The folks at Mashable have gotten their hands on a "confidential fact sheet straight from the Googleplex" which describes a new Google product: Google Offers. It appears to be a group buying service similar to Groupon and LivingSocial.
The documents discovered by Mashable explain the basic idea behind the service: Customers receive an email describing a local deal and are given the chance to buy that deal within a certain timeframe. Assuming enough people buy the deal, the offer is triggered.
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Of course Google hasn't made any official announcements regarding this service just yet, so no need to freak out about all those future shopping sprees already. [Mashable]