Lightspeed Commerce Highlights Latest Product Launches Designed to Help Businesses Scale Faster and Smarter

Rhea-AI Summary

Lightspeed Commerce Inc. highlights recent product launches aimed at helping businesses scale faster and smarter, with a focus on data-driven innovations in retail and hospitality. The Q4 updates include new products and features to enhance customer value and operational efficiencies. Key highlights include margin-based pricing, stockout identification, enhanced order tracking with Apple Wallet, payment links, order history and account management for diners, AI-powered configuration recommendations, and new third-party software integrations. Lightspeed continues to empower merchants to provide omnichannel experiences and drive customer loyalty.

Positive

• Lightspeed's Q4 product updates focus on data-driven innovations to improve customer value and operational efficiencies.

• The introduction of margin-based pricing helps retailers manage and track product profitability more effectively.

• The stockout identification feature assists retailers in identifying sales trends and missed opportunities to improve order accuracy.

• Enhanced order tracking with Apple Wallet streamlines the post-purchase experience for customers, driving customer loyalty and increasing sales.

• New features in Lightspeed Restaurant's online ordering platform, such as order history and account management, aim to improve repeat guest business and offer new reporting features for merchants.

• The AI-powered configuration recommendations and new third-party software integrations enhance efficiency and customer experience for Lightspeed Restaurant merchants.

• Lightspeed's ability to power global brands and retailers like Saks, Nordstrom, and Shiseido showcases its strong market presence and reputation.

Negative

• Despite the positive product launches, Lightspeed may face challenges in ensuring seamless adoption and utilization of the new features by merchants.

• Competitors in the retail and hospitality industries may also introduce similar innovations, increasing competition for Lightspeed in the market.

• While the product updates aim to drive scalability and operational efficiencies, there may be potential risks associated with data security and privacy concerns for merchants using Lightspeed's platform.

Q4 product updates feature new data-driven innovations in retail and hospitality to unlock additional customer value and operational efficiencies 

MONTREAL, April 30, 2024 /PRNewswire/ - Lightspeed Commerce Inc. (NYSE: LSPD) (TSX: LSPD) ("Lightspeed" or the "Company"), the one-stop commerce platform empowering merchants to provide the best omnichannel experiences, today highlighted the multitude of products and services shipped in Q4 to increase scalability through data-driven insights, and improve the experience of our merchants' customers.

"When we look at the most impactful means of supporting our merchants, we're constantly driven by finding new opportunities to help them scale, optimize, and personalize the customer experience," said Dax Dasilva, Founder and Chief Executive Officer of Lightspeed. "In Q4 we shipped a number of exciting new products that help our customers better access their data, predict their supply demands, and create a more seamless experience for their customers. It's through innovations like these that our merchants are able to save countless hours and reduce overhead costs as they look to scale upwards in a competitive environment."

Lightspeed's Q4 innovations brought a number of new products and feature sets across the retail and hospitality industries, including:

Retail

• Margin-based Pricing: To make it easier to manage and track product profitability, Lightspeed has introduced margin-based pricing. Retailers can now use margins to edit prices, and Lightspeed Retail will automatically calculate the right markup and price based on the desired margin for each product and its variants.
• Identifying Stockouts: Lightspeed data shows that the top 5% of retail products are out of stock more than 21% of the time. Retailers on Advanced and Enterprise plans can now take into account historical stock-out periods to identify sales trends and missed opportunities so they can order accurately and avoid missing sales. This will help them reduce the number of out-of-stock days and adapt their ordering based on how quickly their products truly sell through.
• Enhanced Order Tracking with Apple Wallet: This integration enables retailers to provide customers with seamless order tracking directly through Apple Wallet, eliminating the need for consumers to sift through emails or visit third-party sites. Real-time updates and automated notifications enhance visibility into order statuses, reduce customer inquiries, and save valuable time, allowing retailers to focus on other essential tasks. By streamlining the post-purchase experience, retailers can drive customer loyalty and increase sales.
• Payment Links: Making it easier for customers to pay anywhere, at any time. Merchants can now send a link with their receipt to enable customers to pay for their on-account purchase. Merchants are notified in real time when a customer payment has been completed.

Hospitality

• Major enhancements to Order Anywhere: Enhancements to Lightspeed Restaurant's online ordering platform include order history and account management for diners of Lightspeed merchants, enabling quick reordering, improving repeat guest business, as well as new reporting features for Lightspeed merchants to track payments through Lightspeed Restaurant's Scan and Pay functionality.
• AI-powered configuration recommendations: AI powered recommendations allow Lightspeed Restaurant merchants to skip the tedious process of finding prior settings when modifying their menus, streamlining the process and saving valuable time.
• New third party software integrations: New hospitality integrations launched in Q4 include TheFork (La Fourchette), a leading global reservation platform; Dirmeier, an automated drink dispensing system; and new support for Lightspeed restaurants to reconcile deposits between parties in the global restaurant tech ecosystem.

Lightspeed powers the world's best brands and retailers, including: Saks, Nordstrom, Brunello Cucinelli, Rag & Bone, Kendra Scott, Barbour, Tecnica, Arc'teryx and Shiseido.

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.

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SOURCE Lightspeed Commerce Inc.

FAQ

What are Lightspeed's key Q4 product updates?

Lightspeed's Q4 product updates focus on new data-driven innovations in retail and hospitality, including margin-based pricing, stockout identification, enhanced order tracking with Apple Wallet, payment links, and major enhancements to Order Anywhere in Lightspeed Restaurant.

Which global brands and retailers does Lightspeed power?

Lightspeed powers global brands and retailers such as Saks, Nordstrom, Brunello Cucinelli, Rag & Bone, Kendra Scott, and Shiseido.

What is Lightspeed's mission?

Lightspeed aims to empower merchants to innovate, simplify, scale, and provide exceptional customer experiences through its one-stop commerce platform.