Brands are concerned about economic impact on consumer buying but opportunities exist

Lightspeed Commerce Inc. released the results of NuORDER by Lightspeed’s 2023 Holiday Outlook Brand Survey today. 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.

The survey aimed to get a pulse on whether brands are revamping their holiday strategies or doubling down on tried and true programs in light of the current macroeconomic environment.  Over 100 women’s and men’s apparel, footwear, accessories, luxury, beauty, outdoor/sporting goods, and home furnishings/décor brands weighed in on their expectations surrounding consumer behavior heading into the holiday season. 

Key findings from the survey are that while the majority of brands (51.89%) are not concerned about how the influx of store closures in 2023 will impact holiday sales, 74.53% of brands are worried that sales may be negatively impacted by current economic factors. 

“Due to the increase in store closures, brands will need to offset the lack of product in those stores so that they can still grow,” said Michael Ganci, Senior Vice President of B2B Go-To-Market at Lightspeed. “At the same time, buyers are being more selective and are stocking profitable styles over higher risk trend items. This means that brands will need to focus on selling more of their assortments through high performing retail partners or find alternative retailers to bridge the gap.”

According to the results of the 2023 Holiday Outlook Brand Survey, most brands are not pulling back on wholesale because of store closure this year. Instead, 40.57% are focused on selling more through high performing retailers.

To manage excess inventory due to closures, 29.25% of brands said they are implementing a strong off-price strategy to clear out excess stock that is still on hand during the back end of the selling season. Only 6.6% of brands responded that they were reducing the number of retailers they are selling into. 35.85% of brands aren’t making any adjustments to their current sales strategy.

“There’s a growing emphasis on data sharing and collaboration between brands and retailers,” Ganci continued. “Brands and retailers want a more integrated wholesale ecosystem where they can easily share sales data, check inventory levels and reorder high-performing products to better inform production plans and buying decisions. This is exactly what we are trying to do through the supplier network at Lightspeed. As for the holiday season, balancing historical product performance with the ability to predict future consumer behavior is more important than ever and retailers who can do this successfully are most likely to remain resilient.”

NuORDER by Lightspeed powers the world’s best brands and retailers, including: Saks, Macy’s, Nordstrom, Brunello Cucinelli, Rag & Bone, Kendra Scott, Barbour, Tecnica, Arc’teryx and Shiseido.

Read the full press release here.

Menu prices are still rising, but slowing down in line with overall inflation; employee turnover is up almost 76%

Lightspeed Commerce Inc. released new hospitality industry data showing that both menu prices and employee turnover are on the rise. The data, which is based on a sample of thousands of restaurants powered by Lightspeed across North America, echoes recent CPI findings that the cost of food away from home is still rising, though the rate of inflation has slowed. 

Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs to accelerate growth, elevate their customer experience and become a go-to destination in their space. Key findings from the Lightspeed Restaurant data include:

• Employee turnover is on the rise: With a staggering 75.78% jump when comparing this data from April-June 2022 to April-June 2023, indicating the staffing shortage at restaurants isn’t easing.  While staffing in some industries is starting to improve, restaurants still struggle to retain workers for a variety of reasons, including wages and job satisfaction.
• Restaurant prices are still rising, but the rate has slowed: Consistent with past quarters and industry trends, restaurants continue to raise prices for menu items—but the rate of increase has slowed since the first calendar quarter (Jan-March 2023). Overall, we saw a 4.73% year-over-year increase in median item price and a 6.96% year-over-year increase in median burger price.
• Diners are going out more often: People are dining out more frequently at both fine dining and fast casual restaurants, with total transactions rising 3.60% year-over-year for fine dining and 3.53% for fast casual. 
• Tipping is on the rise: Tips are up when consumers dine out, with the highest tips occurring at bars and fine dining restaurants. On the other hand, average takeout and delivery tips dropped to around 8%, suggesting consumers might be pulling back on tips outside of traditional service venues. Read more in Lightspeed’s deep dive on tipping trends.

Jarred Drown of Terrace Bay Restaurant in Gladstone, MI, acknowledges the need to raise pricing to keep up with both inflation and staff shortages. “Both food prices and labor costs have gone up substantially,” he explains. “The food costs you don’t control, that cost goes up. And then you have to adjust labor costs, which you do control. Because when you can’t find employees, you have to make a decision: Am I going to run short staffed? Or am I going to raise wages and make sure that we retain the best people in the industry in our area? Being a more upscale place, we found that you just have to be willing to raise your prices and your customers will pay it.”

