Online bookseller Amazon.com, Seattle, said it will offer online auctions beginning today. The company also said it would invest in Pets.com, the largest pet-oriented company on the Internet.
The new auction service, which can be accessed from Amazon.com’s home page, will let people buy and sell virtually anything online. More than 800 product categories are planned.
In an effort to combat the fraud that has been a problem on auction sites, Amazon.com will reimburse customers up to $250 if they can establish that they did not receive an item or did not get what they believed they had ordered.
The company said yesterday that it will buy about 50% of Pets.com (http://www.pets.com), which specializes in pet accessories, products and food. Amazon.com joined with venture capital firm Hummer Winblad Venture Partners to fund Pets.com’s first round of financing.
Last month Amazon bought a 46% stake in Drugstore.com, a new Web site selling pharmaceuticals and beauty aids.
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