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If you are a merchant that is offering a product, then you can lose your ass with groupon. They charge 40-50% of the sale and want you to discount 50% or more from Retail price.
However, if you are providing a service and can up sell, the amount of customers you can gain is phenomenal. It is not a business model for everyone but it really does work if managed correctly.
Also, if you can get a product in groupon goods, there are huge profit potentials. I have worked with lots of the other deal sites selling my small electronics, and no way do they generate the volume of sales Groupon does
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