Lightspeed launches industry-leading analytics on its flagship restaurant platform to empower independent businesses to drive more revenue
MONTREAL, Oct. 3, 2022 /CNW Telbec/ - Lightspeed Commerce Inc. (NYSE: LSPD) (TSX: LSPD), the one-stop commerce platform for merchants around the world to simplify, scale, and create exceptional customer experiences, today announced the expansion of its flagship hospitality product, Lightspeed Restaurant, to include Lightspeed Advanced Insights.
The best-in-class-solution has taken a step further in empowering restaurant owners to make confident business decisions using clear and actionable insights from analytics that work seamlessly in the background. Powered by Lightspeed Payments, the Lightspeed Advanced Insights add-on eliminates guesswork with instantaneous analysis for actionable insights. Data from every transaction processed is automatically captured, analyzed, then delivered right back to restaurateurs - identifying trends, such as which menu items will turn a guest into a repeat customer or which staff member is performing at top level, that reveal impactful ways for merchants to optimize their business.
"Restaurants are doubling down on technology and automation, and we are continuing to deliver," said Peter Dougherty, GM, Hospitality, Lightspeed. "In pursuit of empowering independent businesses, we are thrilled to offer yet another powerful solution that will allow restaurateurs to optimize their operations. Lightspeed Advanced Insights gives restaurant owners confidence to make quick decisions they trust to improve their business by providing analytics that go way deeper than traditional reporting."
Lightspeed Advanced Insights is Comprised of Five Different Modules:
Insights That Help Increase Revenue:
Guest Book Lifts Consumer Lifetime Value: Creating a unique guest profile for everyone who pays with a credit card, Guest Book automatically collects useful data on each guest such as preferred payment methods to determine which devices and flows increase ticket size and cover count.
Campaigns: Define a time range to dynamically track sales and visits compared to the restaurant's average. Use data to identify how guests respond to new hours, events, or marketing pushes.
Daily Digest: Review daily highlights including logbook, shift notes, pay in and payout. Raw data is translated into understandable insights alongside qualitative feedback from servers.
Logbook: Logbook makes it easy for staff to record comments from the day's shift. Customize the questions and checklists to suit your restaurant's unique operations.
"Lightspeed Advanced Insights helps us break down how a server is performing in terms of hitting upselling goals," said Jared Downs, Owner and Operator of Freshwater Tavern. "We can quickly look at if they are getting customers to add craft cocktails to 20 percent of meals, for example, or selling a bottle of wine to 5 percent of tables. Every restaurant has different priorities and Lightspeed can program around those priorities, but for us that information is super valuable and it helps us work with servers for them to get higher sales and thus more tips."
Lightspeed sales data from nearly 6,000 US hospitality merchants shows that while inflation rose 8.26% on a year-over-year basis in August, menu prices have only increased 5.56%, on average, over the same period. At the same time, food costs are pacing ahead of inflation. When adjusting for inflation, this means margins for restaurants are going down.* Lightspeed Advanced Insights enables restaurant owners to make decisions that directly impact their business by understanding top spending customers, waitstaff performance, busiest hours and day of the week and menu items that generate repeat customers.
Lightspeed powers the world's best restaurants, including: Five Guys, Daniel Boulud Group (NYC), Alinea Group (Chicago), Canlis (Seattle), Gloria (London), Kei (Paris), 893 Ryōtei (Berlin) and Maybe Sammy (Sydney). These new Lightspeed Restaurant features are now available in North America.
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*Lightspeed looked at data from nearly 6,000 US hospitality merchants, from August 2021 - August 2022, which included casual restaurants (50%), upscale restaurants (21%), bars (15%), and fast-casual restaurants (14%). Comparisons to inflation growth are based on the year-over-year inflation rate of 8.26% in August 2022 (Source: US Inflation Calculator).
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 (NYSE: LSPD) and Toronto Stock Exchange (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
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 profile 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.
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SOURCE Lightspeed Commerce Inc.
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