The move comes as Square, and its parent company Block, face declining revenues and growing competition. The company's stock has retreated around 30% so far in 2023. Despite concerns about the accuracy and effectiveness of AI-generated content, Square maintains that all AI-generated content is offered as suggestions to sellers, who have the ability to save as-is or make further edits. The company believes these new capabilities put it "at the forefront of technology."
Key takeaways:
- Square has launched ten new generative AI capabilities focused on customer content creation, onboarding and setup, including a Menu Generator for restaurants and an AI-powered email copy feature.
- The new AI features are part of Square's efforts to reinvigorate its platform following a difficult year, with declining revenues and increasing competition.
- Despite the potential for inaccuracies with generative AI, Square assures that the process isn't fully automated and customers have the chance to make edits before content goes live.
- Other new AI capabilities include an auto-generated item description feature for seller catalogs, an auto-assign feature for kitchen categories and station screens, and an AI response generator for Square's business-customer messaging platform.