Lightspeed Commerce Highlights Newest Product Innovations, Solving Critical Challenges Facing Merchants Today

Rhea-AI Summary

Lightspeed Commerce (NYSE: LSPD) (TSX: LSPD) has unveiled new product innovations to address critical challenges faced by merchants. These updates focus on supporting complex customers, lowering costs, and increasing efficiency across retail and hospitality sectors. Key innovations include:

- An omnichannel Loyalty Program
- Enhanced B2B capabilities in NuORDER Assortments
- Improved landed cost understanding for retailers
- Advanced inventory management and auditing features
- Seamlessly integrated product reviews
- Expansion of Tableside solution to UK & Canada
- Partnership with Uber for delivery services
- Quebec WEB-SRM certification
- Tap to Pay on iPhone launch in France and Australia

These innovations aim to streamline operations, improve customer experiences, and help merchants focus on their core business.

Positive

• Launch of omnichannel Loyalty Program to enhance customer engagement
• Expansion of Tableside solution to UK & Canada, potentially increasing market reach
• Partnership with Uber for delivery services, offering more options to merchants
• Quebec WEB-SRM certification, demonstrating compliance and reliability
• Tap to Pay on iPhone launch in France and Australia, expanding payment options

Negative

• None.

New product updates focus on supporting complex customers, lowering costs and increasing efficiency 

MONTREAL, July 18, 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 some of the innovative solutions that have been launched to support its global retail and hospitality customers. These innovations tackle critical challenges facing merchants today such as cost management, supply chain issues, customer loyalty and streamlining the customer experience.

"When we look at launching new products, it's critically important that we are delivering maximum value to our customers, and solving their most complex problems," said Dax Dasilva, Founder and Chief Executive Officer of Lightspeed. "By delivering products that solve the more complex issues our merchants face, we can improve their overall operational experience and help them get back to focusing on what matters most, their customers."

Lightspeed's Q1 innovations brought a number of new products and feature sets across the retail and hospitality industries, including:

Retail

• Introducing Lightspeed's omnichannel Loyalty Program
  In this competitive consumer landscape, merchants need to have an omnichannel approach to customer loyalty. Lightspeed's enhanced loyalty program blends online and offline loyalty experiences, allowing merchants to provide consistent customer service across all platforms. Customers can effortlessly earn and redeem online and in-store points, ensuring they remain consistently engaged with the brands they love.
  
  
• Increased B2B Capabilities in NuORDER Assortments
  NuORDER by Lightspeed launched new capabilities within NuORDER Assortments, a cutting-edge solution that revolutionizes the way brands plan assortments. With the new capabilities, brands will be able to add "Proposer" roles used for sharing assortments with brand partners that should have visibility to products and brand product data, ensuring buyers and brands can confidently collaborate within the platform while protecting their data. Buyers can also send select Assortment data as an initial "Order Intent" to the brand via the NuORDER platform and can track what was shared via tagged Version History.
  
  
• Providing retailers with a better understanding of landed costs
  Retailers need to be critically aware of how much it costs to actually deliver a product to their consumer's doorstep. With Landed Costs, merchants can capture expenditures like discounts and costs of ordering inventory, like shipping and import duties. Through this data, retailers can ensure they are accurately pricing their products and maintaining a healthy ratio of profitability in their business.
  
  
• Enhanced inventory management and auditing
  New product enhancements on both mobile and desktop allow retailers to have a much more streamlined approach to their inventory management. Merchants can record stock adjustments when and where they find them so they can keep their inventory records up to date, and prevent damaged, expired or missing inventory from being sold or ordered from their other outlets. In addition, new Product Bin Locations allow merchants to record, edit and view specific locations of products, empowering staff to quickly find products when packing orders, saving time and increasing productivity. This is especially helpful to large retailers with high inventory, or smaller retailers looking to scale.
  
  
• Seamlessly integrated product reviews
  Lightspeed provides a new seamless way for merchants to automatically collect, manage, and take advantage of online customer reviews. This new feature eliminates the need for merchants to spend time chasing down customer feedback and allows them to effortlessly publish reviews to enhance their store's online credibility and drive higher conversion rates.

Hospitality

• Lightspeed expands Tableside to the UK & Canada
  After previously launching in the U.S., Lightspeed continues to roll out new regional launches of its innovative Tableside solution, launching in the new markets of Canada and the UK. Tableside allows restaurant staff to take orders and process payments directly at the table from just an iPhone, leveraging Tap to Pay on iPhone. This new innovation allows restaurants to streamline operations to focus on creating exceptional dining experiences.

• Making delivery easier with Lightspeed's partnership with Uber Direct & Uber Eats
  Previously announced in May, Lightspeed is proud to partner with Uber to offer cost-effective and flexible ways to help merchants reach more customers and build brands. Merchants can easily list their menus on Uber Eats, or offer on-demand delivery with their own branded websites leveraging Uber's world-class courier network via Uber Direct. 

• Quebec WEB-SRM certification
  After launching the Company's flagship Lightspeed Restaurant product in Quebec last quarter, the Company is proud to announce it has been fully certified by Revenu Québec to support the new WEB-SRM requirement, demonstrating the Company's commitment as a reliable partner to help merchants maximize success and facilitate merchants' fiscal compliance within the province.

• Tap to Pay on iPhone launches in France and Australia
  Merchants using Tap to Pay on iPhone present a consistent and trusted payment experience to customers. Lightspeed customers in France and Australia join merchants in the UK, Netherlands, Canada and the U.S. who 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.

Lightspeed powers the world's best restaurants and retailers including: Birkenstock (Australia), Alinea Group (Chicago), Air Canada (Canada), Neal's Yard (London), L'occitane (New Zealand), and Kei (Paris). Lightspeed Retail is currently available in Canada, the United States, the United Kingdom, Belgium, the Netherlands, Australia, and New Zealand.

For more information, see https://www.lightspeedhq.com/pos/retail.

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 omnichannel 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 X (formerly 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.com 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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/lightspeed-commerce-highlights-newest-product-innovations-solving-critical-challenges-facing-merchants-today-302200020.html

SOURCE Lightspeed Commerce Inc.

FAQ

What new features has Lightspeed Commerce (LSPD) introduced for retailers in July 2024?

Lightspeed Commerce introduced an omnichannel Loyalty Program, enhanced B2B capabilities in NuORDER Assortments, improved landed cost understanding, advanced inventory management and auditing features, and seamlessly integrated product reviews for retailers.

How is Lightspeed (LSPD) improving its hospitality offerings as of July 2024?

Lightspeed is expanding its Tableside solution to the UK & Canada, partnering with Uber for delivery services, obtaining Quebec WEB-SRM certification, and launching Tap to Pay on iPhone in France and Australia for hospitality businesses.

What is the purpose of Lightspeed's (LSPD) new Landed Costs feature announced in July 2024?

The Landed Costs feature helps retailers capture expenditures like discounts, shipping, and import duties, enabling them to accurately price products and maintain a healthy profitability ratio in their business.

How does Lightspeed's (LSPD) partnership with Uber benefit merchants as of July 2024?

The partnership with Uber allows merchants to easily list their menus on Uber Eats or offer on-demand delivery through their own branded websites using Uber Direct, providing cost-effective and flexible ways to reach more customers.