Groupon (GRPN) Drops as eBay (EBAY) Looks to Enter Daily-Deals Market
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Groupon (Nasdaq: GRPN) shares were hit earlier following reports from eBay's (Nasdaq: EBAY) San Franciso event today that the e-commerce giant would be moving into the daily-deals segment.
eBay will begin a segment called eBay Lifestyle Deals, which is a marketplace where special offers will be posted from local merchants for consumers to cash in on. The service will initially be available in the limited number of markets.
eBay will be teaming up with Signpost on the effort. Signpost also works with merchants to provide deals for Google (Nasdaq: GOOG) Offers.
Should things turn out well, eBay might look to add more daily-deal providers in the coming months.
Shares of Groupon are down 3.6 percent while eBay is modestly higher Wednesday.
eBay will begin a segment called eBay Lifestyle Deals, which is a marketplace where special offers will be posted from local merchants for consumers to cash in on. The service will initially be available in the limited number of markets.
eBay will be teaming up with Signpost on the effort. Signpost also works with merchants to provide deals for Google (Nasdaq: GOOG) Offers.
Should things turn out well, eBay might look to add more daily-deal providers in the coming months.
Shares of Groupon are down 3.6 percent while eBay is modestly higher Wednesday.
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