2023考研英語閱讀團購網的經濟學
The economics of Groupon The dismal scoop on Groupon
團購網的經濟學 團購網站慘淡的獨家資訊
A micro-economist assesses Groupon
微觀經濟學家評估團購網站Groupon
ON OCTOBER 24th Groupon says it will start its roadshow .
Groupon聲稱將于10月24日開始 路演 。
The social-media sensation, which offers online coupons for bargains at local shops andrestaurants, is planning an initial public offering later this year.
這個曾一時轟動的社交媒體，提供當地商店和餐館特價商品的在線優惠券，計劃今年晚些時候進行首次公開招股。
Valuations as high as $20 billion were until recently bandied around, but that now seemswildly optimistic.
直到最近才有消息稱該公司市值高達200億美元，但是現在看起來有點過于樂觀，
Groupon will lose $280m on revenues of $1.69 billion in 2011, predicts Benchmark, aconsultancy. That is an ocean of red ink.
邦仕馬克咨詢公司預測Groupon公司2011將虧損2.8億美元，年收入為16.9億美元。這是巨大的虧損。
Groupon started with a nifty idea. Its website offered a daily deal whereby consumers couldbuy a product or service very cheaply if a minimum number of people signed up.
Groupon公司源于一個奇妙的想法。該網站提供一個 每日交易 ，如果購買的人數達到最低要求，那么消費者可以非常便宜地購買一件商品或一項服務。
People would nag their friends to come to the same bar or shop. The merchant would getnew customers. Groupon would take a cut.
人們就會要求他們的朋友去相同的酒吧或商店，商店就會有新的消費者，Groupon也從中分一杯羹。
For merchants, this model has big advantages.
這種模式對于商店來說有巨大的優勢。
They are advertised on Groupon s phenomenally popular website. This is especially useful fornew businesses that no one has heard of.
他們在Groupon表面上受到大眾歡迎的網站上刊登廣告，這對無人知曉的新商業來說特別有用。
Groupon helps merchants manage capacity, too.
Groupon公司也幫助商家控制數量。
For example, a restaurant might sell vouchers that are redeemable only on Tuesdays, thusfilling tables on a quiet night.
比方說，某餐館出售的抵用券只能在星期二使用，這樣就能使原本生意冷清的周二晚上爆滿。
Or a Pilates studio might use vouchers to manage class sizes.
或者某個普拉提健身房通過使用抵用券控制課程人數多少。
Once a client has paid for the voucher, the studio collects the fee even if she is hung-over anddoesn t turn up.
一旦客戶支付抵用券，即使客戶延遲且不來參加普拉提課程，健身房也會收到這筆費用。
Groupon also allows merchants to charge different people different prices for the sameproduct.
Groupon同樣允許商家在出售同樣商品時，對不同客戶收取不同的費用。
A student might buy theatre tickets on Groupon for half price. A businessman with no time toshop around online might buy the same tickets for full price.
學生可以在Groupon網站上以半價購買電影票，而沒有時間在網上閑逛的商務人士可能以全價購買相同的電影票。
Without Groupon, it is harder for the theatre to find out what people are willing to pay.
如果沒有Groupon的話，電影院很難發現什么樣的人原意支付。
It could charge both punters full price, in which case the student may stay at home.
如果都是收取全價的話，那么學生就會待在家里不去看電影了;
Or it could charge both the lower price, in which case it makes less money.
如果都是收取半價的話，那樣電影院賺的就少了。
Groupon created a new market.
Groupon創造了一個新的市場。
This is a boon to consumers, but confers no lasting first-mover advantage on Groupon.
這對消費者來說是福利，但是對于Groupon來說并沒有持續 先發制人 的優勢。
Its business model is unpatentable and simple to replicate, so there are already more than20 copycats.
Groupon的商業模式沒有獲得專利，而且模仿起來很簡單，因此已經出現超過20個模范者。
Groupon aspires to be global, but the markets it serves are intensely local.
Groupon渴望全球化，但是它服務的市場卻非常本地化。
Internet selling is best suited to experience goods .
網絡營銷最適合 已經體驗過的商品 。
These are goods and services the quality of which you cannot judge until you experiencethem, such as haircuts and Thai meals, so there is no advantage in having abricks-and-mortar shop for people to browse in.
