Lightspeed teams up with Google to help retailers increase local shopping revenue

Rhea-AI Summary

Lightspeed (NYSE: LSPD) announced its integration with Google tools to enhance local retail shopping. This partnership allows independent businesses to manage Google Local Inventory Ads, Smart Shopping Campaigns, and Google My Business through the Lightspeed platform at no extra cost. This comes amidst a significant year-over-year growth in local shopping interest, with searches for 'local businesses' increasing by over 80%. The integration aims to simplify operations for small and medium-sized businesses, facilitating a seamless online-to-offline shopping experience.

Positive

• Integration with Google tools enhances visibility for independent retailers.
• No additional cost for retailers to access Google tools.
• Addresses increasing consumer demand for local shopping.
• Supports SMBs in adapting to an omnichannel retail environment.

Negative

• None.

Integration allows omnichannel retailers to automate ads and real-time inventory levels directly from the Lightspeed platform                           

MONTREAL, May 11, 2021 /PRNewswire/ - Lightspeed (NYSE: LSPD) (TSX: LSPD), a leading provider of cloud-based, omnichannel commerce platforms, announced today it will integrate Google tools directly into its platform, to help independent businesses globally as they safely re-open and expand their in-store capacity. As consumer preference towards shopping locally increases, the direct integration between Lightspeed and Google will allow independent retailers to manage a number of Google tools directly in their Lightspeed commerce platform at no additional cost.

This announcement comes as new data from Google suggests consumers are interested in shopping local, but many are starting their journey online. Searches for "local" + "business(es)" have grown by more than 80% year over year, including searches like "local businesses near me" and "support local businesses." Searches for "who has" + "in stock" have grown by more than 8,000% year over year, including searches like "who has gym equipment in stock."

The global collaboration between Lightspeed and Google integrates three crucial tools directly into the Lightspeed platform: Google Local Inventory Ads, Google Smart Shopping Campaigns, and Google My Business. This complete integration is vital for omnichannel retailers, who use a multichannel approach to provide a seamless customer experience online or in a physical store. The new Google integration includes:

• Google Local Inventory Ads: Retailers can reach local customers with local inventory ads, from directly within the Lightspeed platform. These ads help nearby shoppers know what they have in stock, driving more visits to their physical shop.
• Google Smart Shopping Campaigns: Today's consumers are shopping across platforms and devices, online and offline, seamlessly. With Smart Shopping campaigns, products are eligible to show up across all of Google's properties and reach users wherever, and whenever, they're searching or consuming content.
• Google My Business: Lightspeed customers can get and manage a professional Google My Business listing straight from Lightspeed's commerce platform. Retailers can keep customers up to date with their latest information, whether it's store hours or COVID-19 safety protocols in place.

Enabling access to these digital tools directly within the Lightspeed platform is strategically aligned with Lightspeed's mission to simplify entrepreneurship and level the playing field for independent merchants. The integration, when combined with the Lightspeed Supplier Network, creates a seamless path for local retailers to scale their omnichannel businesses.

"We know that so much of business today starts with a Google search," said Lightspeed CEO Dax Dasilva, "By combining forces, Lightspeed and Google are eliminating the pain points that prevent SMBs from effectively promoting their products online to the communities who prefer to shop local, providing them a springboard to simplify and scale their businesses as they prepare for the welcomed return of in-store shopping."

"Small and medium sized businesses have been hit the hardest during the pandemic, but globally we've seen a rallying cry to support them," says Sabrina Geremia, VP & Country Director, Google Canada. "Customers are shopping both online and in-store and expect a seamless shopping experience between both. As we look towards recovery, this integration with Lightspeed will provide a scalable solution for Lightspeed merchants of all sizes looking to reach customers in this new omnichannel reality"

This new offering from Lightspeed and Google will give retailers increased opportunity to meet consumer needs in 2021, which have fundamentally pivoted to prioritizing shopping local. Google My Business and Local Inventory Ad integrations are currently available to all Lightspeed retail customers. Lightspeed's Smart Shopping Campaign capability will become available in the coming months.

About Lightspeed
Lightspeed (NYSE and TSX: LSPD) powers complex small and medium-sized businesses with its cloud-based, omnichannel commerce platforms in over 100 countries. With smart, scalable and dependable point of sale systems, Lightspeed provides all-in-one solutions that drive innovation and digital transformation within the retail, hospitality, and golf industries. Its product suite enables SMBs to sell across channels, manage operations, engage with consumers, accept payments, and ultimately grow their business.

Headquartered in Montreal, Canada, Lightspeed is trusted by favorite local businesses worldwide, where communities go to shop and dine. Lightspeed has staff located in Canada, USA, Europe, and Australia.

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"). 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.sedar.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.

Media Contact:
media@lightspeedhq.com 

Victoria Baker
NKPR
victoriab@nkpr.net

Cydoney Curran
NKPR
Cydoney@nkpr.net

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SOURCE Lightspeed POS Inc.

FAQ

What is the recent partnership between Lightspeed and Google about?

Lightspeed has integrated Google tools into its platform to help independent retailers manage advertising and inventory.

When was the Lightspeed and Google integration announced?

The integration was announced on May 11, 2021.

How does the Lightspeed and Google integration benefit retailers?

It allows retailers to access Google Local Inventory Ads, Smart Shopping Campaigns, and Google My Business at no additional cost.

What growth in local shopping interest was reported alongside the Lightspeed announcement?

Searches for 'local businesses' have grown by more than 80% year over year.

What tools are included in the Lightspeed and Google integration?

The integration includes Google Local Inventory Ads, Smart Shopping Campaigns, and Google My Business.