Square’s food and beverage business has seen
47% upmarket GPV growth and a 38% increase in paying subscribers
year-over-year
Square also launches KDS for Android, franchise
management solution, giving restaurants of all sizes the power to
run and grow their businesses easier and more efficiently
Today, technology company Square announced new growth metrics
and products for Square for Restaurants, its suite of offerings for
restaurants and food and beverage businesses. The company has
served hundreds of thousands of food and beverage businesses over
the past decade and has grown upmarket over the last year as it
continues to build products to help restaurateurs streamline and
grow their businesses.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230516005411/en/
Square aims to help restaurants find the calm in the chaos
through intuitive tools – and it’s working. Restaurants on Square
have used the technology to operate – and expand – their
businesses, and larger, upmarket eateries in particular have seen
great success: Square’s upmarket food and beverage business grew
GPV 47% year-over-year.1 And with upmarket businesses’ more
complex operations, Square sellers are investing in paid tiers of
Square’s restaurants platform, with a 38% increase in paying
subscribers year-over-year.2
With more restaurants expanding and diversifying their revenue
streams, Square has been the platform to power this growth.
Square’s latest Future of Commerce report found that an average of
20% of restaurants’ revenue is currently coming from products and
services outside of their core offerings, and nearly 3 in 5 (57%)
of customers have purchased retail items like merchandise or
groceries at a restaurant in the past year. Through Square’s
ecosystem, restaurants can easily begin selling retail items,
offering sign-ups for cooking classes, or invoicing customers for
catering services, and restaurants are taking advantage of this. On
average, sellers that use Square for Restaurants also use around
4 other Square products – and upmarket sellers on Square for
Restaurants use around 6 additional products from the Square
ecosystem.
Building on this growth, Square for Restaurants’ new product
offerings equip restaurants to easily manage their operations while
serving excellent food and peace of mind.
Boost kitchen efficiency with Square KDS, now available on
larger Android screens
Today, Square launched Square KDS (kitchen display system) on
Android, which integrates directly with Square Restaurant POS,
keeping the front- and back-of-house in sync. Kitchen staff get a
better view of incoming tickets on large, durable, and configurable
screens, allowing them to see more orders, more clearly.
Restaurants can tailor Square KDS to their kitchen’s workflow by
routing tickets based on dining option – dine-in, takeout, etc. –
or kitchen category, allowing for a more streamlined experience
that gets meals out quickly and where they need to go.
“Our [Square] KDS setup was so easy in our line kitchen,” said
Rosa Thurnher, Co-Owner of El Ponce in Atlanta, GA. “Our tickets
come in instantly for prepping orders and marking items as
complete. It’s great to have that two-way ticket interaction that
paper receipts can’t offer.”
Square KDS on Android is available on the Google Play store and
offers a 30-day free trial with Square for Restaurants.
One unified platform with Square for Franchises
Quick-service franchises are one of the fastest growing
restaurant segments – and with Square for Franchises, a new,
integrated solution, these businesses can operate more efficiently,
identify new revenue streams, and prepare for future scale.
Franchisors can efficiently manage multiple locations using the
Square for Franchises dashboard, which provides a comprehensive
view of store performance and precise control over unique menu
options, as well as gift card and loyalty program
orchestration.
By operating a loyalty and gift card program across multiple
locations, restaurants can cultivate better customer relationships
and increase customer retention. Square for Franchises marks the
latest evolution of GoParrot, which was acquired by Square in May
2022.
New partnerships to enable loyalty programs,
drive-through
Square has also launched nearly 50 new partnership integrations
over the last year to help restaurants of all sizes succeed,
including:
- Square’s new Paytronix integration will soon allow
restaurants already using Paytronix Online Ordering and Loyalty to
seamlessly integrate with Square for Restaurants, keeping guests
engaged across all touchpoints, and using data-driven insights and
personalized offers to keep them coming back.
- Square is partnering with two drive-through technology
providers – Flash Order and Soundhound – to help
sellers easily and efficiently take drive-through orders.
“Square for Restaurants’ growth speaks to restaurant owners’
thirst for new, intuitive technology to help their businesses
flourish, whether they’re a fast-growing quick-service spot or a
beloved full-service restaurant,” said Matthew O’Connor, Head of
Verticals and Platform at Square. “With inflation, labor shortages,
and increased customer expectations, it can be tricky to run a
restaurant right now – but at Square, we’re the tech partner to
make restaurateurs’ lives a little easier.”
This news comes on the heels of Square’s new integration with
OpenTable along with a variety of other updates for restaurants, as
Square continues to help restaurants find greater efficiencies –
and peace of mind.
To learn more, visit Square’s booth at the National Restaurant
Association show in Chicago from May 20 to May 23, 2023, or feel
free to book an appointment with the Square team at the show
here.
About Square
Square makes commerce and financial services easy and accessible
with its integrated ecosystem of commerce solutions. Square offers
purpose-built software to run complex restaurant, retail, and
professional services operations, versatile e-commerce tools,
embedded financial services and banking products, buy now, pay
later functionality through Afterpay, staff management and payroll
capabilities, and much more – all of which work together to save
sellers time and effort. Millions of sellers across the globe trust
Square to power their business and help them thrive in the economy.
For more information, visit www.squareup.com.
____________________
1
We determine seller size based on
annualized GPV from the last 91 days. An upmarket seller generates
more than $500,000 in annualized GPV.
2
We define paying subscribers as
sellers who subscribe to either Square for Restaurants Plus or
Premium.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230516005411/en/
press@squareup.com
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