Company: Lightspeed Commerce
Company Description: 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.
Nomination Category: Product & Service Categories - Business Technology Solutions
Nomination Sub Category: Electronic Commerce Solution
 Nomination Title: Lightspeed Commerce
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the the nominated new or new-version product or service, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: If this is a brand-new product, state the date on which it was released. If this is a new version of an existing product, state the date on which the update was released:
May 5, 2022 - Lightspeed Retail launched (updated version of platform)
October 14, 2021 - Lightspeed Restaurant launched (updated version of platform)
- If you are providing written answers for your submission, you must provide an answer to this second question: Describe the features, functions, and benefits of the nominated product or service (up to 350 words):
Total 341 words used.
Lightspeed Commerce launched its newest retail commerce solution - Lightspeed Retail - in May of 2022. Lightspeed Retail 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 commerce platform to help business owners elevate their strategy while managing the complex challenges of the evolving retail landscape.
Some of the features that Lightspeed Retail provides to address the changing needs of retailers include:
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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.
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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.
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Unmatched sophisticated retail technology. Flexible, simple, workflows allow retailers to customize their POS and back office to their specific needs. Product serialization, 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.
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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 customize reports to fit a retailer’s personal business needs. Seamlessly manage inventory across online and physical stores to ensure you have everything shoppers need.
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Scale with a single solution. Turn an ecommerce shop into an empire or take a brick-and-mortar business online. Lightspeed Retail has all the tools you need with a flexible and modern comprehensive platform for online and in-person operations.
- If you are providing written answers for your submission, you must provide an answer to this third question: Outline the market performance, critical reception, and customer satisfaction with the product or service to date. State monetary or unit sales figures to date, if possible, and how they compare to expectations or past performance. Provide links to laudatory product or service reviews. Include some customer testimonials, if applicable (up to 350 words):
Total 259 words used.
COVID highlighted that cloud-based commerce solutions have moved from being a “nice-to-have” to an absolute necessity. Post-Covid, merchants must provide omnichannel experiences and personalized offerings to consumers to survive.
This latest offering is the culmination of several key acquisitions since January 2020, - ShopKeep, Vend, Ecwid and NuOrder - with the goal of creating the most comprehensive end-to-end commerce solution available for merchants and restaurants of all sizes.
With Lightspeed Retail, merchants around the world can self-serve modern retail commerce tools, with a custom solution that fits their unique business needs. Lightspeed Retail is available on all platforms, web, iOS, and Android, meeting the needs of more customers with more flexibility for hardware configuration.
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. In June of 2022 Lightspeed added to its merchant capabilities with the launch of Lightspeed B2B, which is a transformative new solution for retailers that will bring together thousands of the world’s best brands and retailers with a cutting-edge supplier network tool that integrates B2B orders directly into the point of sale (POS). This solution aims to solve many of the supply chain challenges retailers face today, as well as provide an automated solution for wholesale ordering, replacing a time consuming manual process.
Lightspeed’s solutions are working. In 2021, U.S.-based Lightspeed retail merchants outperformed their peers. They saw Same-Store GTV increase 52% versus the industry average sales growth of 31% for the same period.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 24 words used.
https://www.lightspeedhq.com/news/2021-lightspeed-retailers-and-hospitality-merchants-outperformed-their-peers/
https://www.lightspeedhq.com/news/lightspeed-to-acquire-vend/
https://www.lightspeedhq.com/news/lightspeed-acquires-shopkeep/
https://www.lightspeedhq.com/news/ecwid-nuorder-acquisition/
https://www.lightspeedhq.com/news/lightspeed-launches-new-omnichannel-retail-platform/
https://www.lightspeedhq.com/news/lightspeed-b2b-launch/
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