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.