Lightspeed Launches Trailblazing Benchmarks & Trends in the US: Using AI to Transform Comparative Restaurant Data into Actionable Insights

Rhea-AI Summary

Lightspeed Commerce Inc. (NYSE: LSPD) (TSX: LSPD) has launched Benchmarks & Trends, a new AI-driven feature suite for Lightspeed Restaurant in the US. This tool uses machine learning to provide restaurateurs with comparative data and actionable insights to boost revenue and streamline operations. Key features include:

1. Tailored insights comparing restaurant performance to local competitors
2. Meaningful comparisons adjusted for business size
3. Smart forecasting using historical data and machine learning
4. Streamlined operations optimization

Lightspeed Restaurant POS is reportedly 40% faster than leading competitors in North America. The launch addresses industry needs identified in Lightspeed's 2024 State of Hospitality Report, where 49% of restaurateurs reported growing competition and 74% sought technology to streamline operations.

Positive

• Launch of AI-driven Benchmarks & Trends feature for US restaurants, potentially increasing product attractiveness
• Lightspeed Restaurant POS reported to be 40% faster than leading competitors in North America
• Addressing key industry needs identified in company's 2024 State of Hospitality Report
• Expansion of Advanced Insights capabilities, potentially strengthening market position

Negative

• None.

Insights

Tech Expert

Lightspeed's launch of Benchmarks & Trends represents a significant leap in AI-driven analytics for the restaurant industry. By leveraging machine learning to provide comparative data and actionable insights, Lightspeed is addressing a important need in a highly competitive market. The tool's ability to offer hyper-localized, real-time data sets it apart from generic industry benchmarks.

The integration of AI for forecasting and trend analysis could be a game-changer for operational efficiency. With features like smart forecasting and streamlined operations, restaurateurs can optimize staffing and resource allocation, potentially leading to substantial cost savings. However, the true test will be in the accuracy and reliability of these AI-driven predictions over time.

While innovative, the success of this tool will largely depend on the quality and breadth of data Lightspeed can access and analyze. The company's claim of being 40% faster than leading competitors is impressive, but real-world performance and user adoption will be critical for long-term impact on Lightspeed's market position.

Market Research Analyst

Lightspeed's introduction of Benchmarks & Trends is a strategic move that aligns with current market demands. The 2024 State of Hospitality Report highlights that 49% of restaurateurs face growing competition, while 74% seek technological solutions to streamline operations. This product directly addresses these pain points, potentially strengthening Lightspeed's market position.

The focus on providing tailored insights and meaningful comparisons could be a significant differentiator in the crowded POS market. By offering data that accounts for business size and updates daily, Lightspeed is catering to a diverse range of clients, from small cafés to larger establishments. This versatility could expand their customer base and increase market share.

However, the success of this product will hinge on its adoption rate and user satisfaction. While the potential benefits are clear, Lightspeed will need to demonstrate tangible ROI for restaurants to justify any additional costs associated with this feature. The company's dual-listing on NYSE and TSX could provide the resources needed for aggressive marketing and continued innovation in this space.

Powering American Restaurateurs to Compare Their Performance with Industry Peers Using Machine Learning

MONTREAL, Sept. 12, 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 announced the launch of its latest groundbreaking suite of features, Benchmarks & Trends within Lightspeed Restaurant, now available to American restaurateurs.

In Lightspeed's 2024 State of Hospitality Report, which tracks trends across the industry, 49% of surveyed restaurateurs reported facing growing competition, and 74% are actively seeking ways to streamline operations with technology. Benchmarks & Trends addresses these needs by giving restaurant owners a deeper understanding of their own performance and how they measure up against local competitors. This cutting-edge tool uses machine learning to give restaurateurs the insights they need to help boost revenue, streamline operations, and gain a competitive edge in a crowded dining landscape.

"Running a restaurant is about more than just great food—it's about making informed, strategic decisions every day," said Adoniram Sides, SVP, Hospitality at Lightspeed. "For years, we've been helping restaurateurs turn data into growth opportunities through Advanced Insights. With Benchmarks & Trends, we're taking that a step further, offering clear insights that restaurateurs crave. Lightspeed is pioneering an AI-driven tool to US restaurants that gives them the level of essential market information they need to outperform the competition."

Lightspeed Restaurant POS is, on average, 40% faster than other leading restaurant POS systems in North America¹. It continues to be a leader in the industry with this breakthrough suite of features. By providing hyper-localized, real-time data, Benchmarks & Trends allows restaurateurs to see exactly where they excel and where adjustments could drive greater success.

__________________________ 1 Based on internal testing in August 2022 of industry peer check management and other workflows in North America. Lightspeed Restaurant POS requires 40% fewer clicks for completing check splitting, discounting and other basic POS workflows than certain industry-leading POS systems. Results outside such internal testing could vary depending on location and other factors.

What Benchmarks & Trends offers to restaurateurs:

• Tailored insights: Get a clear view of how your restaurant compares to others in your area. Whether it's sales, pricing, or customer favorites, these personalized benchmarks give you insights that go beyond general industry averages.
• Meaningful comparisons: Measure your performance against peers using data that accounts for business size and adjusts daily, giving you relevant insights whether you're running a small café or a larger establishment.
• Smart forecasting: Access up to four weeks of historical data and machine learning-driven forecasts, helping you anticipate trends and make informed decisions with confidence.
• Streamlined operations: Identify peak hours, optimize staffing, and keep everything running smoothly to ensure the best possible experience for your customers.

Trusted by Michelin-starred restaurants and thousands of leading establishments worldwide, Lightspeed is dedicated to empowering its customers with the tools they need to grow.

Ready to see how Benchmarks & Trends can elevate your restaurant? Access it directly through your Back Office or click here for a personalized demo.

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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/lightspeed-launches-trailblazing-benchmarks--trends-in-the-us-using-ai-to-transform-comparative-restaurant-data-into-actionable-insights-302245992.html

SOURCE Lightspeed Commerce Inc.

FAQ

What is Lightspeed's new Benchmarks & Trends feature for restaurants?

Benchmarks & Trends is an AI-driven tool launched by Lightspeed (LSPD) for US restaurants. It uses machine learning to provide comparative data and actionable insights, helping restaurateurs boost revenue, streamline operations, and gain a competitive edge.

How does Lightspeed's Benchmarks & Trends compare restaurant performance?

Lightspeed's Benchmarks & Trends offers tailored insights comparing a restaurant's performance to local competitors in areas such as sales, pricing, and customer favorites. It provides meaningful comparisons adjusted for business size and updates daily.

What forecasting capabilities does Lightspeed's new feature offer?

Lightspeed's Benchmarks & Trends provides smart forecasting using up to four weeks of historical data and machine learning-driven predictions. This helps restaurateurs anticipate trends and make informed decisions.

How much faster is Lightspeed Restaurant POS compared to competitors?

According to Lightspeed (LSPD), their Restaurant POS is, on average, 40% faster than other leading restaurant POS systems in North America, based on internal testing conducted in August 2022.