This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. http://jp.wsj.com/article/SB10671262863315044285504581547190648302196.html
![アリババがグルーポンから学べる教訓](https://cdn-ak-scissors.b.st-hatena.com/image/square/a1708b01b04f049b40ee42f692a00c98d1a563e2/height=288;version=1;width=512/https%3A%2F%2Fs.wsj.net%2Fpublic%2Fresources%2Fimages%2FBN-MQ335_0217al_TOP_20160217060907.jpg)