Bindo wants to combine its cloud-based iPad point of sale product with an online marketplace, similar to how Square's iPad system links merchants to Square Marketplace.
Bindo began as a marketplace only, working with local pet shops. Bindo's marketplace pulled information from the manufacturer of each product, so products listings were homogenized, says David Bozin, vice president of business development at Bindo. This is unlike Amazon, which allows the same product to be labeled and shown differently by different sellers, he says.
The marketplace attracted more business to the local stores, but about a month later the company ran into a problem, Bozin says. Bindo was unable to keep track of updates to the merchant's inventory.
Bindo needed to integrate with the merchant's point of sale system. But integrating with existing point of sale systems became too cumbersome, so instead Bindo began designing its own platform.
Currently several hundred merchant locations, primarily in New York, have installed the Bindo point of sale system, Bozin says. The company has also received interest from Latin America, Europe and Asia.
Bindo's technology is meant to make it easier for shoppers to find items at local merchants when searching online. "There's no transparency in buying local so it turns into a huge pain," Bozin says.
The company works with 20 different verticals, including pet shops, pharmacies and clothing retailers.
The mobile cloud-based point of sale industry is quickly becoming saturated, but Bindo prides itself on its inventory management process which "is where merchants spend a majority of their time," Bozin says.
The process enables merchants to input inventory using product bar codes, says Bozin. The company populates a lot of the information for the merchant, reducing the time from two to three minutes to about 30 seconds, he says.
Since deploying its point of sale terminals, Bindo has been focused on its updated marketplace, which will launch fully before the end of the year. In the future, consumers will be able to search for specific local products on the Bindo mobile app.
"We're coming up with some really awesome insights, such as consumer preferences from the information we receive," Bozin says.