Sites like Groupon and LivingSocial have saved consumers billions of dollars since they were founded in 2008.  These sites leverage the power of group buying by bringing people together who are looking to purchase the same item or service. This is yet another amazing example of how the internet helps people collaborate to perform a common goal.  In this case, the common goal is getting a deal, and what it takes to get that deal is a group.

Sites like Groupon are changing consumer behavior.  The deals on these sites are short lived.  They all come with a “ticking clock” which counts down to the minute the deal expires. The deals are indeed good so the the time limitation adds a spontaneity factor. This is causing these new coupon sites to become almost an addiction to their users who are hungry for the rush of finding the best deal.

The great deals that sites like LivingSocial and Groupon are offering, combined with the adrenaline rush of capitalizing on them before “time is up,” is probably the main reason for their meteoric rise.  In the brief history of The Internet, we have seen one trend continuously repeat itself.  That trend is that whenever one successful website idea is developed, copy cats appear out of nowhere.  Often times, new business that are trying to grow on these ideas totally lack in innovation, and are simply trying to copy what was there before.

A gem is often found when one a copycat proves themselves to be innovative and add to the original idea.  That is why bargain hunters, should keep aware of sites that are similar to groupon and livingsocial.