Lightspeed Unlocks New Revenue Stream for North American Retailers with the Launch of Subscriptions

Rhea-AI Summary

On October 21, 2020, Lightspeed announced the launch of Lightspeed Subscriptions, a new module enabling North American retailers to collect recurring payments via their POS systems. This initiative targets the growing health and wellness sector, allowing businesses to adapt to changing consumer behaviors due to COVID-19. Lightspeed Subscriptions aims to enhance customer loyalty and generate stable revenue for retailers during the holiday season, supporting their recovery with innovative sales strategies.

Positive

• Introduction of Lightspeed Subscriptions enables recurring revenue generation for retailers.
• Supports businesses in the health and wellness sector as consumer demand for subscriptions rises.
• Enhances customer loyalty through personalized product offerings.

Negative

• None.

Global commerce leader gains momentum in growing health and wellness industry as it rolls out new subscriptions model, enabling local businesses across retail verticals to integrate recurring payments

MONTREAL, Oct. 21, 2020 /PRNewswire/ - Today, Lightspeed announces the initial availability of Lightspeed Subscriptions, a new module that allows local retailers using Lightspeed Payments in North America to collect recurring revenue seamlessly through their POS in time for the holidays. Gaining a foothold within the thriving health and wellness vertical, Lightspeed introduces the new feature to provide retailers an innovative tactic to build customer loyalty and future-proof their business.

Nearly half of consumers will fundamentally change the way they shop as a result of COVID-19, with 34 percent indicating they would pay more for local products. Coupled with an increase in demand for subscription boxes and services driven by the global pandemic, Lightspeed Subscriptions equips independent businesses with a vital sales strategy as consumers use their holiday dollars to shop local and support their communities this gift-giving season. 

Lightspeed Subscriptions supports a multitude of complex SMBs at the core of Lightspeed's retail customer base. For example, retailers can sell subscriptions that will regularly replenish a buyer's favorite products or surprise customers with new specialty items every month. Other businesses like gyms or spas can offer subscriptions that grant consumers access to regular services or exclusive rewards.

"The introduction of Lightspeed Subscriptions further adds to our comprehensive toolbox of solutions for complex retailers," said Dax Dasilva, Founder and CEO of Lightspeed. "We're approaching a fundamentally different 2020 holiday sales season, and local retailers need to gear up for a dramatic shift in shopping habits. With this in mind, we're equipping merchants with an exciting new service that promises a source of uninterrupted revenue and will continue to fuel their businesses into the New Year."

Key Advantages of Lightspeed Subscriptions for Local Retailers:

• Provides Stable Revenue: Recurring payments guarantees income at regular intervals, which merchants can depend on during unpredictable times
• Builds a Loyal Customer Base: Convenient and personalized product/service offerings boost brand loyalty and customer retention
• Integrates Directly into POS: As an add-on to Lightspeed Retail, ensures simple and unified set-up within the existing POS platform
• Ensures Secure, Automated Payments: Credit card information is securely stored for future automatic Subscription sales with customer consent (PCI Compliant). Failed payments are also automatically reprocessed and expired cards will continue to work, even as the bank replaces the physical card to ensure minimal interruption for the customer

This latest solution follows several other recent Lightspeed innovations for retailers such as Mobile Tap, Digital Wallet, and Analytics Core. Following this initial launch, Lightspeed also will be developing plans to roll out Lightspeed Subscriptions for eCommerce.

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, please visit: www.lightspeedhq.com

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SOURCE Lightspeed POS Inc.

FAQ

What is Lightspeed Subscriptions?

Lightspeed Subscriptions is a new module allowing retailers to collect recurring payments through their POS systems, targeting the health and wellness sector.

How does Lightspeed Subscriptions benefit local retailers?

It provides stable revenue through recurring payments, enhances customer loyalty, and integrates seamlessly into existing POS systems.

What impact has COVID-19 had on consumer shopping behavior?

Almost half of consumers have changed their shopping habits due to COVID-19, with 34% willing to pay more for local products.

When was Lightspeed Subscriptions launched?

Lightspeed Subscriptions was launched on October 21, 2020.

What are some key advantages of using Lightspeed Subscriptions?

Key advantages include stable revenue, improved customer loyalty, direct integration with POS, and secure automated payments.