Groupon (GRPN -1.71%) is going through a profound transformation, and the company is generating impressive sales growth. But profitability is still scarce, and companies such as Amazon.com (AMZN -0.16%) and RetailMeNot (SALE) represent serious competitive challenges for Groupon. Is Groupon a successful ongoing turnaround or a company with an identity crisis?

The following slideshow offers some concepts for investors willing to look at Groupon and its potential for returns in the years ahead.