Omnichannel Retailers, Rejoice: Lightspeed Expands Innovative Product Features to Simplify Complex Processes

MONTREAL, July 27, 2023 (GLOBE NEWSWIRE) -- Lightspeed Commerce Inc. (NYSE | TSX: LSPD) is announcing the launch of advanced features designed to streamline merchant operations: Time Clock, Shipment History and Automated Ordering. Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs to accelerate growth, provide the best customer experiences and become a go-to destination in their space.

Lightspeed Retail makes it easy for sophisticated omnichannel businesses to stay on top of everything with these new features:

• Time Clock brings punch-in-and-out to the POS so staff remain focused on selling while retailers can streamline payroll processing, monitor employee attendance and ensure accurate pay through third-party integrations.
  
• Shipment History allows merchants to track shipments received against placed purchase orders, eliminating the need for manual reconciliation.

• Automated Ordering simplifies complex inventory issues by leveraging Lightspeed Analytics to automate reordering processes.
  

“Our current economic climate makes running a retail business extra challenging,” says Ana Wight, GM of Retail at Lightspeed. “These latest updates are designed to make day-to-day operations for merchants more efficient. They give business owners their time back, so they can focus on what counts: connecting with customers.”

Hello Time Clock, goodbye manual timesheets or switching apps

This new feature eliminates the need for antiquated time tracking systems or using many unintegrated apps which increases training and compliance costs.

• Punch in and out: Time Clock records start and end times to provide a clear attendance record.
• Accurate, efficient tracking: paper timesheets or Excel spreadsheets can be time consuming and rife with errors. Time Clock keeps time tracking precise with a single solution.

• Seamless integration: Time Clock is integrated into Lightspeed Retail which eliminates the need for employees to shuffle between different systems to record their time. Instead, Lightspeed Retail can keep retailers’ payroll systems up-to-date.
  
  
• Streamline payroll processing: with its trusted record system within the platform, Time Clock helps merchants make sure staff is paid accurately when integrated with partners.
  

More shipments than purchase orders? That’s no problem with Shipment History

“[With Shipment History] we can easily see what has been checked into our inventory on a certain purchase order” says Tim Phares, Manager at Active Endeavors, an outdoor equipment retailer in Davenport, Iowa. Merchants who use Lightspeed Retail to place purchase orders can now track the inventory they receive–even when it arrives in multiple shipments.

With Shipment History, retailers can track what was received against what was ordered–and make sure they only pay for what arrives.

• A single source of truth: Shipment History lets you keep track of orders, whether they arrive in one fell swoop or in multiple packages.
  
  
• Build an archive: each purchase order has a clear shipment history.
  
  
• Streamlined processes: Shipment History saves time and reduces the risk of errors, particularly when it’s time to reconcile invoices.
  

Maintaining the delicate balance of supply and demand with Automated Ordering

Powered by Lightspeed Analytics, Automated Ordering generates a list that suggests what to order, when to order it–and in what quantities. Automated Ordering analyzes data to determine what’s been selling well and forecasts when stock needs to be replenished. It eliminates the guesswork.

These are the latest in a string of innovative updates from Lightspeed. Recently, Lightspeed has also announced:

• NuORDER Assortments
• Unified Payments
• Gamechanging features like:
  
  • B2B Catalog
  • Scanner App
  • Price Management across locations and customer groups
  • Advanced Marketing
  • Enhanced eCom
  • User Permissions
    

You can find out more about Lightspeed Retail’s powerful features by visiting https://www.lightspeedhq.com/pos/retail/.

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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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 profiles 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 Contacts:

Canada:
Victoria Baker, NKPR - [email protected]

USA:
Jennifer Fugel, Newsmaker Group - [email protected]

Lightspeed Media Relations - [email protected]

Investor Relations:
Gus Papageorgiou, Lightspeed Investor Relations - [email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9b0b225c-d973-4dba-a7d1-762311531a39