Square to expand into ecommerce with its Square Market

Posted by: elegant  :  Category: Ecommerce

Started in 2010, Silicon Valley, California based Square Inc. is opening a virtual store called Square Market going head to head with popular ecommerce destinations such as Amazon.com, PayPal of eBay and others. Square introduced its matchbox size credit card reader to accept credit cards for payments and grown to about $3.25 billion private company. The online retail market is estimated to reach $278.9 billion industry by 2015 and Square Market wants to participate. Square charges 2.75 percent to process a credit card payment.

One big advantage for Square Market is the popularity of social media including Twitter and Facebook. Square founder invented Twitter in 2006 and now wants to add his current invention, Square Market, to it as well as others including Facebook and Pinterest. Current users of Square will have easy access to credit card information that it keeps helping ecommerce customers. Several fashion boutiques, small service providers, and a bakery have already joined the Square Market. Some see that local services that have no ecommerce presence are a good target for Square Market. That may be why Square Market is concentrating on local businesses. Square Market will give them an opportunity to find ways to sell their products and services.