Lightspeed Commerce Announces Table Side; Roster of New Product Innovations Designed to Increase Customer Efficiency and Cost Effectiveness

Rhea-AI Summary

Lightspeed Commerce Inc. (LSPD) announced new product features and updates to enhance customer service, insights, and unified integrations for retailers and hospitality providers. The company aims to simplify and scale operations, addressing concerns about inflation and focusing on innovations that improve speed and efficiency. The new features include Lightspeed Tableside for faster order-taking, Lightspeed Retail and NuORDER Order Integration for simplified purchasing, Advanced Insights additions to Lightspeed Retail to save money and time, Instant Payouts for retailers, embedded payments and accounting reconciliation on Lightspeed Retail, standalone retail payments, self-delivery on Order Anywhere, Tap to Pay on iPhone, and the expansion of Lightspeed Capital into new markets. The company's clientele includes renowned businesses in various countries, and the PR emphasizes the transformative features of Lightspeed on their website.

Insights

Market Research Analyst

Lightspeed Commerce Inc.'s announcement of new product features and updates is a strategic move to enhance their competitive edge in the POS and payments market. The introduction of Lightspeed Tableside, a portable POS and payment processing device, addresses the hospitality industry's need for efficiency in service delivery. By enabling servers to process orders and payments directly at the table, Lightspeed potentially increases restaurant turnover rates and customer satisfaction, which could translate into higher revenue for its users.

The company's expansion of Lightspeed Capital into new European markets, with its flat-fee cost structure and quick funding timeline, represents an innovative alternative to traditional lending. This could attract more merchants to Lightspeed's platform, increasing its user base and recurring revenue. Moreover, the integration with NuORDER and the launch of Instant Payouts for retailers in the U.S. demonstrates Lightspeed's commitment to streamlining operations for its customers, which is essential for maintaining a strong value proposition in a competitive market.

Financial Analyst

The financial implications of Lightspeed's updates are multifaceted. The adoption of features like Instant Payouts and advanced reporting tools could improve merchants' cash flow management, a critical component of business operations. This enhancement may lead to an increase in customer retention and acquisition, positively impacting Lightspeed's revenue growth and market share.

Furthermore, the company's ability to offer embedded payments and accounting reconciliation services through integrations with QuickBooks Online and Xero could result in higher adoption rates of Lightspeed's full suite of services. This bundling strategy could lead to improved average revenue per user (ARPU), a key metric for investors assessing the company's performance. However, the cost of developing and deploying these new features may affect short-term profitability, which investors should monitor in the company's upcoming financial statements.

Technology Industry Analyst

Lightspeed's strategic focus on innovation and integration with existing services, such as QuickBooks Online and Xero, positions the company at the forefront of technology convergence within the retail and hospitality sectors. The launch of Tap to Pay on iPhone in the UK and the Netherlands, following its U.S. launch, showcases the company's agility in leveraging existing technology ecosystems to enhance its offerings.

The move into self-delivery services for restaurants is also noteworthy as it taps into the growing trend of businesses seeking to reduce reliance on third-party delivery platforms. By providing a commission-free, integrated option, Lightspeed is enabling restaurants to reclaim control over the delivery aspect of their operations, which may improve profit margins and customer relationships. The long-term impact of these developments on Lightspeed's market position and technological leadership will be critical to observe.

New product features enhance customer service, insights and unified integrations for both retailers and hospitality providers

MONTREAL, Jan. 25, 2024 (GLOBE NEWSWIRE) -- Lightspeed Commerce Inc. (NYSE | TSX: LSPD) announced today a combination of new product features and updates designed to help retail and restaurant customers across the globe to simplify and scale their operations. 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.

“With inflation remaining a chief concern amongst hospitality and retail providers, Lightspeed has focused on innovations that improve speed and efficiency, reducing the overall time and stress related to daily business management,” said JP Chauvet, CEO of Lightspeed. “We’re excited to roll out features like our new Tableside solution which provide a faster, more seamless order-taking experience, while Lightspeed Retail and NuORDER Order Integration simplifies the retail purchasing process. By simplifying their operations, we’re empowering entrepreneurs to elevate their business through exceptional customer service.”

Newly launched for U.S. customers in January, Lightspeed Tableside is a compact, portable, and flexible POS and payment processing device for restaurants looking to expand their ability to take orders and payments and gain flexibility in service.

With Lightspeed Tableside, servers can instantaneously process orders, improving the restaurant's speed and efficiency and improving the overall dining experience. This seamless process reduces wait times, increases table turnover, and improves customer satisfaction.

Other ways Lightspeed is elevating the customer experience across Retail and Hospitality industries include:

Retail

• Lightspeed Retail and NuORDER Order Integration save retailers hours per week: Lightspeed Retail is optimizing the purchasing experience. Now, retailers can order from thousands of brands they stock and love through direct integration with NuORDER by Lightspeed. The integration also lets them import purchase orders placed into Lightspeed Retail, saving hours in product creation and inventory management for every order placed. This new integration is available to Lightspeed retailers in the U.S., Canada, UK, Australia and New Zealand.

