Group-buying websites dying out in Singapore

74% have shut down in the past two years indicating lethal competitiveness.

"This leaves only 19 companies competing for a slice of the market in Singapore," revealed Groupon, one of the remaining group-buying websites operating in the country, in a release sharing its insider insights to the group-buying industry.

Groupon further noted that "out of the companies that have ceased operations, 84 per cent of them lasted less than 12 months, an indication of the intense competition that is present in the industry."

Companies in the group-buying industry looking to survive and succeed must place emphasis on quality, service and trust, amidst all the closures that are taking place in the industry, Groupon added.

Mr Karl Chong, Chief Executive Officer, Groupon Singapore said, “Running a group-buying site requires a lot more than simply putting out great offers. In addition to goods and services being of reliable quality, companies need to provide great customer service and build trust  with both customers and merchants.”

“It is imperative for companies in the group-buying space to continuously rethink and relook their business models to address the changing needs of both merchants and consumers,” advised Mr Chong. “