Lightspeed Launches Innovative New Flagship Omnichannel Retail Platform
Lightspeed Commerce Inc. (TSX: LSPD) (NYSE: LSPD), the one-stop commerce platform for merchants around the world to simplify, scale and create exceptional customer experiences, today announced the launch of Lightspeed Retail: a ground breaking new retail commerce platform that unites advanced POS, payments, and ecommerce into one cohesive and powerful solution. Leveraging the power of headless commerce, powerful integrations, and a completely reimagined interface, Lightspeed Retail is the ultimate solution to help business owners elevate their strategy while managing the complex challenges of the evolving retail landscape.
This omnichannel solution puts at retailers’ fingertips the tools they need to meet consumer expectations in 2022: new data from a Lightspeed and Checkmarket survey of over 7,200 global merchants and consumers shows that omnichannel retailers are growing revenue faster than any other sector.
In the UK, 58% of omnichannel merchants report revenue was higher or significantly higher year-over-year, compared to just brick-and-mortar retail merchants (38%) and just eCommerce merchants (20%).
“The core of Lightspeed’s vision for retailers is a seamless commerce platform that tackles the key challenges modern merchants face not only today but also five years from today,” said Lightspeed CEO JP Chauvet. “The new Lightspeed Retail is the culmination of strategically combining Lightspeed’s leading technology and talented teams with those of our acquisitions, creating the ultimate product for the modern retailer. Not only are we bringing to market the best of ecommerce, payments, and POS so busy merchants can do it all from one platform, but this launch lays the groundwork for everything that is coming next, from fully-integrated supplier solutions to even more powerful consumer and buying data for our merchants.”
Today with Lightspeed Retail, merchants around the world can self-serve modern retail commerce tools, with a custom solution that fits their unique business needs. The new Lightspeed Retail is also now on all platforms (web, iOS, and Android), meeting the needs of more customers with more flexibility for hardware configuration.
The new Lightspeed Retail is now available in the UK, North America, Australia, New Zealand, Singapore, Hong Kong, and South Africa, unleashing the power of headless commerce to meet consumers where they prefer to shop with integrated cross-channel selling and complex multi-store inventory management.
One in five (21%) of UK merchants said the biggest challenge to modernising and growing their retail business was the need for more support for digitisation and ecommerce technology. Whether starting out or looking to scale, retailers can achieve ambitious goals with Lightspeed Retail’s user-friendly suite of connected solutions, backed by best-in-class support from in-house industry experts.
Key Lightspeed Retail Features:
- It’s never been easier to run a business online or in person.Transform any website (WordPress, Squarespace, Wix, etc.) into an ecommerce engine. The new Lightspeed Retail is incredibly intuitive and easy to use. Brick-and-mortar stores can move online in just a few hours with seamless self-serve tools.
- Reach customers where they are, in-store and online. Sell and advertise products where customers spend their time, directly on key social platforms like Facebook, Instagram, and TikTok where Lightspeed has core partnerships, as well as other leading marketplaces like Google, Amazon, and eBay. Flexibility to sell whatever you want, wherever you want with direct, time-saving integration from a single viewpoint for orders and inventory.
- Unmatched sophisticated retail technology. Flexible, simple, workflows allow retailers to customise their POS and back office to their specific needs. Product serialisation, as well as external partner and supplier integrations provide cutting-edge tools to merchants scaling their business. Retailers can track performance at their fingertips with the new Lightspeed Retail app and use any smart mobile device to manage inventory.
- Manage a retail business and back-office seamlessly with integrated payments, inventory, and advanced reporting. One login, one provider for ecommerce, POS, and payments. Easily customise reports to fit a retailer’s personal business needs. Seamlessly manage inventory across online and physical stores to ensure you have everything shoppers need.
- Scale with a single solution. Turn an ecom shop into an empire or take a brick-and-mortar business online. Lightspeed Retail has all the tools merchants need with a flexible and modern comprehensive platform for online and in-person operations.
State of Retail 2022: Omnichannel is Do or Die
Lightspeed’s State of Retail 2022 report shares data collected this year from over 7,200 global retail owners, managers, operators, and customers to see how they’re responding and reacting to a shifting retail landscape. The report highlights the challenges and evolution of the UK retail market with insights from 200 UK retail businesses and 1,000 UK consumers.
- Omnichannel merchants are outpacing their peers
- 58% of UK omnichannel merchants report revenue was higher or significantly higher year-over-year, compared to just brick-and-mortar retail merchants (38%) and just eCom merchants (20%)
o In 2022, 71% of UK merchants reported they will invest to improve their inventory and supply processes to enable eCommerce growth, and 71% will specifically invest in more technology for eCommerce growth
- Technology adoption has had a positive impact on UK businesses over the last two years with retailers report the following tactics have been beneficial to them
- Adopting a new POS system to better manage your business (17%)
- Adopting new technology to streamline employee shifts (17%)
- Adopting technology to manage supply chain, supplier orders and invoicing (14%)
- Adopting technology to better manage inventory (13%)
- Retail Therapy reigns supreme and shopping local is a priority
- 35% of UK consumers say they plan to shop more in-store in 2022 compared to just 24% for eCommerce
- 64% of UK merchants said shoppers were more interested in shopping local than they were pre-pandemic, and 70% of UK consumers feel supporting local, independent businesses is important
- UK consumers are brand-focused and loyal
- 47% consistently shop the brands they know and love
- 34% discover new purchases via search engines
- 19% rely on word of mouth recommendations