Facebook buys gifting service, Karma

Facebook, fresh off of its IPO, went shopping again and this time bought a gift giving start-up, called Karma. The aim behind Karma is to make gift giving a little more convenient. The service has a 'storefront' on their app through which you select the gift that you would like to give to a friend. Karma has tied up with vendors, like Spotify, Gund and MOMA for its selection of gifts, so the variety is large enough. Once you've selected the gift you want, Karma notifies the recipient by SMS, e-mail or even a Facebook wall post that you want to send them a present. They then can provide an address to have the gift sent to them. They can also trade their gift for another gift in the store that they would prefer, or to donate the money that you spend on the gift to charity. According to Mashable, the largest percentage of gift giving happens via SMS. Click here for full story