Lightspeed Announces Launch of Lightspeed Scheduling to Enable Golf Courses to Manage and Grow Off-Course Services
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Insights
The introduction of Lightspeed Scheduling by Lightspeed Commerce Inc. represents a strategic expansion in their service offering, targeting the evolving needs of golf course operators and their customers. This move taps into the growing trend of experiential leisure activities, which has seen a rise in demand for off-course services such as golf simulators, lessons and fittings. By integrating additional booking capabilities into their platform, Lightspeed is not only enhancing customer engagement but also enabling operators to unlock new revenue streams.
From a market perspective, this development is poised to strengthen Lightspeed's competitive position within the golf management software market. It reflects a proactive approach to innovation, adapting to market shifts where the experience economy is becoming increasingly significant. The ability to centralize various service bookings could improve operational efficiencies for golf courses, potentially leading to increased customer loyalty and higher spend per visit. However, the success of this feature will largely depend on user adoption and the effectiveness of its integration with existing systems.
The launch of a new feature like Lightspeed Scheduling could have potential implications for Lightspeed Commerce Inc.'s financial performance. By expanding into off-course booking services, Lightspeed is addressing a larger portion of its customers' business needs, which could lead to higher subscription rates or the ability to command a premium for their platform. The announcement mentions that 70% of Lightspeed Golf customers have booking needs beyond the golf course, indicating a significant market opportunity.
Investors will be interested in monitoring the adoption rate of Lightspeed Scheduling and its impact on the company's average revenue per user (ARPU). If the tool gains traction, it could contribute positively to the company's top-line growth. On the other hand, the costs associated with developing and marketing this new feature will need to be balanced against the generated revenues to assess its profitability. It's also important to consider the competitive landscape and whether similar offerings by competitors could affect Lightspeed's market share.
Lightspeed's strategic focus on a one-stop golf management platform with the addition of Lightspeed Scheduling is an example of vertical software integration, where services are bundled to provide a comprehensive solution for a specific industry. This trend is prevalent in the technology sector as companies seek to become indispensable to their customers by addressing a wide array of needs through a single interface.
The effectiveness of Lightspeed Scheduling will depend on its user experience and the seamless integration with existing POS and payment systems. For golf course operators, the ability to manage multiple services through one platform could simplify operations and reduce the need for multiple software solutions. The technology's adaptability and ease of use will be critical factors in its market acceptance. As with any technological advancement, there is a risk of technical issues or a learning curve that could hinder initial adoption. Continuous innovation and customer support will be essential for Lightspeed to maintain its market position and support the growth of its scheduling tool.
Courses can now expand their online booking capabilities beyond tee times, offering 24/7 online bookings for off-course services such as golf simulators, lessons, fittings, racket sports and more
MONTREAL, Jan. 25, 2024 (GLOBE NEWSWIRE) -- Lightspeed Commerce Inc. (NYSE | TSX: LSPD) announced today the launch of Lightspeed Scheduling—an all-new booking management tool released to golf course operators. Lightspeed Scheduling enables golf facilities to serve a broader audience and drive additional revenue by easily taking bookings for as many off-course services as they need, straight from Lightspeed’s one-stop golf management platform. Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs who wish to accelerate growth, provide the best customer experiences and become a go-to destination in their space.
The release of Lightspeed Scheduling comes at an opportune time for North American courses. With the surging demand for off-course golf activities in recent years, approximately
“We are incredibly excited about the official release of Lightspeed Scheduling and for the opportunities it creates for the courses we work with," said David Hope, General Manager, Lightspeed Golf. “Our job as their technology partner is to provide tools that help them solve their unique operational challenges, adapt to industry changes, improve customer touchpoints and scale their businesses. We believe the addition of Lightspeed Scheduling to our core Lightspeed Golf platform helps courses do just that, as well as gain an edge over their competition.”
The surging demand for off-course golf
Thanks to venues like Topgolf and the growing commercialization and accessibility of simulator technology, off-course golf is altering the way millions of people enjoy the game. This growing popularity is a welcome trend, as it creates both new avenues to the game and new ways to enjoy golf beyond traditional 9- or 18-hole rounds. From the addition of simulator bays and dedicated putting courses to enhanced driving range experiences and beyond, it presents golf facilities with new opportunities to scale their operations and add new services that customers will love.
