Looks like trying to buy Groupon didn’t go so well for Google. It is being reported today that Google has decided to make its very own Groupon-like site that offers deals to customers in a bid to compete head-to-head against Groupon. Earlier Google had failed to secure a bid to buy Groupon. The new service by Google will be called Google Offers and is in testing phase.
Mashable was the first to report this over the Internet and Google confirmed the same later. Also reported was Google’s plans to pay 80 percent of participating business’ share of the revenue three days after the deal runs while the remaining balance will be held for 60 days to cover refunds.
This effort of Google was a result of the $6 billion bid to buy Groupon. There were rumors that Groupon rejected Google’s offer in hopes of making its own initial public offering sometime soon. There is no set date as to when Google Offers will be launched.
We will update you as we hear.