaluation of Online Store - Attributes and the
Subsequent Impact on Market Response Outcomes
KPMG (2009). Emerging Business Models to Help Serve Tomorrow´s Digital Tribes,
https://www.kpmg.com/CN/en/IssuesAndInsights/ArticlesPublications/Docume
nts/emerging-business-models-O-0906.pdf, access on 26th September 2015.
Krell, E. (2012). Groupon Serves as an Example of How NOT to Disclose
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Lappin, J. (2014). Groupon, Down 40% In 2014, Finally Does Something For
Shareholders. http://www.forbes.com/sites/joanlappin/2014/05/05/groupondown-40-in-2014-finally-does-something-for-shareholders/ Retrieved from
http://www.forbes.com/sites/joanlappin/2014/05/05/groupon-down-40-in-2014finally-does-something-for-shareholders/
Lynley, M. (2010). Check Out The Millionaires (And Billionaires) Groupon's IPO
Minted Today. http://www.businessinsider.com.au/groupon-billionaires-201111#maverick-fund-gained-115-million-off-its-investment-7 Retrieved from
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Mason, A. D. (2011). Read Groupon CEO's letter to IPO investors. Retrieved from
CNN website: http://money.cnn.com/2011/06/02/technology/groupon_IPO/
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Statistica (2015). Statistics and facts from global tourism. Retrieved from
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Thomas, O. (2012). Why Groupon Really Turned Down Google's $6 Billion Offer.
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Weill, Peter/ Vitale, Michael (2001). Place to Space: Migrating to eBusiness Models
Weingarten, E. (2010, 20). Forget Journalism School and Enroll in Groupon
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Appendices
Appendix.A List of Shareholders
Investor
Amount
Shares
Stake**
Owned*
The Growth Fund of America
$175M
22.2M
3.5%
Technology Crossover Ventures
$150M
19M
3.0%
Fidelity Investments
$100M
12.7M
2.0%
T. Rowe Price
$100M
12.7M
2.0%
Morgan Stanley Investment
$75M
9.5M
1.5%
Greylock Partners
$65M
8.2M
1.3%
Kleiner Perkins Caufield& Byers
$65M
8.2M
1.3%
DST Global
$51M
6.5M
1.0%
Maverick Capital
$50M
6.3M
1.0%
SLP Green Holdings
$50M
6.3M
1.0%
Andreessen Horowitz
$40M
5.1M
0.8%
Battery Ventures
$23M
2.9M
0.5%
Allen & Co.
$4M
506K
0.08%
Guy Oseary Family Trust
$2M
253K
0.04%
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Appendix.B Revenue generated from local deals per geographical location
(Groupon, 2014)
LOCAL DEALS
Rest of World,
$150 M, 13%
North America,
$650 M, 54%
Europe, $400 M,
33%
Goods / Merchandise
Rest of World,
$200 M, 11%
Europe, $500 M,
28%
North America, $1.1 B, 61%
Revenue generated from travel per geographical location (Groupon, 2014)
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TRAVEL
Rest of World, $45
M, 26%
North America,
$70 M, 40%
Europe, $60 M,
34%
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Appendix.C Revenue Breakdown of Groupon
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Appendix.D Cost structure
Cost components
Cost of revenue
Descriptions: (What, Why and How costs were created)
The cost associates directly and indirectly to revenue
generations.
Direct
Cost of inventory
Cost of goods or services owned by Groupon.
Shipping and fulfilment costs
This includes third party logistics provider, rent, depreciation,
personnel and other operating costs from own fulfillment
center.
Cost of decreasing product or service price from original one
to push up sales.
Cost of processing credit card transaction online.
Inventory markdowns
Credit card processing fees
Editorial
Technology
Payroll & stock-based
compensation
A proportion of internal-use
software
Other technology-related
(email distribution)
Web hosting
Payroll and stock‑ based compensation. The area of editorial
personnel was responsible for drafting and promoting deal.
The employees were skillful and high experience writers
(Weingarten, 2010). This was vital for business since the
promotion messages play critical role in attracting consumers.
The required software for internal utilization and website
design in vital in ongoing operations (Groupon, 2015b, p. 6).
Groupon offers a mobile application available on iPhone,
Android, Blackberry and Windows Phone. It allows users to
browse and buy deals on their phones and redeem them using
the screen as a coupon to be scanned.
The function was responsible for operating and maintaining the
infrastructure websites and mobile applications.
This also includes fixed-assets: for internal and web
development was critical for day-to-day business operations
(Groupon, 2015b, p. 6).
It was used for mainly marketing purpose to its millions
customers.
This was the one of the core selling point which allowing nonmobile users to explore, compare, search, and purchase
indeed.
Third party
Estimated refunds by merchants Estimated refunds when the merchant's share was not
recoverable.
Operating Expenses
Marketing
It was one of the primary strategy to acquire customers and
promote awareness.
Online
This refers to sponsored search, social media advertisement
(such as Facebook and Google), email marketing (One of the
Groupon’s advertisement approach by sending massive
emails to its millions customers (Cohen, 2012).), and affiliate
programs.
Offline
Television, radio and print advertising.
Payroll and related stock‑ based Any personnel cost related to marketing activities.
compensation
Others
This includes order discounts, free shipping, and lowermargins on deals.
Selling, general and administrative
(SGA)
Selling
Payroll and stock-based
Personnel cost and commission for sale representatives
compensation and commission
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Others (technology,
telecommunications and travel)
General and administrative
Payroll and stock-based
compensation
Others
Acquisition-related expense, net
Other expense, net
Any cost relating to and supporting the sales functions
Personnel cost of general corporate functions: accounting,
finance, tax, legal, human resources, customer service,
operations, technology and product development personnel
Depreciation and amortization, rent, professional fees,
litigation costs, travel and entertainment, recruiting, office
supplies, maintenance, certain technology costs and other
general corporate costs.
This cost occurs because of business combination including
legal and advisory fees and changes in the fair value of
contingent consideration arrangements. It was known as
external transaction
This includes interest expense on capital leases and credit
agreement, and losses of equity method and fair value option
investments, impairments of investments and foreign currency
transactions.
COST STRUCTURE (GROUPON, 2015A)
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Appendix.E 20 Cs Value proposition
SR.NO
VALUE PROPOSITION
1.
Compelling Content
2.
Context
3.
Coverage
4.
Convenience
5.
Control
6.
Choice
7.
Connectivity
8.
Community
9.
Comment
10.
Consolidation
11.
Customization
12.
Contraption
13.
Combination
14.
Contribution
15.
Conversation
16.
Collaboration
17.
Citizenship
18.
Compliance
19.
Customer experience
20.
Customer reviews and
PERSPECTIVE
compensation
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Appendix.F External Customer Perspective
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