But as surreal as it is for the new multimillionaires, RetailMeNot is but one example of a number of global sites that exploit an online trend towards using coupons or group buying for discounts from traditional retailers of goods and services. Just last month, another Australian coupon start-up Jump On secured AU$5 million in funding from a similar US company.
It’s a trend which has seen multinational sites like Groupon and LivingSocial spring up to become billion-dollar enterprises almost overnight. The US technology sector is buzzing with rumours that Groupon will be bought by Google for US$6 billion, and overnight Amazon announced a US$175 million investment in LivingSocial, which is projected to top US$500 million in revenue in 2011. – zdnet.com