Block (SQ) Expands Presence in Canada With On-Demand Delivery
Block SQ has been persistently working toward offering enhanced experiences to businesses in Canada in a bid to expand its presence in the country.
The company’s recent announcement of making its on-demand delivery service available for Square Online users in the country is a testament to the above-mentioned fact.
The on-demand delivery service has been launched in partnership with an online food ordering and delivery service provider, DoorDash DASH.
With the help of the underlined service, restaurants, bars, breweries, convenience stores, or any seller using Square Online across Canada can use DoorDash’s white-label fulfillment platform, DoorDash Drive, for delivering orders directly placed on their websites.
The recent initiative will help businesses in the country to increase their revenues by gaining customers and minimizing delivery-related overhead costs.
Notably, some businesses, which are using Square Online, have already started adopting the on-demand delivery service. The recent service is expected to help SQ expand its seller base, which, in turn, is likely to contribute well to its top-line growth.
Block Inc. Price and Consensus
Block Inc. price-consensus-chart | Block Inc. Quote
Growing Initiatives in Canada
Apart from the recent service, Block has brought advanced solutions for the food and beverage industry in Canada.
It rolled out Square for Restaurants in Canada to help restaurant owners run their businesses smoothly amid the coronavirus pandemic.
SQ made its Kitchen Display Software available for all kinds of restaurants in the country. The software will help subscribed users keep track of online ordering and delivery partners.
The company launched Square Invoices Plus to help businesses organize their invoicing requirements, get faster payments, and gain more customers.
Global Expansion
Apart from Canada, the company has been continuously expanding its global footprint on the back of its reliable and efficient services.
SQ rolled out the Early Access Program in Spain, France and Ireland. With the help of the program, Square offers an integrated set of omni-channel tools to businesses for seamlessly selling their products and services.
Block introduced integrated omni-channel solutions in France and Ireland to help merchants seamlessly run business operations amid the coronavirus pandemic.
Further, it made Cash App Pay available to its sellers across the United States through a software update. With the help of the app, sellers can accept payments made by customers using their Cash App account either by scanning the QR code at checkout or by clicking a button on their mobile devices.
The growing efforts are helping Block strengthen its position worldwide. However, the Zacks Rank #4 (Sell) company faces intense competition from PayPal PYPL and Shopify SHOP, which are gaining momentum globally on the back of their robust portfolio offerings.
You can see the complete list of today’s Zacks #1 Rank stocks here.
Moreover, rising competitive pressure is causing Block to lose investors’ confidence. Notably, Block has lost 39.9% in a year.
PayPal has been benefiting from its peer-to-peer payment service, Venmo. Venmo’s improving monetization efforts and rising adoption rate across various platforms are aiding total active accounts growth, which remains noteworthy. The solid momentum of core peer-to-peer and PayPal Checkout experiences remains another tailwind.
Then again, Shopify has been winning merchants on a regular basis due to its robust product offerings, including Shop Pay and Shop Pay Installments, as well as features like end-to-end order tracking. Strength in Shopify Shipping, Shopify Payments and Shopify Capital remains another positive.
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