BASE,Inc.

Business Details

Provides the online shop creation service "BASE" and the shopping service for buyers "Pay ID." Offers two plans—the "Standard Plan" with no initial or monthly fees and the "Growth Plan" at ¥19,980 per month—and delivers the proprietary payment system "BASE Kantan Kessai" as a one-stop solution. Has established a position focused on individuals and small teams, with 77.4% of shop owners operating alone and 71.5% being individual users. Began charging for the Pay ID shopping app from July 2025 to improve the take rate.

Recent Overview

Both the number of monthly active shops and average monthly GMV per shop increased, driving an 18.7% rise in net sales and a 70.0% rise in segment profit

In Q1 FY2026 (ending December 2026), both the number of monthly active shops and the average monthly GMV per shop increased, expanding gross merchandise value to ¥43,077 million on an order basis (+6.3% YoY) and ¥41,473 million on a payment basis (+7.5% YoY). Net sales rose to ¥2,910 million (+18.7% YoY), gross profit to ¥1,885 million (+26.2% YoY), and segment profit to ¥558 million (+70.0% YoY), reflecting a significant improvement in profitability. The take rate improvement from the paid Pay ID app is believed to have contributed to the improved profit margin.

Key Products

Growth Drivers

• GMV expansion driven by increases in both the number of monthly active shops and average monthly GMV per shop
• Take rate improvement from charging for the Pay ID shopping app since July 2025 (full-year contribution in FY2026, ending December 2026)
• Continued steady expansion of the domestic goods-based BtoC-EC market
• Increase in new shop openings through continued promotion, including mass marketing
• Enhanced value creation through AI implementation in products (e.g., use of AI models in "Kantan Kaigai Hanbai")
• Expansion of cross-border EC transaction value through the cross-border EC feature "Kantan Kaigai Hanbai," jointly developed with the want.jp Business

Risks

• Intensifying competition in the online shop creation service market from competitors
• Risk of stagnating gross merchandise value growth due to a slowdown in EC market growth
• Risks related to service safety and soundness, such as fraudulent payments and inappropriate product sales
• Risk of shop owners or buyers leaving due to the paid Pay ID app
• Risk of information leaks or security incidents involving large volumes of transaction data, including personal information