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Lightspeed continues U.S. expansion with cutting-edge hospitality technology
MONTREAL, Jan. 26, 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 expanded launch of the all-new Lightspeed Restaurant, a unified hospitality commerce and point-of-sale (POS) platform. This announcement comes on the heels of the company sharing that U.S.-based Lightspeed hospitality customers outperformed their peers, with Same-Store GTV1 increasing 52% year-over-year in 2021 versus the industry average sales growth of 31% for the same period.
This expansion of Lightspeed Restaurant includes order throttling to help manage demand spikes, the expansion of Order Anywhere in Europe, as well as integrated payments for all Canadian Lightspeed hospitality customers.
"On the heels of a successful North American launch, we are thrilled to expand new features to our Lightspeed Restaurant customers," Peter Dougherty, GM, Hospitality, Lightspeed said. "Lightspeed Restaurant is a market-leading solution for savvy restaurants and hotels, and we're proud to provide a powerful hospitality platform in North America that is continuing to grow as we further invest in our US footprint and customers."
The digitalisation of restaurants has been accelerated by market volatility over the last few years, and today merchants can't compromise when it comes to technology. The new Lightspeed Restaurant allows restaurateurs to operate across in-person dining, curbside pickups, deliveries, multiple ordering services, selling meals and merchandise, all through a single commerce platform.
"It Keeps Evolving" - How Cafe Lola and Terrace Bay are Growing Their Business with Lightspeed
Tara Morrow runs Cafe Lola, a bistro with an extensive wine and cocktail menu in Johnson, Tennessee. They recently switched to the new Lightspeed Restaurant and have been thrilled with the results. "We did some demo sessions with Toast and Square, and Lightspeed was the best," said Marrow. "It was simple and easy to understand. It was exactly what we had in mind. So far it has been amazing."
The flexibility of cloud POS has been key for running her restaurant in unpredictable times. "I just love the ability to be able to access my POS everywhere or anywhere," said Marrow. "I've used Aloha, POS Touch, and Micros. I've used pretty much everything out there and once you buy it, you are just stuck with it. But with Lightspeed, the technology keeps evolving, which I like. I love the customer service too; whenever you call the Lightspeed support number everyone is always on top of it and super helpful."
Terrace Bay on Lake Michigan also recently started using Lightspeed Restaurant and has expedited service and streamlined shifts with integrated payments and pay-at-table technology. "Lightspeed Restaurant has helped a ton. With integrated Payments for Lightspeed Restaurant, it's just that little bit extra that helps the server handle that fifth table they might have. It helps the flow and helps you turn the tables faster," said owner Jarred Drown. He also finds working with a fast, efficient cloud-based system has streamlined operations: "I like being able to change things in the back office and then seeing those updates immediately without bogging down the system."
Technology for Today's Restaurant Challenges
According to the most recent data available from the U.S. Bureau of Labor Statistics, over 1 million workers left the hospitality industry in the U.S. in November. Automation is the only way that operators, having to wear multiple hats, can continue to succeed. Lightspeed Restaurant's deep inventory and ingredient management, robust analytics, and automated online ordering allow restaurants to save precious time and accomplish more with less staff. Lightspeed Restaurant gives operators visibility into margin expansion and cost reduction opportunities across their business, right down to the menu item level.
In spite of all of these changes in the industry, guests still expect a VIP experience to meet their pent-up demand for dining out. Lightspeed Restaurant enables restaurants to deliver, using AI and blockchain technology to track individual food preferences, leverage loyalty programs and member benefits, capture unique customer data to optimize menus, and offer customized experiences to their most valuable guests.
Lightspeed Restaurant is leveraged by Five Guys, Daniel, Kei, Canlis, and Alinea. These new Lightspeed Restaurant features are now available in the United States, Canada, the United Kingdom, Switzerland, and Germany.
1 Key Performance Indicator. See "Key Performance Indicators"
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
Key Performance Indicators
We monitor the following key performance indicators to help us evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions. Our key performance indicators may be calculated in a manner different from similar key performance indicators used by other companies.
Gross Transaction Volume. "Gross Transaction Volume" or "GTV" means the total dollar value of transactions processed through our cloud-based SaaS platform, excluding amounts processed through the NuORDER solution, in the period, net of refunds, inclusive of shipping and handling, duty and value-added taxes. We believe GTV is an indicator of the success of our customers and the strength of our platform. GTV does not represent revenue earned by us. We have excluded amounts processed through the NuORDER solution from our GTV because they represent business-to-business volume rather than business-to-consumer volume and we do not currently have a robust payments solution for business-to-business volume. "Same-Store GTV" compares the GTV of global Lightspeed locations that were fully operational for the period of January 1st until December 31st in both calendar 2020 and 2021.
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 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.
Lightspeed Media Relations
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SOURCE Lightspeed Commerce Inc.
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