The State of Square Online Store
Square Online Store is an e-commerce platform that resulted from Square's acquisition of Weebly in April, 2018. The new platform was launched to the public in March 2019.
As a major player in the payments space, Square brings a large customer base of offline merchants to the e-commerce wars. Many of those merchants have had to use other platforms for e-commerce and it will be interesting to see how successful Square is at converting merchants to the new platform.
At the time of launch, the new platform could not complete on features with mature offerings like Shopify. However, Square's goal is likely to prevent existing small merchants from using other platforms while slowly bringing their platform upmarket over time. This parallels the approach used with the launch of their card reader, which appealed mostly to micro-merchants and slowly grew to support large businesses.
At present, there are 58,917 live stores running on the Square Online Store platform.
It's been a little over a year after launch and Square Online Store has shown impressive quarter-over-quarter growth. In percentage terms, it is the fastest growing e-commerce platform. In absolute numbers, it's still a relatively small player in the e-commerce space but we'll be watching closely to see if it manages to sustain this growth. It's a little unclear how much of this initial success is due to converting existing Weebly customers to the new platform or from migrating part of Square's extensive base of offline-first merchants to the online world. Both sources are likely contributing.
It should also be noted that merchant counts aren't everything. Due to it's nascent feature set, merchants on Square Online Store still tend to be smaller operations that don't need the advanced features that you'll find on other platforms. So the average Square Online Store likely contributes much lower GPV than the average Shopify merchant. As noted above, this is consistent with their expected strategy of starting with micro-merchants and moving up-market over time. Initial indications are that this approach is gaining traction.
Cumulative Stores by Quarter
Here are the top stores, powered by Square Online Store, ordered by worldwide store rank. Square Online Store appeals mostly to micro-merchants that have basic e-commerce needs so don't expect to find many high-ranking merchants on the Square platform.
As noted above, we'll be watching the new stores added to Square Online Store with great interest. Here are the 5 highest-ranked stores added most recently.
Over the last 90 days, Square Online Store has taken 619 merchants from competitive platforms.
Platform Win Stores
Here are the top stores won from competitive platforms.
Over the last 90 days, Square Online Store has lost 1,123 merchants to competitive platforms.
Platform Loss Stores
Here are the top stores lost to competitive platforms.
Here are the top 20 industry verticals for stores on Square Online Store.
Here is the breakdown of Square Online Store stores by the number of employees.
The Square Online Store install base is predominantly within the United States.
With a paid account, stores can also be segmented by region and city.
Pricing Plan Breakdown
With more than half of their install base using a paid plan, Square Online Store has done a terrific job upselling merchants.
Social Media and Contact Info
Email and phone remains popular channels with the majority of Square Online Store stores providing an email address or phone for customer communication.
Facebook and Instagram have significant presence within the Square Online Store install base, with other social networks lagging significantly.
Top-level Domain Distribution
The vast majority of Square Online Store stores use a .com domain. This is not surprising since alternate top-level domains have only recently been introduced and there is still a certain cachet associated with .com domains.
Get more insights on Square Online Store stores
Our search interface is easy to use and helps you find the Square Online Store stores that are relevant to you.
You can segment stores on a variety of dimensions:
- Social Media accounts
- Email address
- Phone numbers
- Creation date
- Top-level domains
- Domain state
- Domain type
For more insights on Square Online Store stores, create a free account and have a look for yourself.