According to a report by the National Golf Foundation (NGF), the number of off-course golf participants (27.9 million) surpassed on-course golf participants (25.6 million) in 2022. The NGF also reports that the amount of Americans participating in simulator golf has grown
Lightspeed Scheduling makes booking off-course services faster, simpler and smarter
Thousands of golf facilities across North America currently offer a wide array of additional services that require a simple means of booking and scheduling: simulator bays, driving ranges, club fittings, golf lessons, racket sports, corporate events, accommodations and more. Lightspeed Scheduling helps golf operators take and manage bookings for these types of services with software specially designed for golf facilities and configured to their specific needs.
An advanced, fully-integrated scheduling tool: Instead of time-consuming, disorganized, error-ridden workarounds, Lightspeed Scheduling is native to Lightspeed’s existing golf course management platform and provides a high degree of flexibility and customization.
Easy for staff and management: Golf course operators need simple, automated tools to keep up with the demands of peak season bookings. Lightspeed Scheduling makes it simple to create and manage all of their service calendars, view any schedule at a glance, take bookings, and communicate with customers whether they’re at the pro shop counter or not.
Easy for customers: Customers should be able to book the services they want whenever, wherever. From 24/7 online booking and payment to automated email notifications, Lightspeed Scheduling keeps the booking process simple across all service calendars.
Reporting and analytics: Golf facilities must be able to monitor the ongoing impact of their additional services on their bottom line. Lightspeed Scheduling leverages Lightspeed’s Business Intelligence tools to generate easy-to-read reports on payment, customer and booking data.
Lightspeed Scheduling is currently available to Lightspeed Golf customers in a private beta.
Lightspeed powers the world’s best businesses, including: Kemper Sports, Landscapes Golf Management, GreatLIFE Golf, Advance Golf Partners, Tobacco Road Golf Club, Cape Kidnappers, TPC Toronto at Osprey Valley and other incredible golf merchants across the globe.
Dive into the features of Lightspeed Scheduling on our website. Lightspeed’s team will also be onsite at the 2024 PGA Show from January 24 to 26 at booth #3929.
About Lightspeed
Powering the businesses that are the backbone of the global economy, Lightspeed’s one-stop commerce platform helps merchants innovate to simplify, scale and provide exceptional customer experiences. Our cloud commerce solution transforms and unifies online and physical operations, multichannel sales, expansion to new locations, global payments, financial solutions and connection to supplier networks.
Founded in Montréal, Canada in 2005, Lightspeed is dual-listed on the New York Stock Exchange and Toronto Stock Exchange (NYSE: LSPD) (TSX: LSPD). With teams across North America, Europe and Asia Pacific, the company serves retail, hospitality and golf businesses in over 100 countries.
For more information, see www.lightspeedhq.com.
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Forward-Looking Statements
This news release may include forward-looking information and forward-looking statements within the meaning of applicable securities laws ("forward-looking statements"), including information regarding Lightspeed’s product offerings and planned product roadmap. Forward-looking statements are statements that are predictive in nature, depend upon or refer to future events or conditions and are identified by words such as "will", "expects", "anticipates", "intends", "plans", "believes", "estimates" or similar expressions concerning matters that are not historical facts. Such statements are based on current expectations of Lightspeed's management and inherently involve numerous risks and uncertainties, known and unknown, including economic factors. A number of risks, uncertainties and other factors may cause actual results to differ materially from the forward-looking statements contained in this news release, including, among other factors, those risk factors identified in our most recent Management's Discussion and Analysis of Financial Condition and Results of Operations, under "Risk Factors" in our most recent Annual Information Form, and in our other filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission, all of which are available under our profiles on SEDAR at www.sedarplus.ca and on EDGAR at www.sec.gov. Readers are cautioned to consider these and other factors carefully when making decisions with respect to Lightspeed's subordinate voting shares and not to place undue reliance on forward-looking statements. Forward-looking statements contained in this news release are not guarantees of future performance and, while forward-looking statements are based on certain assumptions that Lightspeed considers reasonable, actual events and results could differ materially from those expressed or implied by forward-looking statements made by Lightspeed. Except as may be expressly required by applicable law, Lightspeed does not undertake any obligation to update publicly or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.
Media Contacts:
Canada:
Victoria Baker, NKPR – victoriab@nkpr.net
USA:
Jennifer Fugel, Newsmaker Group – jfugel@newsmakergroup.com
Lightspeed Media Relations – media@lightspeedhq.com
Investor Relations:
Gus Papageorgiou, Lightspeed Investor Relations – investorrelations@lightspeedhq.com
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FAQ
What is the new booking management tool launched by Lightspeed Commerce Inc.?
What off-course services can golf course operators now offer 24/7 online bookings for?
What percentage of Lightspeed Golf customers currently have booking needs that extend beyond the golf course?
What is the specific focus of Lightspeed Scheduling?
