Lightspeed Commerce Sees 10% Increase in Average Order Value with Q1 Product Innovations

Lightspeed Commerce has announced Q1 product innovations for retail, hospitality, and golf sectors. The company's new features have led to a 10% increase in average order value and a 25.4% higher GMROI for merchants using Lightspeed Insights. The retail segment saw the introduction of "Order Trends" and enhanced inventory tracking, while the hospitality sector experienced the expansion of AI-powered Benchmarks and Trends into European markets. The golf sector benefited from a strategic partnership with Whoosh, offering integrated cloud-based POS, payments, and membership management for private golf clubs.

Title: Lightspeed Commerce Announces Q1 Product Innovations for Retail, Hospitality, and Golf Sectors

Lightspeed Commerce Inc. (NYSE: LSPD) (TSX: LSPD) has announced significant product innovations during its first fiscal quarter, aimed at enhancing data insights, inventory management, and membership services across key industries. These updates are designed to empower merchants with enhanced insights, streamlined operations, and improved customer experiences.

# Retail Sector

In the retail sector, Lightspeed introduced several new features, including the "Order Trends" feature within NuORDER by Lightspeed. This feature provides retailers with aggregated, top-performing product data, allowing buyers to make confident stocking decisions. Early adopters have reported a 10% increase in average order value. Additionally, Lightspeed Retail now offers enhanced inventory tracking and financial metrics, including Inventory Turns and GMROI (Gross Margin Return on Investment), which have resulted in a 25.4% higher GMROI for merchants using Lightspeed Insights [1].

# Hospitality Sector

In the hospitality sector, Lightspeed Restaurant's AI-powered Benchmarks and Trends have been expanded to certain European countries. This feature offers restaurant owners deeper insights into their performance and how they compare to local competitors, helping to boost revenue and streamline operations. Lightspeed also introduced the upgraded Lightspeed Tableside, which now supports tap, insert, and swipe payments with a battery life of up to 48 hours. This upgrade is designed to speed up service and increase table turnover [1].

# Golf Sector

In the golf sector, Lightspeed has partnered with Whoosh to provide integrated cloud-based POS, payments, and membership management for private golf clubs. This partnership offers Whoosh users a real-time view of member activity and centralized billing, enabling clubs to optimize their operations [1].

# Impact and Future Outlook

These innovations reflect Lightspeed's commitment to delivering solutions that address the evolving needs of businesses in various sectors. The company's forward-looking statements indicate that these updates are part of a broader strategy to enhance profitability and customer satisfaction. While the specific financial impact of these updates remains to be fully realized, the initial data suggests a positive trend for merchants adopting these features.

References

[1] https://www.prnewswire.com/news-releases/lightspeed-commerce-announces-q1-product-innovations-driving-growth-for-retail-hospitality-and-golf-businesses-302504535.html