The acquisition also builds on Lightspeed’s foothold in Asia-Pacific, approximately doubling its customer base and expanding its retail footprint in that region. The combination of Lightspeed with the talent and technology of Vend, widely acknowledged as providing one of the foremost retail products on the market, will help to further growth by ultimately providing the Vend customer base access to the company’s broader commerce solutions, such as Lightspeed Payments, Lightspeed eCommerce, Lightspeed Loyalty, as well as future access to the Lightspeed Supplier Network.
After the closing of the acquisition, Lightspeed will serve as the technology partner of choice for over 135,0001 customer locations2 worldwide as small and medium-sized businesses increasingly turn to the company’s innovative, cloud-based platforms ahead of highly anticipated economic reopenings in both the retail and hospitality industries. Building on the landmark acquisition of ShopKeep, Lightspeed intends to leverage Vend’s complementary modern technology stack and user experience capabilities to continue to deliver the most advanced commerce capabilities to retailers around the world.
“Lightspeed’s mission is to ignite the potential of businesses to enrich the communities they serve, whether they are beloved local neighborhoods or the thriving metropolitan cities we are eager to see bustling with crowds once again,” said Dax Dasilva, Founder, and CEO of Lightspeed. “We are thrilled to partner with Vend, a team that matches Lightspeed’s passion for retail. That combined drive will position our global retail base of high-performing businesses for success as they emerge from a truly transformational period in the history of modern commerce.”
Lightspeed Retail is a mobile Point of Sale Cloud-based software platform that was first launched in 2005. Considered the first mobile Point of Sale app of its kind, it arms retailers with a suite of sales and inventory management tools and is now used in over 100 countries globally. Lightspeed is available in two different forms – a web-based server that allows it to be used on desktop and other devices running Windows, Mac OS, Apple iOS, Google Chrome, and a dedicated app specifically designed for iPads.
Lightspeed says its interface is intuitive, allowing both management and employees to understand the system quickly. Data is stored in the Cloud, making it accessible anywhere at any time. However, the dedicated app for iPad is where the Lightspeed comes into its own, offering retailers the opportunity to have a truly mobile Point of Sale that allows staff to take the POS anywhere in-store, access stock and inventory information, and even process sales.
Lightspeed offers a suite of tools to ensure retailers have real-time insight into their inventory and stock levels. “Never run out of your best-sellers again. Get access to all the data you need to get old inventory off your shelves, fast,” they proclaim. The system allows vendors to set custom re-order levels for automatic re-ordering, receive stock alerts when items are heading into the negative levels, identify old inventory and set lowered prices in a bid to move it faster, and track unit costs and margins.
As a nifty addition, vendors can order products directly from the POS, with Lightspeed offering a range of catalogs from big suppliers to help facilitate the task. Retailers can also order stock from multiple vendors using one simple purchase order or custom work orders, special orders, and customer laybys directly from the system. In addition, they can transfer inventory from one location to another, track returns, and sell products online.
Lightspeed allows retailers to directly input products individually or import them in bulk via CSV, and the process is described as “simple.” Product variants are easily catered to with options for different sizes, styles, and colors. Meanwhile, serial numbers can be allocated to each item, and they can also be grouped in types, allowing retailers to offer pre-packaged bundles of related items. Inventory can then be tracked across multiple locations. When it comes to setting up product pricing, vendors can establish seasonal discounts, apply bulk pricing changes, set pricing rules, establish employee discounts, create discounts and promotions, and offer giveaways and donations.
