A Square exec says the company is targeting larger sellers, reflecting a growing trend amid economic uncertainty
The focus has grown more important as the global economic outlook has remained uncertain.While Square has long focused on small businesses, it's making a bigger push to attract and retain larger customers, says Christine Loh, Square's general manager of e-commerce.
"We want to make sure we're scaling our product to match the growth," Loh said."But then also larger sellers, I think especially during this challenging economic time, they don't want to deal with piecing together a bunch of complex solutions. And what Square does really well is we try to simplify a lot of complexity in our overall ecosystem."
In its shareholder letter for the fourth quarter of 2022, Square's parent company, Block, said that it sees large sellers as holding the biggest opportunity for it going forward. It also said that retention was greater among sellers with larger payment volumes and those that used more of its software products.
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