Powering American Restaurateurs to Compare Their Performance with Industry Peers Using Machine Learning
MONTREAL, Sept. 12, 2024 /PRNewswire/ - Lightspeed Commerce Inc. (NYSE: LSPD) (TSX: LSPD) ("Lightspeed" or the "Company"), the one-stop commerce platform empowering merchants to provide the best omnichannel experiences, today announced the launch of its latest groundbreaking suite of features, Benchmarks & Trends within Lightspeed Restaurant, now available to American restaurateurs.
Benchmarks and Trends, from Lightspeed (CNW Group/Lightspeed Commerce Inc.)
In Lightspeed's 2024 State of Hospitality Report, which tracks trends across the industry, 49% of surveyed restaurateurs reported facing growing competition, and 74% are actively seeking ways to streamline operations with technology. Benchmarks & Trends addresses these needs by giving restaurant owners a deeper understanding of their own performance and how they measure up against local competitors. This cutting-edge tool uses machine learning to give restaurateurs the insights they need to help boost revenue, streamline operations, and gain a competitive edge in a crowded dining landscape.
"Running a restaurant is about more than just great food—it's about making informed, strategic decisions every day," said Adoniram Sides, SVP, Hospitality at Lightspeed. "For years, we've been helping restaurateurs turn data into growth opportunities through Advanced Insights. With Benchmarks & Trends, we're taking that a step further, offering clear insights that restaurateurs crave. Lightspeed is pioneering an AI-driven tool to US restaurants that gives them the level of essential market information they need to outperform the competition."
Lightspeed Restaurant POS is, on average, 40% faster than other leading restaurant POS systems in North America1. It continues to be a leader in the industry with this breakthrough suite of features. By providing hyper-localized, real-time data, Benchmarks & Trends allows restaurateurs to see exactly where they excel and where adjustments could drive greater success.
__________________________ 1 Based on internal testing in August 2022 of industry peer check management and other workflows in North America. Lightspeed Restaurant POS requires 40% fewer clicks for completing check splitting, discounting and other basic POS workflows than certain industry-leading POS systems. Results outside such internal testing could vary depending on location and other factors.
What Benchmarks & Trends offers to restaurateurs:
Tailored insights: Get a clear view of how your restaurant compares to others in your area. Whether it's sales, pricing, or customer favorites, these personalized benchmarks give you insights that go beyond general industry averages.
Meaningful comparisons: Measure your performance against peers using data that accounts for business size and adjusts daily, giving you relevant insights whether you're running a small café or a larger establishment.
Smart forecasting: Access up to four weeks of historical data and machine learning-driven forecasts, helping you anticipate trends and make informed decisions with confidence.
Streamlined operations: Identify peak hours, optimize staffing, and keep everything running smoothly to ensure the best possible experience for your customers.
Trusted by Michelin-starred restaurants and thousands of leading establishments worldwide, Lightspeed is dedicated to empowering its customers with the tools they need to grow.
Ready to see how Benchmarks & Trends can elevate your restaurant? Access it directly through your Back Office or click here for a personalized demo.
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 and Toronto Stock Exchange (NYSE: LSPD) (TSX: LSPD). With teams across North America, Europe and Asia Pacific, the company serves retail, hospitality and golf businesses in over 100 countries.
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.sedarplus.ca 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.
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