It has been rumored that Amazon is working on a POS system designed to compete with the likes of Shopify, Paypal, and Square.
But what does this mean for your business? The new Amazon POS system brings additional point-of-sale options and a wider range of benefits to small businesses.
It's a different story for POS system providers, however, as this eCommerce giant will be introducing steep competition to the market.
Read on to find out everything we currently know about Amazon's new POS system.
Amazon POS System
What Do We Know So Far?
Business Insider recently released an exclusive report that Amazon is in the process of developing a POS system that could be sold by third-party sellers.
The Amazon POS system project is called Project Santos and is being led by an internal Amazon team.
This POS system is reportedly being designed to compete with the leading POS providers in the country, such as PayPal, Shopify, and Square POS.
Since this online shopping company already has various technology such as Amazon Go and payment services, small business POS systems would be an ideal next step.
What Does The New Amazon POS System Offer?
The new Amazon POS system will be able to handle in-store, offline, and online transactions as well as offer business and inventory analytics.
It will also offer links to other Amazon services such as Amazon Prime, Amazon One payment technology, and the Amazon Flex delivery network.
The new Amazon POS system would allow small business customers to unite their online with their offline channel management, including inventory management, data reporting options, as well as features that allow you to manage employees.
Small business customers could offer Amazon One technology for payment and contactless recognition and they could also have a customizable loyalty program allowing them to utilize Prime benefits.
The plans for this POS software offer a peek into Amazon's strategy for attracting more small businesses to their online marketplace since data shows that an increasing number of small business merchants have chosen Shopify or similar services that allow sales to be made directly to customers.
What Does This Mean For My Business?
For most businesses, in particular small businesses and online businesses, another POS system on the market brings you more choices in the future if you wish to change POS systems.
If you are a POS company, however, you may be feeling a little panicked, as Amazon's ability to knock out its competitors is well-known. Since the new POS system is still in its early stages there is time to develop software and other technology to compete.
How Much Will the New Amazon POS System Cost?
Amazon is still in the early days of developing the Amazon POS system, so pricing information is not yet available.
Where exactly it will sit on the POS systems pricing scale depends on how they are planning to compete in the point-of-sale market and the value they offer in their system.
Various aspects would need to be taken into account, including how their POS system works, and the features and packages that are available.
Amazon being such a huge company, there will no doubt be information readily available to the customer, if this product is launched.
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Amazon is an eCommerce giant rumored to be developing a new POS system to compete with the likes of PayPal and Shopify that can handle in-store and online sales and has various software allowing a large array of useful features.
This new POS system is likely to still be far down the line in terms of release, but it could be a game-changer for the POS market.
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