• Advanced Insights additions to Lightspeed Retail save money and time: New reports released to Advanced Insights subscribers help retailers reduce inventory waste and create more efficiency in their business. Dusty Inventory and Sell Through reports give a clear view of what needs stocking or what should be discounted, while Individual Performance and Sales by Hour reports help identify who's performing well, when. These reports quickly and easily provide retailers the insights they need to optimize every area of their business.

• Instant Payouts for Retailers: Cash flow is the most crucial part of running a business. With the launch of  Instant Payouts, eligible Lightspeed merchants will be able to access funds immediately after the transaction–even on weekends and holidays–and manage daily expenses, pay suppliers and invest in growth opportunities. Instant Payouts is available to Lightspeed Retail customers currently based in the U.S.

• Lightspeed Payments and accounting reconciliation on Lightspeed Retail: Embedded payments is a key value of Lightspeed Retail. This value now flows through to speed up and automate the reconciliation process through accounting connections with QuickBooks Online and Xero. By clearly recording deposits and transaction fees, reconciliation is done in a snap.

• Standalone Retail Payments: Available wherever Lightspeed Payments is offered, retailers now have the flexibility to process a payment without initiating the sale in their Lightspeed POS. Never miss a sale and reliably accept payments, whenever, wherever with standalone mode.

Hospitality

• Self Delivery on Order Anywhere: With Self Delivery on Order Anywhere, restaurants with their own fleet of delivery drivers can now offer dishes directly to their customers. This provides an easy and flexible option for restaurants to add another revenue stream into their service model. The feature is commission free, and fully integrated with Lightspeed Restaurant.

• Tap to Pay on iPhone launches in the UK and the Netherlands: Merchants using Tap to Pay on iPhone present a consistent and trusted payment experience to customers. Lightspeed customers in the UK and the Netherlands can now accept contactless payments from contactless credit or debit cards, Apple Pay, Apple Watch, and smartphones with other digital wallets — right on iPhone and without any extra terminals or hardware. Tap to Pay on iPhone was previously launched successfully in the U.S. in March of 2023.

• Lightspeed Capital expands into new markets: Lightspeed Capital is an innovative solution that provides eligible Lightspeed merchants with quick and easy access to funding. Lightspeed Capital is superior to traditional lending options due to its flat-fee cost structure, simple application and two business day funding timeline. Successful market launches included four new markets: France, the Netherlands, Germany and Belgium.

Lightspeed powers the world’s best businesses, including: Boulud (New York), Alinea (Chicago), Recess (Chicago), Death & Co (Los Angeles), Mace (New York), Service Bar (Washington, DC), Collective Arts (Toronto), Joe Beef (Montreal), Cloakroom (Montreal), David Rocco Bar Aperitivo (Toronto), Cubitt House (London), Maybe Sammy (Sydney), Sunshine Brewery (Gisborne) and In den Ouden Vogelstruys (Maastricht).

Dive into the transformative  features of Lightspeed on our website.

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.

Follow us on social media: LinkedIn, Facebook, Instagram, YouTube, and Twitter.

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.

For further information:

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

Attachment

• Lightspeed launches innovative Tableside solution

FAQ

What are the new product features announced by Lightspeed Commerce Inc. (LSPD)?

New product features include Lightspeed Tableside, Lightspeed Retail and NuORDER Order Integration, Advanced Insights additions to Lightspeed Retail, Instant Payouts for retailers, embedded payments and accounting reconciliation on Lightspeed Retail, standalone retail payments, self-delivery on Order Anywhere, Tap to Pay on iPhone, and the expansion of Lightspeed Capital into new markets.

What is the purpose of Lightspeed Tableside?

Lightspeed Tableside is designed to provide a faster, more seamless order-taking experience for restaurants, improving speed and efficiency, reducing wait times, increasing table turnover, and improving customer satisfaction.

Where are the new product features available?

The new product features are available for U.S. customers, Lightspeed retailers in the U.S., Canada, UK, Australia, and New Zealand, and Lightspeed Retail customers currently based in the U.S.

What is the expansion of Lightspeed Capital into new markets?

Lightspeed Capital has expanded into four new markets: France, the Netherlands, Germany, and Belgium, providing eligible Lightspeed merchants with quick and easy access to funding.

Which businesses are powered by Lightspeed?

Lightspeed powers renowned businesses including Boulud, Alinea, Recess, Death & Co, Mace, Service Bar, Collective Arts, Joe Beef, Cloakroom, David Rocco Bar Aperitivo, Cubitt House, Maybe Sammy, Sunshine Brewery, and In den Ouden Vogelstruys.