Square has a new pitch for local businesses: more data for less money.
Square launched a suite of analytics tools on Thursday intended to help sellers track how their business is performing in real-time. The service, called Square Analytics, is free and integrates with Square's point-of-sale system.
Merchants using Square previously had access to some basic data on sales trends, but the latest offering shows sellers which items are the most popular, who their new and existing customers are, how much those customers spend on average and how the store's sales compare to the industry average.
The announcement comes on the heels of other feature launches intended to broaden and improve Square's point-of-sale system. Square introduced digital receipts in May and rolled out an online appointments booking system earlier this month.
"We’ve long been focused on building a complete register service for local businesses," said Johnny Brackett, a rep for Square. "All of these updates and new features are part of that. With the launch of analytics, we have a truly integrated point-of-sale service."
Square reportedly has a valuation of around $5 billion and was at one point rumored to be considering an IPO. One report in The Wall Street Journal suggested the startup was burning through cash. More recently, Square has faced competition from new companies entering the space, including Amazon.
"We’re well-capitalized and putting our money to good use: investing in people and new products," Square's team wrote in a recent blog post attempting to dispel the "myth" its business is struggling. "Reports that we tried to sell the company, or of a delayed IPO? False. We’re here for the long-term."