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Lightspeed Commerce Inc
Symbol LSPD
Shares Issued 150,161,959
Close 2022-09-30 C$ 24.31
Market Cap C$ 3,650,437,223
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Lightspeed adds new software to Lightspeed Restaurant

2022-10-03 10:23 ET - News Release

Mr. Peter Dougherty reports

LIGHTSPEED RESTAURANT CONTINUES TO EMPOWER INDEPENDENT BUSINESSES THROUGH DATA AND ANALYTICS WITH NEW ADVANCED INSIGHTS FEATURE

Lightspeed Commerce Inc. has expanded 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 are 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, general manager, 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 comprises 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 rock stars, 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 with 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 are 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 per cent of meals, for example, or selling a bottle of wine to 5 per cent 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 U.S. hospitality merchants shows that while inflation rose 8.26 per cent on a year-over-year basis in August, menu prices have only increased 5.56 per cent, 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, wait staff 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 (New York), Alinea Group (Chicago), Canlis (Seattle), Gloria (London), Kei (Paris), 893 Ryotei (Berlin) and Maybe Sammy (Sydney). These new Lightspeed Restaurant features are now available in North America.

About Lightspeed Commerce Inc.

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. Its cloud commerce solution transforms and unifies on-line and physical operations, multichannel sales, expansion to new locations, global payments, financial solutions, and connection to supplier networks.

Founded in Montreal, Canada, in 2005, Lightspeed is dual-listed on the New York Stock Exchange and Toronto Stock Exchange. With teams across North America, Europe and Asia Pacific, the company serves retail, hospitality and golf businesses in over 100 countries.

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