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Promises Big Brands Will Soon Join Mom-and-Pops in Social Commerce
by Kunur Patel
Published: May 19, 2010
NEW YORK (AdAge.com) -- More than 20,000 mom-and-pops and small retailers have started hawking real goods on Facebook in the past five months, thanks to an e-commerce platform called Payvment. And with a $1.5 million investment the big brands are coming soon, said the startup's CEO, Christian Taylor.
Through Payvment, retailers have sold 125,000 products on Facebook.
Payvment is a Facebook e-commerce app that lets any user -- businesses and individuals alike -- download a storefront and set up shop for free. Since it launched in November, small and midsize retailers have taken notice and put 125,000 products up for sale and 500,000 Facebook users (out of nearly 500 million total) have shopped with the app, which transacts "tens of thousands" of dollars per day, said Mr. Taylor, who declined to provide specific sales figures.
Today, the e-commerce provider announced $1.5 million in new funding led by Blue Run Ventures, the venture-capital firm that originally funded PayPal. What's more, Mr. Taylor said a beta program with well-known retail brands is under way, and the startup plans to launch tools for larger brands in June.
"All these brands are giving budgets to launch Facebook pages," said Mr. Taylor. "But what's the value of fans? Couldn't they be converted into paying customers?"
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