November 19, 2012 - 16:37 AMT
PanARMENIAN.Net - Groupon Inc. opened its first concept store in Hong Kong as the company continues its efforts to broaden beyond its daily deals website, according to MarketWatch.
Groupon's core business has been challenged by a host of competitors pushing their way into the new industry of providing daily online coupons for goods and services, such as rival LivingSocial. Groupon's stock has been trending down since it went public amid concerns of slowing revenue growth and softer demand in Europe.
The company said its Groupon Concept Store - located in Soundwill Plaza in the heart of Causeway Bay's shopping area - will allow customers to redeem lifestyle products and test the products in a physical environment.
"We've found many customers prefer picking up their Groupon products opposed to delivery in Hong Kong and as part of our commitment to our customers and the customer experience, the Groupon Concept Store is now launched," said Danny Yeung, chief executive and founder of Groupon Hong Kong.
Groupon launched a new payment service in September called Groupon Payments, which allows merchants to accept credit and debit cards by swiping them through a card reader attached to an Apple Inc. (AAPL) iPhone or iPod touch. The payment service joined other new Groupon offerings, such as Groupon Goods, which sells merchandise such as jewelry or kitchen appliances.
Earlier this month, Groupon reported its third-quarter loss narrowed amid lower marketing costs while revenue increased 32%, reflecting a slower pace than in the prior quarter. Overseas markets appeared to hurt Groupon's overall performance as international gross billings declined about 12%.