Block’s Square has improved its restaurant offerings through the Square for Restaurants platform.
Square KDS (kitchen display system) for Android was released, allowing kitchen personnel to view incoming orders more efficiently. Restaurants can also tailor Square KDS to their own workflow and streamline the ordering process.
Notably, Square KDS is now accessible on the Google Play Store.
In addition, Square for franchisees was introduced, which provides an integrated solution for quick-service franchisees to successfully manage many locations and uncover new revenue streams.
Furthermore, the Square for Franchises interface, which provides a complete picture of shop performance and precise control over customized menu items, as well as gift card and loyalty program orchestration, makes it simple for franchisors to manage many locations.
We believe Square’s latest initiative will help it gain traction with restaurants. It will also likely help Square’s food and beverage sector in the coming days.
Attempts to Strengthen Square for Restaurants
The launch of Square KDS and Square for Franchises coincides with Block’s ongoing efforts to strengthen Square for Restaurants. Square recently struck many collaborations to expand its products.
Restaurants may smoothly combine Paytronix Online Ordering and Loyalty with Square for Restaurants thanks to the Paytronix integration.
Square has collaborated with Flash Order and Soundhound to assist dealers handle drive-through orders more efficiently.
Furthermore, Square’s connectivity with OpenTable enables restaurants all over the world to streamline operations, manage dining rooms more easily and efficiently, and gain better visibility into table turnaround times and diner reservation data.
Prospects for Growth
All of the aforementioned initiatives are likely to add significantly to Block’s Gross Payment Volume (GPV) in the near future.
Notably, Square’s food and beverage division has grown its GPV by 47% year on year. In addition, the company saw a 38% year-over-year rise in the number of paying Square for Restaurants platform subscribers.
Furthermore, these efforts position Block well to capitalize on the increasing opportunities in the global restaurant management software and food and beverages markets.
According to Grand View Research Company, the worldwide restaurant management software industry would grow at a CAGR of 16.3% between 2023 and 2030.
According to IndustryARC, the worldwide food and beverage industry is estimated to reach $7,464.2 billion by 2027, growing at a 5.9% CAGR between 2022 and 2027.
According to The Business Research Company, the worldwide food and beverage market is estimated to reach $9,225.3 billion between 2023 and 2027 at a CAGR of 6.3%.
We believe Square’s expanding presence in this potential industry will help it gain investor trust in the coming months.
In terms of pricing performance, SQ is down 11.7% year to date, while the industry has up 3.7%.
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