New Delhi: Amazon is working on an innovative project named Santos, it is developing an innovative point-of-sale (POS) solution for third-party retailers that is intended to compete with Shopify, PayPal, and others.
The proposed POS can reportedly process transactions online and in physical stores and and can also link to other services including Prime and Flex to provide data analytics for inventory and other business functions.
The global POS space was worth $9.26 billion in 2020, and forecasted to hit $19.56 billion in seven years. The newer developing system to offer Amazon checkout options, and links to the company’s Prime services, palm identification system, and Flex delivery.
This will allow our small business (SMB) customers to unify their online and offline channel management including inventory, offer Amazon One for contactless recognition and payment, and offer a customizable loyalty program that can utilize Prime benefits,” according to the document.
The upcoming POS solution is expected Amazon is looking to pull more small- and medium-sized (SMBs) businesses to its eCommerce space as it loses some market share to Shopify and other direct-to-consumer portals.