Montréal-based Lightspeed Commerce has unveiled a new product that puts the company’s e-commerce, payments, and point-of-sale (POS) capabilities together in a single platform.
The new omnichannel Lightspeed Retail, which replaces Lightspeed’s previous standard brick-and-mortar POS retail offering of the same name, includes new features and integrations that Lightspeed says will make it easier for retailers of all sizes to manage their businesses and sell both online and in-person.
“The new Lightspeed Retail is the culmination of strategically combining Lightspeed’s leading technology and talented teams with those of our acquisitions.”
Lightspeed Retail combines Lightspeed’s tech and expertise with that of New Zealand-based retail software startup Vend and Californian e-commerce firm Ecwid, two companies it acquired last year for a collective $850 million USD in cash and stock.
“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,” said Lightspeed CEO JP Chauvet.
Chauvet claimed that the launch “lays the groundwork” for Lightspeed’s future product and tech development plans, which also involve fully integrated supplier solutions and more powerful consumer and buying data for merchants.
Founded in 2005, Lightspeed provides cloud-based commerce and POS software to retailers. The acquisitive retail tech firm, which trades on the TSX and NYSE as ‘LSPD,’ has teams across North America, Europe and Asia Pacific that serve retail, hospitality, and golf businesses in over 100 countries.
After serving as president since 2016, Chauvet took the reins as Lightspeed CEO earlier this year, replacing founder Dax Dasilva, who has transitioned to the role of executive chair. The move followed a significant drop in Lightspeed’s share price, which has fallen nearly 83 percent from its peak in September 2021 amid short-seller attacks, low revenue guidance, and tech stock malaise, which has also impacted other publicly-traded tech companies like Shopify.
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In March, the company made a few more C-Suite moves, appointing then CFO Brandon Nussey to COO, adding Asha Bakshani as CFO, and hiring Rani Hammond as chief people officer.
In its most recent earnings report—fiscal Q3—Lightspeed reported total revenue of $152.7 million, a 165 percent increase compared to the same period in 2020, when it only saw 79 percent growth year-over-year.
Lightspeed’s revenues have grown over the past couple of years as the company has shifted from its initial POS focus towards catering to all types of commerce, leveraging its acquisitions as a means of doing so, in an effort to diversify beyond just physical retail.
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Lightspeed also already used Ecwid to roll out a newly updated e-commerce product. Last fall, the company launched its revamped restaurant platform, which combines features from an array of other companies Lightspeed has acquired since 2019, including United States-based Upserve, Germany’s Gastrofix, Australia-based Kounta, and Switzerland’s iKentoo.
The new Lightspeed Retail includes self-serve retail commerce tools, new mobile analytics and inventory management features, as well as advanced APIs and customizable workflows. It is now available to merchants in North America, Australia, New Zealand, Singapore, Hong Kong, the United Kingdom, and South Africa, on desktop, iOS, and Android.
“We’ve truly built a product for every retailer, whether they’re starting out, scaling, or expanding globally, with tightly-integrated technology all in one tool,” said Lightspeed Retail GM Ana Wight. “The value of this fully integrated solution will only expand as we continue to bring industry-leading innovation to our customers, suppliers and their consumers.”
Feature image of JP Chauvet, courtesy Lightspeed.