Amazon is looking to provide technology to help small businesses operate eCommerce sites and process payments with its latest acquisition of Sydney-based eCommerce platform Selz. The platform aims to help small businesses create their own websites much the way Shopify does.
“We have signed an agreement to be acquired by Amazon and are looking forward to working with them as we continue to build easy-to-use tools for entrepreneurs. Nothing is changing for our customers at this time, and we’ll be in touch with customers as and when we have further updates,” said Martin Rushe, Selz founder and chief executive officer.
The move comes at a time when Canadian-based eCommerce platform Shopify has witnessed exponential revenue growth and has seen its stock soar as many have looked to launch an online business during the pandemic to better meet consumer needs. Shopify revenues reached $767 million in the third quarter of 2020 alone, up 96 percent, increasing its market capitalization to approximately $177 billion.
Amazon made its own attempt to offer a similar service to Shopify called Webstore, but ultimately terminated the offering in 2015.