NuORDER by Lightspeed Releases Results of 2023 Holiday Outlook Brand Survey
October 02 2023 - 9:03AM
Lightspeed Commerce Inc. (NYSE | TSX: LSPD) released the results of
NuORDER by Lightspeed’s 2023 Holiday Outlook Brand Survey today.
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.The survey aimed to get a pulse on
whether brands are revamping their holiday strategies or doubling
down on tried and true programs in light of the current
macroeconomic environment. Over 100 women’s and men’s
apparel, footwear, accessories, luxury, beauty, outdoor/sporting
goods, and home furnishings/décor brands weighed in on their
expectations surrounding consumer behavior heading into the holiday
season. Key findings from the survey are that while the majority of
brands (51.89%) are not concerned about how the influx of store
closures in 2023 will impact holiday sales, 74.53% of brands are
worried that sales may be negatively impacted by current economic
factors. “Due to the increase in store closures, brands will need
to offset the lack of product in those stores so that they can
still grow,” said Michael Ganci, Senior Vice President of B2B
Go-To-Market at Lightspeed. “At the same time, buyers are being
more selective and are stocking profitable styles over higher risk
trend items. This means that brands will need to focus on selling
more of their assortments through high performing retail partners
or find alternative retailers to bridge the gap.”According to the
results of the 2023 Holiday Outlook Brand Survey, most brands are
not pulling back on wholesale because of store closure this year.
Instead, 40.57% are focused on selling more through high performing
retailers.To manage excess inventory due to closures, 29.25% of
brands said they are implementing a strong off-price strategy to
clear out excess stock that is still on hand during the back end of
the selling season. Only 6.6% of brands responded that they were
reducing the number of retailers they are selling into. 35.85% of
brands aren’t making any adjustments to their current sales
strategy.“There’s a growing emphasis on data sharing and
collaboration between brands and retailers,” Ganci continued.
“Brands and retailers want a more integrated wholesale ecosystem
where they can easily share sales data, check inventory levels and
reorder high-performing products to better inform production plans
and buying decisions. This is exactly what we are trying to do
through the supplier network at Lightspeed. As for the holiday
season, balancing historical product performance with the ability
to predict future consumer behavior is more important than ever and
retailers who can do this successfully are most likely to remain
resilient.”NuORDER by Lightspeed powers the world’s best brands and
retailers, including: Saks, Macy’s, Nordstrom, Brunello Cucinelli,
Rag & Bone, Kendra Scott, Barbour, Tecnica, Arc'teryx and
Shiseido.
About NuORDER by LightspeedNuORDER by
Lightspeed is a leading B2B platform powering commerce and
discovery for the world's best brands and retailers. The platform
includes virtual showroom technology, visual assortment and
merchandising tools, and integrated payments solutions. Today, more
than 3,000 brands and more than 100,000 retailers use NuORDER by
Lightspeed to streamline the wholesale buying and selling process.
Lightspeed acquired NuORDER in 2021.For more information, see
www.nuorder.com.
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
StatementsThis 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 profiles on SEDAR at www.sedarplus.ca 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.For further information: 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
- NuORDER by Lightspeed Holiday Outlook Survey 2023
Sara Basdeo
Lightspeed Commerce Inc.
6475376271
sara.basdeo@lightspeedhq.com
Lightspeed Commerce (NYSE:LSPD)
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