This is well reported by now, but Hearst has acquired Kaboodle, which started as a kind of personalized shopping list and bookmarking site and has morphed into a hybrid social shopping/networking site. There are various angles on this story:
- The effort of traditional media to adapt to the online culture
- The power of social networking
I’ve written about Kaboodle several times in the past. I had thought eBay might be the buyer (given their partnership), but eBay bought StumbleUpon instead. Kaboodle also has a relationship with Conde Nast that reportedly won’t be affected, according to Om Malik’s posting (he reports the acquisition price as $40 million according to an unnamed source).
Local shopping and social shopping are the two trends that are important (mobile is a subset of local) in online shopping. Yahoo!’s recent “ROBO” survey underscores how the Internet drives offline transactions far more than e-commerce (average conversion rates: 2%-3%). ShopLocal is a site that sits in both spaces, local shopping and (more recently) community.