Lightspeed continues U.S. expansion with
cutting-edge hospitality technology
MONTREAL, Jan. 26, 2022 /PRNewswire/ - 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"
|
Learn more about Lightspeed Restaurant.
About Lightspeed
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
Follow us on social
media: LinkedIn, Facebook, Instagram, YouTube,
and Twitter.
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.
Forward-Looking Statements
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.
Media Contacts:
USA:
Jennifer Fugel
Newsmaker Group
jfugel@newsmakergroup.com
Canada:
Victoria Baker
NKPR
victoriab@nkpr.net
Cydoney Curran
NKPR
cydoney@nkpr.net
Lightspeed Media Relations
media@lightspeedhq.com
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SOURCE Lightspeed Commerce Inc.