Groupon has launched a new free tool for businesses called the Merchant Impact Report. Beginning today, those businesses that participate with the daily deals company can check to see how well their deal is performing, gain customer insights, and review a profit calculator. Groupon says that it’s letting local businesses work out their campaign profitability — something that hasn’t been available “through other marketing/advertising mediums.”
Available in the United States and in Canada, the Merchant Impact Report looks to be a helpful tool for merchants, especially when they’re unsure of whether or not participating in a daily deal is actually worth it. Prior to today, the company partnered with more than 1,000 merchants to see whether the tool held any merit. According to Jake Parks of Jake’s Coffee, Tea & Sandwiches in Ripon, CA, he states that as a small business owner, he appreciates the “depth of information” Groupon provides and the convenience and ease to review his Groupon deal.
F**k it, we'll do it live!
Our biggest ever edition of TNW Conference is fast approaching! Join 10,000 tech leaders this May in Amsterdam.
Groupon says that there are three key parts of this tool:
- Marketing Analytics: Reveals the total number of Groupon subscribers who received a merchant’s deal through the service. It also provides analytics on which subscriber purchased it, broken down by geography, gender, and age
- Customer Insights: Displays the percentage of customers new to the business and the estimated amount that it thinks will return within 90 days
- Profit Calculator: Helps merchants estimate how cost-effective each Groupon promotion is, including payments from the company, overspend “above the value of the Groupon”, revenue generated by returning customers, and merchant costs.
Amit Koren, Groupon’s Director of Merchant Products, says that “the Merchant Impact Report was created as result of our merchants’ feedback and is designed to provide a clear, concise view into the effectiveness of their Groupon promotions. Until today only the largest companies had access to this kind of information, and now we’re providing these powerful analytics to every local business that works with Groupon.”
The release of Groupon’s new tool is probably not going to play much in helping its stock, which is currently hovering over $5. The company has remained defiant in firing its CEO, Andrew Mason and immediately saw its stock price drop 15% last month. However, last week, we reported that in the past 58 days, it has seen its share price double, rising 99% from its record low.
Regardless of the stock price, it’s something to be said about how Groupon is releasing tools designed to help its merchants. Last week it launched an updated version of its Android app for merchants that accepts payments through smartphones. Last fall, it also debuted its Breadcrumb iPad payment and management service to take on Square.
Photo credit: FETHI BELAID/AFP/Getty Images