Lightspeed launches industry-leading analytics
on its flagship restaurant platform to empower independent
businesses to drive more revenue
MONTREAL, Oct. 3, 2022 /CNW Telbec/ -
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 expansion of its flagship hospitality product, Lightspeed
Restaurant, to include Lightspeed Advanced Insights.
The best-in-class-solution has taken a step further in
empowering restaurant owners to make confident business decisions
using clear and actionable insights from analytics that work
seamlessly in the background. Powered by Lightspeed Payments, the
Lightspeed Advanced Insights add-on eliminates guesswork with
instantaneous analysis for actionable insights. Data from every
transaction processed is automatically captured, analyzed, then
delivered right back to restaurateurs - identifying trends, such as
which menu items will turn a guest into a repeat customer or which
staff member is performing at top level, that reveal impactful ways
for merchants to optimize their business.
"Restaurants are doubling down on technology and automation, and
we are continuing to deliver," said Peter Dougherty, GM, Hospitality,
Lightspeed. "In pursuit of empowering independent businesses,
we are thrilled to offer yet another powerful solution that will
allow restaurateurs to optimize their operations. Lightspeed
Advanced Insights gives restaurant owners confidence to make quick
decisions they trust to improve their business by providing
analytics that go way deeper than traditional reporting."
Lightspeed Advanced Insights is Comprised of Five Different
Modules:
- Insights That Help Increase Revenue:
-
- Magic Menu Quadrant - Break down specific menu items
at-a-glance in terms of "One-Hit Wonders", "Greatest Hits",
"Underperformers", and "Hidden Gems". Measure the success of a menu
change in real-time and make strategic adjustments to offerings
with data from menu performance.
- Sales - Sales analytics make it easy to understand
day-to-day operations and compare sales trends over time. Empowered
with the actual data behind restaurant operations, easily make
business decisions regarding staffing, locations management, as
well as identify which menu items are bringing people back in for
more.
- Servers - Get an insightful personalized report card for
each server to identify the rockstars, help boost their earnings,
and uncover coaching opportunities to confidently make decisions
that impact the bottom line.
- Guest Book Lifts Consumer Lifetime Value:
Creating a unique guest profile for everyone who pays with a credit
card, Guest Book automatically collects useful data on each guest
such as preferred payment methods to determine which devices and
flows increase ticket size and cover count.
- Campaigns: Define a time range to dynamically track
sales and visits compared to the restaurant's average. Use data to
identify how guests respond to new hours, events, or marketing
pushes.
- Daily Digest: Review daily highlights including logbook,
shift notes, pay in and payout. Raw data is translated into
understandable insights alongside qualitative feedback from
servers.
- Logbook: Logbook makes it easy for staff to record
comments from the day's shift. Customize the questions and
checklists to suit your restaurant's unique operations.
"Lightspeed Advanced Insights helps us break down how a server
is performing in terms of hitting upselling goals," said
Jared Downs, Owner and Operator
of Freshwater Tavern. "We can quickly look at if they are
getting customers to add craft cocktails to 20 percent of meals,
for example, or selling a bottle of wine to 5 percent of tables.
Every restaurant has different priorities and Lightspeed can
program around those priorities, but for us that information is
super valuable and it helps us work with servers for them to get
higher sales and thus more tips."
Lightspeed sales data from nearly 6,000 US hospitality merchants
shows that while inflation rose 8.26% on a year-over-year basis in
August, menu prices have only increased 5.56%, on average, over the
same period. At the same time, food costs are pacing ahead of
inflation. When adjusting for inflation, this means margins for
restaurants are going down.* Lightspeed Advanced Insights enables
restaurant owners to make decisions that directly impact their
business by understanding top spending customers, waitstaff
performance, busiest hours and day of the week and menu items that
generate repeat customers.
Lightspeed powers the world's best restaurants, including: Five
Guys, Daniel Boulud Group (NYC), Alinea Group (Chicago), Canlis (Seattle), Gloria
(London), Kei (Paris), 893
Ryōtei (Berlin) and Maybe Sammy
(Sydney). These new Lightspeed
Restaurant features are now available in North America.
For more information, click here.
*Lightspeed looked at data from nearly 6,000 US hospitality
merchants, from August 2021 -
August 2022, which included casual
restaurants (50%), upscale restaurants (21%), bars (15%), and
fast-casual restaurants (14%). Comparisons to inflation growth are
based on the year-over-year inflation rate of 8.26% in August
2022 (Source: US Inflation Calculator).
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
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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 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.
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SOURCE Lightspeed Commerce Inc.