3M Library Systems, a division of 3M Company (MMM), recently introduced a “Buy and Donate” feature to the 3M Cloud Library eBook Lending System for participating libraries. 3M Cloud Library is a turnkey system of digital content and in-library hardware along with applications for borrowing and reading.
The feature, supported by e-book manufacturer Kobo, will facilitate users to go to the Kobo Bookstore to purchase their digital book with the mere click of a button. Moreover, 3M will donate a portion of its sales to the library for purchasing additional eBooks from the library. This new feature is expected to be introduced in Nov 2013 in participating libraries.
3M’s strategic move is intended to increase e-book circulation and provide all the possible benefits and convenience to the users. The new application will help users to identify and implement the right solution for any e-book purchase. This feature will further drive e-book traffic for publishers who are not yet participating in the library market. This flexible 3M e-reader feature allows users to browse or buy materials as per their choice and convenience. During challenging macroeconomic environment, this solution will help to generate additional revenue stream and augment revenues for the libraries.
3M remains focused on inventing new products to maintain its competitive advantage worldwide. The company continues to invest in diverse product offerings and technological solutions to capitalize on emerging business propositions.
3M, together with its subsidiaries, operates as a diversified technology company with manufacturing operations spread over 70 countries. The company aims to deliver innovative security solutions to businesses and governments worldwide, thus maintaining the security of people and documents.
3M currently has a Zacks Rank #3 (Hold). Other stocks that look promising and are worth a look now are Federal Signal Corp (FSS), having a Zacks Rank #1 (Strong Buy), as well as ITT Corporation (ITT) and LSB Industries Inc (LXU), both having a Zacks Rank #2 (Buy).
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