To a lot of people, eBay might seem like the sort of company that hit on a formula that works. It’s a company that doesn’t need to change to have success. That view definitely has some problems, as any company in today’s world has to be constantly adapting for what’s on the horizon.
Paypal, which is owned by eBay, has just recently acted to keep itself prepared for the future. Its latest corporate move involves the purchase (of an unknown amount) of San Francisco-based Card.io. Card.io is a start-up which developed software to allow mobile smart phones to scan and read credit cards. All you have to do is hold the card up to the phone camera and voila, the card has been scanned. Pretty awesome technology, if you ask me.
According to ITProPortal, Paypal is having the entire company move to their San Jose offices “to help us create new experiences to make it even easier for consumers and merchants to use the PayPal digital wallet”, said Paypal’s Hill Ferguson. The plan is for Card.io and PayPal to “accelerate innovation at a scale that is not possible at a startup.”
Why eBay and PayPal Made the Right Move
eBay’s move to bolster PayPal’s ability to expand is a good move. According to The Street, PayPal has been the show stopper; growing much more quickly than any of eBay’s other businesses. eBay has recognized this and taken steps like buying Card.io to ensure PayPal continues to be profitable.
As the number of mobile consumers continues to grow, software like the kind that Card.io provides is going to be in greater demand. The ease of using the internet for commerce is constantly being improved as well. It’s a smart move by eBay and PayPal – software like this can attract consumers and businesses big and small to use their platforms.
Adapting in Today’s World
While the speed of change these days can seem overwhelming to some business owners no matter your size, it’s important to keep a pulse on where things are going. As technology changes, opportunities arise. The increasing push to “mobile-ize” everything with our smart phones is just another sign that the web provides huge access to consumers and potential consumers.
More and more people are connected and we’re using our connected devices to do every day things that never used to involve internet powerhouses like eBay and PayPal.
How are you taking advantage of consumers increasing usage of the web for your business?
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