Square SQ has made its KDS kitchen display software available to all kinds of restaurants in the US, UK, Canada, Australia and Ireland.
Notably, this decision helped the company expand its global presence.
KDS is now available on subscription to anyone who needs software to track online orders and delivery partners.
The latest software is featured with unique ticket timers, alerts, performance reports, and kitchen solutions, which help the business reduce operating and labor costs.
Notably, KDS combined with the existing Square for Restaurants Plus is a one-stop solution for any restaurant that handles huge order volumes spanning multiple channels.
With improved ordering efficiency, KDS can directly connect cooks to customers. This feature will greatly benefit restaurateurs.
Square, Inc. Price and consensus
Square, Inc. Price Consensus Chart | Quote from Square, Inc.
With the latest movement, Square should gain momentum among restaurateurs. This in turn will expand its seller base around the world.
Growing Cloud Cooking Market
We believe that KDS, with its advanced features, will help Square gain a strong footprint in the growing cloud kitchen market.
According to the Technavio report, the global cloud market is expected to reach $ 1.18 billion by 2024 with a CAGR of 19% between 2020 and 2024.
In addition, a report from Allied Market Research indicates that this market is expected to reach $ 71.4 billion, with a CAGR of 12% during the forecast period 2021-2027.
Growing interest in online food delivery, international cuisine, and adoption of technology-based ordering platforms are contributing well to the expansion of the cloud kitchen market.
Expansion of the product portfolio
This latest initiative strengthens Square’s efforts to expand its product offerings around the world.
In addition to the last step, Square introduced automated clearinghouse payments on Square invoices. This is likely to provide efficient payment solutions for businesses and customers.
Additionally, it introduced new features in inventory management for Square for Retail, such as easy item creation, quick inventory counting, and smart stock alerts, which should help retailers effectively control their inventory. .
In addition, he announced three new developer tools: Snippets API, Web Payments SDK, and Loyalty API. While the Snippets API is created to help sellers engage their customers online interactively, the Web Payments SDK and Loyalty API are created to extend the benefits of selling online.
Square has launched Square for Restaurants in Canada, which is likely to help restaurant owners run their businesses smoothly amid the ongoing pandemic.
In addition, Square Financial Services – a subsidiary of Square – has launched Banking Operations, which will provide business loan and deposit products to Square sellers across the United States.
We note that these recent efforts are likely to boost its momentum in the seller ecosystem.
Zacks ranking and actions to consider
Currently, Square carries a Zacks # 3 (Hold) rank.
Some top-ranked stocks in the broader tech sector include MACOM Technology Solutions Holdings, Inc. MTSI, Apple Inc. AAPL and Microchip Technology Incorporated MCHP. While MACOM sports a Zacks # 1 (strong buy) rank, Apple and Microchip have a Zacks # 2 (buy) rank. You can see The full list of current Zacks # 1 Rank stocks here.
Long-term profit growth rates for MACOM, Apple and Microchip are currently projected at 37%, 12.5% and 15.3%, respectively.
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