Square acquired Weebly last year for $365 million
Relying on Weebly’s technology, Square (SQ) has revamped some of its products as it steps up its competition with Amazon (AMZN) for merchant customers. Weebly is a platform used for building websites and online stores, making it a competitor to the likes of Amazon and Magento, which Adobe Systems (ADBE) bought last year for $1.7 billion.
Square bought Weebly for $365 million in 2018 to support its expansion into the e-commerce space, in which it currently has a limited presence compared to rivals Amazon and PayPal (PYPL). PayPal, for instance, handles online payment transactions for millions of merchants. Amazon processes payments for millions of traders on its marketplace through its Amazon Pay service.
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Square integrates Weebly tech into key products
Square has integrated Weebly technology into its Square Online Store and Square for Retail products, providing merchants with the tools they require to sell seamlessly both online and offline. Square also now enables merchants to let their customers shop online and pick up their orders in-store, a practice that’s becoming popular at major e-commerce companies such as Amazon.
Square is keen to stimulate revenue growth
With the refresh of its Square Online Store and Square for Retail products, Square is hoping to attract more merchants to its platform and grow its business. Its revenue rose 51% year-over-year to $933 million in the fourth quarter.