PHILADELPHIA, PA, July 22, 2013 /24-7PressRelease/ -- Software developer Willard Thompson has watched the development of e-commerce unfold over the past several years. He has seen it become a more dominant presence as technology improves. A recent article on Yahoo! highlights how one company is making e-commerce more accessible to small businesses.
Square Inc. is known for its "matchbox-sized card readers" that plug in to smart phones. It has made this technology available since 2010, making it easier for small businesses to complete transactions without the use of a credit card machine. The company, valued at $3.25 billion, has recently decided to expand into an even bigger market.
Square Market, a shopping website, allows companies to do businesses online. It serves as an online storefront for small businesses as well as a payment processor. Many of these companies already use Square services to process credit cards and digitally manage their inventory. This development makes the service even more comprehensive. The company will now face such rivals as eBay Inc., Amazon.com Inc., and Etsy. Square will take a 2.75 percent cut of each payment processed, and this is how it makes its money. Other online payment companies work much the same, and this move in essence raises competition.
According to Forrester Research, the U.S. online retail market "is expected to reach $278.9 billion by 2015." Square founder Jack Dorsey understands that competition is fierce and larger, more established e-commerce companies will initially probably "dwarf" his company. But with the increased use of online sites such as Facebook and Twitter, companies are able to reach out to more customers than ever. Dorsey says, "In the end, it's about what the merchant is selling. If you can present excitement around an item, and that item goes viral, it becomes huge."
Dorsey is also the creator of Twitter, which launched in 2006. He wants to integrate Square Market with sites such as Twitter, Facebook, and Pinterest to make shopper even easier for consumers. With the click of a button, they will have the ability to purchase items from Square Market that are linked on tweets or other posts. Credit card information is stored on Square, so once a customer clicks the link to the product, they can continue on to purchase it with ease.
In addition, through iPad software, companies who use the service can process payments, track sales, and upload their inventory to a Web page for free for viewing. Dorsey identifies some merchants using Square Market as "a few dozen fashion boutiques, an indie rock band, a bakery in Park Slope, Brooklyn, and a purveyor of designer hand axes." Other small service providers are beginning to show interest as well. Companies that do not currently have an online presence can benefit greatly by using Square Market. It allows them the opportunity to put their business online.
"It's great to see a really good competitor to PayPal, eBay, and the Web bazaar for small to medium size online stores," shares Willard Thompson. "Businesses can't go wrong in trying to get their store or services online nowadays. You're actually behind the times if you're not, and I can't imagine how a business can still thrive without an online presence. Adding e-commerce to your virtual storefront is just about as important and it looks like Square is making that endeavor seem even easier than their competitors. Also, the seamless integration with Twitter, Facebook, and Pinterest will certainly help Square get off to a good start." Willard Thompson stays on top of the latest developments in e-commerce so that he knows how the market is changing and growing.
ABOUT:
Willard Thompson has worked in the technology and software industry for more than 14 years. He currently works for United Technologies Aerospace Space Systems, selling imports and software to airport companies. His work involves developing software to make the purchase of part easier for clients. He is also involved in research and has had his work published several times.
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Square Inc. is known for its "matchbox-sized card readers" that plug in to smart phones. It has made this technology available since 2010, making it easier for small businesses to complete transactions without the use of a credit card machine. The company, valued at $3.25 billion, has recently decided to expand into an even bigger market.
Square Market, a shopping website, allows companies to do businesses online. It serves as an online storefront for small businesses as well as a payment processor. Many of these companies already use Square services to process credit cards and digitally manage their inventory. This development makes the service even more comprehensive. The company will now face such rivals as eBay Inc., Amazon.com Inc., and Etsy. Square will take a 2.75 percent cut of each payment processed, and this is how it makes its money. Other online payment companies work much the same, and this move in essence raises competition.
According to Forrester Research, the U.S. online retail market "is expected to reach $278.9 billion by 2015." Square founder Jack Dorsey understands that competition is fierce and larger, more established e-commerce companies will initially probably "dwarf" his company. But with the increased use of online sites such as Facebook and Twitter, companies are able to reach out to more customers than ever. Dorsey says, "In the end, it's about what the merchant is selling. If you can present excitement around an item, and that item goes viral, it becomes huge."
Dorsey is also the creator of Twitter, which launched in 2006. He wants to integrate Square Market with sites such as Twitter, Facebook, and Pinterest to make shopper even easier for consumers. With the click of a button, they will have the ability to purchase items from Square Market that are linked on tweets or other posts. Credit card information is stored on Square, so once a customer clicks the link to the product, they can continue on to purchase it with ease.
In addition, through iPad software, companies who use the service can process payments, track sales, and upload their inventory to a Web page for free for viewing. Dorsey identifies some merchants using Square Market as "a few dozen fashion boutiques, an indie rock band, a bakery in Park Slope, Brooklyn, and a purveyor of designer hand axes." Other small service providers are beginning to show interest as well. Companies that do not currently have an online presence can benefit greatly by using Square Market. It allows them the opportunity to put their business online.
"It's great to see a really good competitor to PayPal, eBay, and the Web bazaar for small to medium size online stores," shares Willard Thompson. "Businesses can't go wrong in trying to get their store or services online nowadays. You're actually behind the times if you're not, and I can't imagine how a business can still thrive without an online presence. Adding e-commerce to your virtual storefront is just about as important and it looks like Square is making that endeavor seem even easier than their competitors. Also, the seamless integration with Twitter, Facebook, and Pinterest will certainly help Square get off to a good start." Willard Thompson stays on top of the latest developments in e-commerce so that he knows how the market is changing and growing.
ABOUT:
Willard Thompson has worked in the technology and software industry for more than 14 years. He currently works for United Technologies Aerospace Space Systems, selling imports and software to airport companies. His work involves developing software to make the purchase of part easier for clients. He is also involved in research and has had his work published several times.
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