這些商品和服務的質量只有在你購買之后你才能判斷，比如理發、泰國食物，因此，如果網站上供人瀏覽的只有傳統實體企業，那么毫無優勢可言。
The trouble with experience goods is that generally you cannot separate manufacture fromdelivery: you cannot cook a meal in Guangzhou and eat it in New York.
大家體驗過的商品存在一個問題，那就是通常你無法將生產與運輸分開：你不可能在廣州烹調，然后在紐約享用。
So for Groupon, each city is a separate market.
因此，對于Groupon來說，每個城市都是一個獨立的市場。
In each neighbourhood, it must vie with copycats to sign up merchants. Its marketing costsare expected to be a painful $958m this year. This is why it loses money.
在每個街區，Groupon都要與模仿者競爭登記商家。Groupon的營銷成本將會達到9.58億美元，這正是其虧本的原因。
A final woe: the Groupon model is open to abuse.
最后的悲哀就是，這種模式公開被濫用。
Nicole Peters, an avid online shopper, describes how she bought a massage via one ofGroupon s rivals.
網上購物狂妮可?彼得斯描述她是如何從Groupon競爭對手哪里購買一項按摩服務的。
The day before the appointment, the massage firm e-mailed her to say it had gone bust.
在預約日的前一天，按摩公司發郵件給她說公司破產了。
Ms Peters also bought a voucher for several pairs of men s underpants. When she logged ontothe supplier s website, there were only huge pairs or bright pink ones available.
彼得斯女士還購買了幾條男士內褲的兌換券，當她登錄供應商的網站時，只有大號的褲子和明亮粉紅的褲子。
She says she will never shop this way again.
她說，她以后再也不會通過這種方式購物了。
Groupon s webpage includes a guide to avoiding arguments with merchants, which suggestssuch tiffs are common.
Groupon的網頁中包括如何避免與商家扯皮的指南，這就意味著這樣的口角事件很常見。
In short, Groupon is still the king of online discounts.
總之，Groupon仍然是網購折扣的領軍者。
But with so many pretenders around, it may be unwise to pay a premium for its shares.
但是隨著模仿者的異軍突起，為了購買其股票而支付傭金就顯得不明智了。
On October 19th the firm was reportedly considering scaling back its IPO.
據報道，10月19日，Groupon考慮相應縮減首次公開募股的規模。
The economics of Groupon The dismal scoop on Groupon
團購網的經濟學 團購網站慘淡的獨家資訊
A micro-economist assesses Groupon
微觀經濟學家評估團購網站Groupon
ON OCTOBER 24th Groupon says it will start its roadshow .
Groupon聲稱將于10月24日開始 路演 。
The social-media sensation, which offers online coupons for bargains at local shops andrestaurants, is planning an initial public offering later this year.
這個曾一時轟動的社交媒體，提供當地商店和餐館特價商品的在線優惠券，計劃今年晚些時候進行首次公開招股。
Valuations as high as $20 billion were until recently bandied around, but that now seemswildly optimistic.
直到最近才有消息稱該公司市值高達200億美元，但是現在看起來有點過于樂觀，
Groupon will lose $280m on revenues of $1.69 billion in 2011, predicts Benchmark, aconsultancy. That is an ocean of red ink.
邦仕馬克咨詢公司預測Groupon公司2011將虧損2.8億美元，年收入為16.9億美元。這是巨大的虧損。
Groupon started with a nifty idea. Its website offered a daily deal whereby consumers couldbuy a product or service very cheaply if a minimum number of people signed up.
Groupon公司源于一個奇妙的想法。該網站提供一個 每日交易 ，如果購買的人數達到最低要求，那么消費者可以非常便宜地購買一件商品或一項服務。
People would nag their friends to come to the same bar or shop. The merchant would getnew customers. Groupon would take a cut.
人們就會要求他們的朋友去相同的酒吧或商店，商店就會有新的消費者，Groupon也從中分一杯羹。
For merchants, this model has big advantages.
這種模式對于商店來說有巨大的優勢。
They are advertised on Groupon s phenomenally popular website. This is especially useful fornew businesses that no one has heard of.
他們在Groupon表面上受到大眾歡迎的網站上刊登廣告，這對無人知曉的新商業來說特別有用。
Groupon helps merchants manage capacity, too.
Groupon公司也幫助商家控制數量。
For example, a restaurant might sell vouchers that are redeemable only on Tuesdays, thusfilling tables on a quiet night.
