Amazon'S Decision To Close Its Own Online Group Buying Service Has Been Announced.

On October 31st, according to foreign reports, Amazon announced on Friday that it would officially close the service in December 18th after more than four years of online group buying service.

Besides its own group buying service, Amazon also injected more than $200 million into LivingSocial, the second largest group buying site in the US.

The company, which had been seeking a listing, recently announced a 20% layoff and, like Groupon, has pformed the daily group buying business to regular online shopping service.

Amazon now holds about 30% of LivingSocial.

LivingSocial's market valuation was more than $1 billion.

By the end of 2014, however, the company's valuation had dropped to $242 million.

Amazon shares fell $0.65 on Friday in the Nasdaq stock market, down 0.10%, to close at $625.90.

In the past 52 weeks, Amazon's lowest price was $285.25, the highest price being $630.72.

According to Friday's closing price, Amazon's market capitalization has reached $293 billion 400 million.

More than four years ago, group buying service Local was launched, which was launched by Groupon at that time.

The concept is developing in full swing.

But online group buying service has become a thing of the past.

Since its inception in 2008, as the largest group buying website in the United States, the cost of Groupon has remained high, and now its growth is weak.

Bloomberg compiled data show that from 2010 to 2014, Groupon revenue grew by 927%, 415%, 45%, 10% and 24%, respectively.

As of June 30, 2015, Groupon revenue grew by 11.8% year-on-year.

From 2009 to 2013, Groupon lost a total of $820 million.

The company has withdrawn from the Greek and Turkey markets and will gradually withdraw from the market in Morocco, Panama, Philippines and China Taiwan in the future.

Groupon announced last month that it plans to move ahead of September 2016.

About 1100 people, accounting for 10% of the total number of employees, plan to restructure their international businesses.

Amazon said on its official website Friday that it will close the group buying service in local service Local in December 18th.

Science and technology website GeekWire reported this news earlier this week.

About 4 to 5 years ago, consumers were still very popular in online group buying service.

At that time, there were dozens of online group buying websites in the United States.

But over time, many consumers and businesses are no longer interested in this kind of service.

"We learned a lot from the online group buying service," Amazon spokesman said in a statement.

In the future, we will apply what we have learned to new businesses. "