Business

Why Amazon Loves Local — and Why It Absolutely Shouldn’t

Amazon CEO Jeff Bezos (Reed Saxon/AP Photo)
Amazon CEO Jeff Bezos (Reed Saxon/AP Photo)

 

NEW YORK (TheStreet) — Amazon is set to launch a local marketplace specifically for services later this year, according to Reuters. The online agora would expand Amazon’s existing third-party seller system to include local service providers. Amazon Local, the company’s existing Groupon lookalike, already offers some services; new service-oriented sellers, like carpenters and plumbers, will join them on this new marketplace.

Investors seem skeptical. Amazon stock is down roughly 16% year to date, closing at $335.20 on Thursday, off a 52-week high of $408.06.

Amazon’s focus has so far been on selling products. Now it is expanding more into services — diversifying its business so that product and service sales feed into one another.

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