比方說，某餐館出售的抵用券只能在星期二使用，這樣就能使原本生意冷清的周二晚上爆滿。
Or a Pilates studio might use vouchers to manage class sizes.
或者某個普拉提健身房通過使用抵用券控制課程人數多少。
Once a client has paid for the voucher, the studio collects the fee even if she is hung-over anddoesn t turn up.
一旦客戶支付抵用券，即使客戶延遲且不來參加普拉提課程，健身房也會收到這筆費用。
Groupon also allows merchants to charge different people different prices for the sameproduct.
Groupon同樣允許商家在出售同樣商品時，對不同客戶收取不同的費用。
A student might buy theatre tickets on Groupon for half price. A businessman with no time toshop around online might buy the same tickets for full price.
學生可以在Groupon網站上以半價購買電影票，而沒有時間在網上閑逛的商務人士可能以全價購買相同的電影票。
Without Groupon, it is harder for the theatre to find out what people are willing to pay.
如果沒有Groupon的話，電影院很難發現什么樣的人原意支付。
It could charge both punters full price, in which case the student may stay at home.
如果都是收取全價的話，那么學生就會待在家里不去看電影了;
Or it could charge both the lower price, in which case it makes less money.
如果都是收取半價的話，那樣電影院賺的就少了。
Groupon created a new market.
Groupon創造了一個新的市場。
This is a boon to consumers, but confers no lasting first-mover advantage on Groupon.
這對消費者來說是福利，但是對于Groupon來說并沒有持續 先發制人 的優勢。
Its business model is unpatentable and simple to replicate, so there are already more than20 copycats.
Groupon的商業模式沒有獲得專利，而且模仿起來很簡單，因此已經出現超過20個模范者。
Groupon aspires to be global, but the markets it serves are intensely local.
Groupon渴望全球化，但是它服務的市場卻非常本地化。
Internet selling is best suited to experience goods .
網絡營銷最適合 已經體驗過的商品 。
These are goods and services the quality of which you cannot judge until you experiencethem, such as haircuts and Thai meals, so there is no advantage in having abricks-and-mortar shop for people to browse in.
這些商品和服務的質量只有在你購買之后你才能判斷，比如理發、泰國食物，因此，如果網站上供人瀏覽的只有傳統實體企業，那么毫無優勢可言。
The trouble with experience goods is that generally you cannot separate manufacture fromdelivery: you cannot cook a meal in Guangzhou and eat it in New York.
大家體驗過的商品存在一個問題，那就是通常你無法將生產與運輸分開：你不可能在廣州烹調，然后在紐約享用。
So for Groupon, each city is a separate market.
因此，對于Groupon來說，每個城市都是一個獨立的市場。
In each neighbourhood, it must vie with copycats to sign up merchants. Its marketing costsare expected to be a painful $958m this year. This is why it loses money.
在每個街區，Groupon都要與模仿者競爭登記商家。Groupon的營銷成本將會達到9.58億美元，這正是其虧本的原因。
A final woe: the Groupon model is open to abuse.
最后的悲哀就是，這種模式公開被濫用。
Nicole Peters, an avid online shopper, describes how she bought a massage via one ofGroupon s rivals.
網上購物狂妮可?彼得斯描述她是如何從Groupon競爭對手哪里購買一項按摩服務的。
The day before the appointment, the massage firm e-mailed her to say it had gone bust.
在預約日的前一天，按摩公司發郵件給她說公司破產了。
Ms Peters also bought a voucher for several pairs of men s underpants. When she logged ontothe supplier s website, there were only huge pairs or bright pink ones available.
彼得斯女士還購買了幾條男士內褲的兌換券，當她登錄供應商的網站時，只有大號的褲子和明亮粉紅的褲子。
She says she will never shop this way again.
她說，她以后再也不會通過這種方式購物了。
Groupon s webpage includes a guide to avoiding arguments with merchants, which suggestssuch tiffs are common.
Groupon的網頁中包括如何避免與商家扯皮的指南，這就意味著這樣的口角事件很常見。
In short, Groupon is still the king of online discounts.
總之，Groupon仍然是網購折扣的領軍者。
But with so many pretenders around, it may be unwise to pay a premium for its shares.
但是隨著模仿者的異軍突起，為了購買其股票而支付傭金就顯得不明智了。
On October 19th the firm was reportedly considering scaling back its IPO.
據報道，10月19日，Groupon考慮相應縮減首次公開募股的規模。
