Omnichannel Retailers, Rejoice: Lightspeed Expands Innovative Product Features to Simplify Complex Processes
July 27 2023 - 8:03AM
Lightspeed Commerce Inc. (NYSE | TSX: LSPD) is announcing the
launch of advanced features designed to streamline merchant
operations: Time Clock, Shipment History and Automated Ordering.
Powering the world’s best businesses, Lightspeed is the unified POS
and payments platform for ambitious entrepreneurs to accelerate
growth, provide the best customer experiences and become a go-to
destination in their space.
Lightspeed Retail makes it easy for sophisticated
omnichannel businesses to stay on top of everything with these new
features:
- Time Clock brings punch-in-and-out to the POS
so staff remain focused on selling while retailers can streamline
payroll processing, monitor employee attendance and ensure accurate
pay through third-party integrations.
- Shipment History allows merchants to track
shipments received against placed purchase orders, eliminating the
need for manual reconciliation.
- Automated Ordering simplifies complex
inventory issues by leveraging Lightspeed Analytics to automate
reordering processes.
“Our current economic climate makes running a retail business
extra challenging,” says Ana Wight, GM of Retail at
Lightspeed. “These latest updates are designed to make
day-to-day operations for merchants more efficient. They give
business owners their time back, so they can focus on what counts:
connecting with customers.”
Hello Time Clock, goodbye manual timesheets or switching
apps
This new feature eliminates the need for antiquated time
tracking systems or using many unintegrated apps which increases
training and compliance costs.
- Punch in and out: Time Clock records start and
end times to provide a clear attendance record.
- Accurate, efficient tracking: paper timesheets
or Excel spreadsheets can be time consuming and rife with errors.
Time Clock keeps time tracking precise with a single solution.
- Seamless integration: Time Clock is integrated
into Lightspeed Retail which eliminates the need for employees to
shuffle between different systems to record their time. Instead,
Lightspeed Retail can keep retailers’ payroll systems
up-to-date.
- Streamline payroll processing: with its
trusted record system within the platform, Time Clock helps
merchants make sure staff is paid accurately when integrated with
partners.
More shipments than purchase orders? That’s no problem
with Shipment History
“[With Shipment History] we can easily see what has been checked
into our inventory on a certain purchase order” says Tim Phares,
Manager at Active Endeavors, an outdoor equipment retailer in
Davenport, Iowa. Merchants who use Lightspeed Retail to place
purchase orders can now track the inventory they receive–even when
it arrives in multiple shipments.
With Shipment History, retailers can track what was received
against what was ordered–and make sure they only pay for what
arrives.
- A single source of truth: Shipment History
lets you keep track of orders, whether they arrive in one fell
swoop or in multiple packages.
- Build an archive: each purchase order has a
clear shipment history.
- Streamlined processes: Shipment History saves
time and reduces the risk of errors, particularly when it’s time to
reconcile invoices.
Maintaining the delicate balance of supply and demand
with Automated Ordering
Powered by Lightspeed Analytics, Automated Ordering generates a
list that suggests what to order, when to order it–and in what
quantities. Automated Ordering analyzes data to determine what’s
been selling well and forecasts when stock needs to be replenished.
It eliminates the guesswork.
These are the latest in a string of innovative updates from
Lightspeed. Recently, Lightspeed has also announced:
- NuORDER Assortments
- Unified Payments
- Gamechanging features like:
- B2B Catalog
- Scanner App
- Price Management across locations and customer groups
- Advanced Marketing
- Enhanced eCom
- User Permissions
You can find out more about Lightspeed Retail’s powerful
features by visiting https://www.lightspeedhq.com/pos/retail/.
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.
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"), 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 profiles
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:
Canada:Victoria Baker, NKPR - victoriab@nkpr.net
USA:Jennifer Fugel, Newsmaker Group -
jfugel@newsmakergroup.com
Lightspeed Media Relations - media@lightspeedhq.com
Investor Relations: Gus Papageorgiou, Lightspeed Investor
Relations - investorrelations@lightspeedhq.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9b0b225c-d973-4dba-a7d1-762311531a39
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