* which they don't even have to buy/manage/warehouse/distribute!)* This really is key. Coming from a traditional e-commerce background that includes all of th

* which they don't even have to buy/manage/warehouse/distribute!)* This really is key. Coming from a traditional e-commerce background that includes all of the above, I am quietly envious of the groupon business model. You don't really understand until you've been in the industry, but the logistics aspect of e-commerce really is a massive part of the process. That Groupon have managed to circumvent that in a way that is profitable/scalable is quite an achievement.