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Square announced several updates to its offerings that will impact products targeted at both micromerchants and larger sellers, as well as its subscriptions and services-based offerings. The firm integrated technology from Weebly, a website building platform that it acquired last year, to bolster its solutions.
These updates can allow Square to grow its network in several different segments, which has been a priority for the firm.
- Square for Retail, Square's point-of-sale (POS) solution, has been redesigned with new features. Sellers can create a website and automatically connect their Square for Retail catalog to their Square Online Store, which allows them to sync their items, inventory, prices, and data instantly across online and offline channels. The POS app has also been redesigned to make managing online orders alongside a brick-and-mortar store quick and intuitive. Square's larger seller segment now accounts for 51% of the firm's overall gross payment volume (GPV), and upgrading its solutions for this area can accelerate its growth.
- The Square Online Store is now available for restaurants. The Square Online Store allows sellers to grow their businesses online and in-store, with an e-commerce website and tools like selling on Instagram, shipping, in-store pickup, among other features. The upgrade brings the Square Online Store to restaurants — a major seller segment for Square — allowing sellers to offer online ordering from their website.
- Square is hiring 3 to 4 people for its cryptocurrency team, according to a tweet from Square CEO Jack Dorsey. Square's offerings with cryptocurrencies have gained momentum: During Q4 2018, Square Cash surpassed cryptocurrency trading app Coinbase as the most widely used Bitcoin trading app for iOS. And the Square Cash app grew more than double annually to reach more than 15 million monthly active users in December 2018. In the firm's earnings call, Dorsey attributed the success of Square Cash to the network effect, which he said will continue to be an important driver going forward. Building out its crypto team can boost Square's subscription and services-based revenue (SSR) segment, which grew 144% annually in Q4 2018 to reach $194 million.
CEO Jack Dorsey highlighted Square's "ecosystem of financial tools for both individuals and sellers" as its core differentiator on the company's earnings call. Square reached $933 million in revenue in Q4 2018, up 51% year-over-year (YoY). Building out that ecosystem through new launches and expanded teams can allow Square to position itself for ongoing growth across its major segments.
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