Google Inc. (NASDAQ:GOOG) is preparing to launch a Groupon competitor called Google Offers. ?Google Offers is a new product to help potential customers and clientele find great deals in their area through a daily email,? stated a fact sheet leaked by Mashable. The fact sheet, which was made public, has been deleted.
Google Offers is very similar to Groupon and LivingSocial. Users will receive a daily e-mail with a local deal of the day. People will then have 24 hours to buy the deal. Google Offers will be powered by Google Checkout. Google Offers will have Facebook, Twitter, Google Reader, Google Buzz, and e-mail sharing options.
As you may remember Google attempted to buy Groupon for $6 billion, but the deal fell apart because Groupon wanted a $1 billion break-up fee if the deal did not pass through government regulation. Google will hold 80% of a business’ revenue until three days after the deal is complete. Google will hold 20% of the remaining business revenue to cover any refunds before sending it all.