Lightspeed is taking on other cloud-based rivals in the retail space amid strong revenue growth.
The point-of-sale (POS) system provider released earnings Thursday (Aug. 1) showing revenues up 27% during the quarter, which also saw the company release new inventory management features for its ICP (ideal customer profile) customers.
“Our efforts in retail are focused on widening the mode between ourselves and other cloud based competitors and displacing legacy players currently serving our ICP customers,” said Dax Dasilva, the company’s recently returned CEO.
Among the new customers signed this quarter is Google Bike, a set of three bike shops on Google’s campus in California, along with new brands to the company’s supplier network, including Tommy Hilfiger, Calvin Klein and Valley, a Swiss luxury footwear/handbag maker.
This quarter also saw the launch of Lightspeed’s Omni Loyalty Program, which allows customers to earn and redeem loyalty credits, both in-store and online.
“And for store owners and managers, the loyalty program can be managed directly from the POS without having to learn a new UI,” said Dasilva. “Launched this quarter, we’ve already seen very strong uptake of the feature from our flagship customers.”
Among the new inventory management features include landed costs, which incorporate items such as shipping and duties, total product costs and location, “which allows merchants to identify where products are located within warehouses and storage areas, and inventory adjustments, which allows merchants to record stock adjustments when and where they find them so that they can keep inventory records up to date,” the CEO added.
PYMNTS CEO Karen Webster spoke with Dasilva in May about the importance of finding balance between growth and profitability, all based around customer satisfaction.
“We’ve got profitability as an absolute priority,” Dasilva said, on the heels of the company’s last earnings report. “We’ve cut costs across the company and captured operational efficiencies.”
The CEO also stressed the importance of tailored products and customer experiences, employing product innovation and a personalized customer journey to cater to the needs of merchants, especially in complex retail and hospitality environments.
“Business owners at this size are not technologists,” Dasilva added, emphasizing usability remains key in offering visibility to main street businesses.
