Groupon is abandoning its physical goods store
Groupon will no longer sell physical stuff like toys, beauty products, clothing, electronics, or household items, the company announced on Tuesday. Instead, the deals site will go back to focusing on experiences after another lackluster financial quarter where revenue fell 23 percent.
“We believe our plan to exit goods will allow us to dedicate the focus and resources necessary to build a winning position as the purchase of experiences continues to migrate online,” Groupon CEO Rich Williams said in a statement.
The decision to stop selling physical products comes as the company realized it was competing in a saturated market dominated by giant retailers like Amazon, Walmart, and eBay. Consumers just didn’t think of Groupon as the place…