Google Tests Web Buying System
The ever-expanding Google empire is reportedly testing a system that aims to speed online purchases.According to Reuters, the new system, temporarily dubbed “GBuy” by analysts, will aim to facilitate quicker purchases by a consumer from a marketer.Google CEO Eric Schmidt claims that the new service will differ from the popular PayPal system by targeting advertisers rather than general consumers.”It makes no sense for us to go into businesses that are occupied by existing leaders,” he said in a New York meeting. “We want to solve new problems in the payments space.”
RBC Capital Markets analyst Jordan Rohan discussed the importance of targeting advertisers first, an issue Google has been confronting through expanding technology to send targeted messages to individual consumers via other media like magazines.”Eventually we hope that a targeted ad would be better than a targeted sales person,” Schmidt said.
Rohan estimated that Google is likely to launch this service by the end of the month.Merchants would not be charged for the service during the beta phase, but could eventually be expected to take fees of up to two percent.Google has not yet announced details of the prospective service nor has it been given a name.
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