Shulou(Shulou.com)11/24 Report--

On the morning of April 10, Beijing time, it is reported that Christine Loh, general manager of Square, an American mobile payment company owned by Twitter founder Jack Dorsey, said that although Square has been focused on small businesses for a long time, the company is stepping up efforts to attract and retain big customers.

Christine said that focusing on high-end customers, which the company defines as customers who pay more than $500000 a year, currently about 3.435 million yuan, is not a major change for the company. But this is becoming more and more important in the face of continuing economic uncertainty. In recent months, other e-commerce software providers, including Shopify, have also paid more attention to larger sellers as a hedge.

To cater to larger sellers, Square has stepped up its efforts in functions such as booking and loyalty program integration. As the seller's business develops, the higher the value the company provides to the seller, the more likely it is that the seller will continue to consume the product and stay there.

"We want to make sure that the size of our products matches the growth." "but in these challenging economic times, I don't think larger sellers want to piece together a bunch of complex solutions," Christine said. "what Square is doing very well is that we are trying to simplify a lot of complexity in the entire ecosystem."

During the outbreak at home, many online sellers need more advanced e-commerce features to make up for the loss of their physical stores being forced to close. Square continues the trend that has been happening since then. Christine said that at the beginning of the outbreak, many high-end sellers joined Square. Now, many consumers have returned to brick-and-mortar stores, and the needs of sellers have changed.

In a letter to shareholders in the fourth quarter of 2022, Block, the parent company of Square, said it believed that large sellers were the company's biggest opportunity as it moved forward.

Big sellers have the greatest opportunity in the future. Block also said that sellers who pay more and use more of their software products have higher retention rates.

"creating a high-end market will not only lead to larger new sellers, but also help existing sellers grow," Christine said.

Christine first joined Square when it acquired Weebly in 2018, focusing on ensuring that online sellers have all the tools they need to succeed on Square. Before Weebly, Christine worked in Wal-Mart's e-commerce field for more than 10 years.

"Wal-Mart has a huge team to build the system," Christine said. For the small sellers she works with at Square, this is far from the case. "small businesses cannot hire their own marketers, their own logistics staff, supply chains, and so on. But it is also interesting that we can reduce this complexity and ensure that smaller sellers also have access to services."

However, Christine believes that Square's largest customer base will benefit from a more streamlined e-commerce system.

"they should focus on core business growth rather than trying to figure out how to do a lot of integration and integrate systems together," she said. "it's a very rewarding experience to think about how to simplify the process for our sellers."

Analysts say it may be worth supporting large companies at a time when many companies are tightening their belts. Like Square, Shopify, the ecommerce service platform, is taking action. In January, Shopify announced the launch of Commerce Components to attract large companies.

"most startups go bankrupt, and if you only work for startups and small businesses, then your business model may be affected in some ways," says Rick Watson, chief executive and founder of RMW, a business consulting firm.

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