Baidu to invest in O2O
Print Edition
CHINA’S dominant Internet search engine Baidu Inc yesterday said it would invest 20 billion yuan (US$3.2 billion) over the next three years on online-to-offline services, including group-buying service Nuomi.
“Right now Baidu has over 50 billion (yuan) in cash on its books,” said CEO Robin Li in a press release. “We’re going to take 20 billion of that and do Nuomi right.”
Baidu also said it would launch a “Membership Plus” strategy for the group-buying service, akin to Groupon Inc, letting merchants using Nuomi build their own marketing platforms to “increase user retention rates and consumption frequency.”
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