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Amazon and eBay Inc are investing in local internet services, jumping aboard the increasingly popular and lucrative business of catering to local shoppers and stores.
Amazon, the worlds largest online retailer, plans to invest $175 million in online coupon company LivingSocial, while e-commerce giant eBay is buying Milo.com, which let's users see if items they seek are available on local store shelves.
The internet's biggest players are now setting their signs on the booming business of local services, whether through daily deals the fastest-growing segment on web commerce by some estimates or a neighborhood-shopping search engine.Google is reportedly eager to buy local coupon site Groupon for as much as $6 billion, eyeing a local advertising market estimated to exceed $90 billion this year.
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Shares of eBay gained 2.2 per cent, while those of smaller local-services site Local.com rose 27 per cent.
Its local mania, said BGC Partners analyst Colin Gillis. People are taking strategic positions in this marketplace. Thats what's happening.
LivingSocial also secured an $8 million investment from Lightspeed Venture Partners. It said it is now booking revenue of more than $1 million a day on average and expects well over $500 million in 2011.
Local deals are the most exciting, fastest-growing category of e-commerce right now, said Jeremy Liew, a managing director at Lightspeed.
They are not afraid to place big bets on where they see the future of the internet going, he added of Amazon.
Posted in Clothing Post Date 02/13/2016