Omnichannel retailers growing revenues faster than any other
sector, reveals Lightspeed State of Retail 2022 report
LONDON, May 5, 2022
/PRNewswire/ -- Lightspeed Commerce Inc. (TSX: LSPD)
(NYSE: LSPD), the one-stop commerce platform for merchants around
the world to simplify, scale and create exceptional customer
experiences, today announced the launch of Lightspeed Retail: a
groundbreaking new retail commerce platform that unites advanced
POS, payments, and ecommerce into one cohesive and powerful
solution. Leveraging the power of headless commerce, powerful
integrations, and a completely reimagined interface, Lightspeed
Retail is the ultimate solution to help business owners elevate
their strategy while managing the complex challenges of the
evolving retail landscape.
This omnichannel solution puts at retailers' fingertips the
tools they need to meet consumer expectations in 2022: new data
from a Lightspeed and Checkmarket survey of over 7,200 global
merchants and consumers shows that omnichannel retailers are
growing revenue faster than any other sector.
In the UK, 58% of omnichannel merchants report revenue was
higher or significantly higher year-over-year, compared to just
brick-and-mortar retail merchants (38%) and just eCommerce
merchants (20%).
"The core of Lightspeed's vision for retailers is a seamless
commerce platform that tackles the key challenges modern merchants
face not only today but also five years from today," said
Lightspeed CEO JP Chauvet. "The new Lightspeed Retail is the
culmination of strategically combining Lightspeed's leading
technology and talented teams with those of our acquisitions,
creating the ultimate product for the modern retailer. Not only are
we bringing to market the best of ecommerce, payments, and POS so
busy merchants can do it all from one platform, but this launch
lays the groundwork for everything that is coming next, from
fully-integrated supplier solutions to even more powerful consumer
and buying data for our merchants."
Today with Lightspeed Retail, merchants around the world can
self-serve modern retail commerce tools, with a custom solution
that fits their unique business needs. The new Lightspeed Retail is
also now on all platforms (web, iOS, and Android), meeting the
needs of more customers with more flexibility for hardware
configuration.
The new Lightspeed Retail is now available in the UK,
North America, Australia, New
Zealand, Singapore,
Hong Kong, and South Africa, unleashing the power of headless
commerce to meet consumers where they prefer to shop with
integrated cross-channel selling and complex multi-store inventory
management.
One in five (21%) of UK merchants said the biggest challenge to
modernising and growing their retail business was the need for more
support for digitisation and ecommerce technology. Whether starting
out or looking to scale, retailers can achieve ambitious goals with
Lightspeed Retail's user-friendly suite of connected solutions,
backed by best-in-class support from in-house industry
experts.
Key Lightspeed Retail Features:
- It's never been easier to run a business online or in
person. Transform any website (Wordpress, Squarespace, Wix,
etc.) into an ecommerce engine. The new Lightspeed Retail is
incredibly intuitive and easy to use. Brick-and-mortar stores can
move online in just a few hours with seamless self-serve
tools.
- Reach customers where they are, in-store and online.
Sell and advertise products where customers spend their time,
directly on key social platforms like Facebook, Instagram, and
TikTok where Lightspeed has core partnerships, as well as other
leading marketplaces like Google, Amazon, and eBay. Flexibility to
sell whatever you want, wherever you want with direct, time-saving
integration from a single viewpoint for orders and
inventory.
- Unmatched sophisticated retail technology. Flexible,
simple, workflows allow retailers to customise their POS and back
office to their specific needs. Product serialisation, as well as
external partner and supplier integrations provide cutting-edge
tools to merchants scaling their business. Retailers can track
performance at their fingertips with the new Lightspeed Retail app
and use any smart mobile device to manage inventory.
- Manage a retail business and back-office seamlessly with
integrated payments, inventory, and advanced reporting. One
login, one provider for ecommerce, POS, and payments. Easily
customise reports to fit a retailer's personal business
needs. Seamlessly manage inventory across online and physical
stores to ensure you have everything shoppers need.
- Scale with a single solution. Turn an ecom shop
into an empire or take a brick-and-mortar business online.
Lightspeed Retail has all the tools merchants need with a flexible
and modern comprehensive platform for online and in-person
operations.
State of Retail 2022: Omnichannel
is Do or Die
Lightspeed's State of Retail
2022 report shares data collected this year from over
7,200 global retail owners, managers, operators, and customers to
see how they're responding and reacting to a shifting retail
landscape. The report highlights the challenges and evolution of
the UK retail market with insights from 200 UK retail businesses
and 1,000 UK consumers.
- Omnichannel merchants are outpacing their peers
-
- 58% of UK omnichannel merchants report revenue was higher or
significantly higher year-over-year, compared to just
brick-and-mortar retail merchants (38%) and just eCom merchants
(20%)
- In 2022, 71% of UK merchants reported they will invest to
improve their inventory and supply processes to enable eCommerce
growth, and 71% will specifically invest in more technology for
eCommerce growth
- Technology adoption has had a positive impact on UK businesses
over the last two years with retailers report the following tactics
have been beneficial to them
-
- Adopting a new POS system to better manage your business
(17%)
- Adopting new technology to streamline employee shifts
(17%)
- Adopting technology to manage supply chain, supplier orders and
invoicing (14%)
- Adopting technology to better manage inventory (13%)
- Retail Therapy reigns supreme and shopping local is a
priority
-
- 35% of UK consumers say they plan to shop more in-store in 2022
compared to just 24% for eCommerce
- 64% of UK merchants said shoppers were more interested in
shopping local than they were pre-pandemic, and 70% of UK consumers
feel supporting local, independent businesses is
important
- UK consumers are brand-focused and loyal
-
- 47% consistently shop the brands they know and love
- 34% discover new purchases via search engines
- 19% rely on word of mouth recommendations
Read the full State of Retail 2022 report here. Visit
Lightspeed's website to learn more about Lightspeed
Retail.
About Lightspeed
Powering the businesses that are the backbone of the global
economy like Vera Wang and Stüssy,
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 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 Contact:
Lightspeed Media Relations:
Lightspeed@wcommunications.co.uk
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