“We know the challenges bars and restaurants are facing,” notes Peter Dougherty, General Manager of Hospitality at Lightspeed Commerce. “Our mission at Lightspeed is to give them the tools, insights and expert guidance they need to streamline operations and work more efficiently. Technology like Lightspeed Restaurant helps hospitality businesses increase speed of service and table turnover while reducing time spent on manual tasks, so they have more time to spend with guests—even when they’re short-staffed.” 

Tools like Lightspeed’s Advanced Insights can also help bars and restaurants navigate inflation and staffing shortages by identifying their most profitable hours, servers and menu items so they can optimize scheduling and menu planning. Beyond tracking peak sales periods and staff performance, as Grant Macdonald of Kotsu Ramen & Gyoza explains, “Lightspeed Restaurant gives us a great analytics tool that on one axis tells us how many sales we’ve had of a given item, and on the other axis says, how much of that is driving repeat business… Those pieces of information are incredibly valuable for us. Advanced Insights gives us all these tools that allow us to dig down into our operation and get ideas, get thoughts and insights that we might not have had intuitively—but the data shows it to us.”

Lightspeed Restaurant is on average 40% faster than other leading POS systems in North America.* Lightspeed powers the world’s best restaurants, including: Daniel Boulud Group (NYC), Atomic Hospitality Group (Chicago), Alinea Group (Chicago), Canlis (Seattle), Big Mamma (Europe), Kei (Paris) and Maybe Sammy (Sydney), and is now available in the United States, Canada, the United Kingdom, France, Belgium, the Netherlands, Switzerland, Germany, and Australia.

To read the press release, click here.

Takeout tips are down, but guests are dining out more often than last year—and rewarding great service when they do

Lightspeed Commerce Inc. released new hospitality industry data showing that tipping is on the rise when consumers dine out, with the highest tips occurring at bars and fine dining restaurants. On the other hand, average takeout and delivery tips dropped to around 8%, suggesting consumers might be pulling back on tips outside of traditional service venues. The data is based on a sample of thousands of restaurants powered by Lightspeed across North America. Powering the world’s best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs to accelerate growth, elevate their customer experience and become a go-to destination in their space.

Key findings from the Lightspeed Restaurant data:

• Tipping is on the rise: Good news for servers: diners aren’t skimping on tips. Year-over-year, the median tip percentage increased by 2.3%, from 16.93% to 17.32%.
• Bars and fine dining take home the biggest tips: Overall, tipping trends are staying stable across business types year-over-year, with customers continuing to tip around 3% more at bars (19.25%) and fine dining restaurants (19.9%) than they do in casual restaurants (16.5%).
• Takeout tips are down: Tips for online orders and delivery dipped slightly, falling from 8.83% to 8.07%. In spite of earning the biggest in-house tips, bars were hit hardest on takeout, with the median online and delivery tip falling from almost 10% to 8.54%.
• Tipping on fast casual is going strong: In spite of the “tipflation” backlash, diners haven’t stopped tipping in fast casual restaurants, though the median tip size is still hovering under 9%—well below the 17.32% average.
• Diners are going out more often: People are dining out more frequently at both fine dining and fast casual restaurants, with the total number of transactions rising 3.60% year-over-year at fine dining and 3.53% at fast casual restaurants. 

“Now more than ever, hospitality businesses are turning to technology to help them drive additional revenue and change the guest experience for the better,” notes Peter Dougherty, General Manager of Hospitality at Lightspeed Commerce. “Our customers that have implemented embedded payments and automated tipping prompts often tell us they see a bump in average tip size. The reality is that in our post-pandemic world, guests are looking for a frictionless, cashless payment experience, and they’re willing to tip more for exceptional dining experiences—especially when they have access to digital tools that make it easy. For hospitality businesses navigating a rapidly changing market, that extra income in their employees’ pockets is crucial to retaining staff without cutting into their profit margins.”

Lightspeed powers the world’s best restaurants, including: Daniel Boulud Group (NYC), Atomic Hospitality Group (Chicago), Alinea Group (Chicago), Canlis (Seattle), Big Mamma (Europe), Kei (Paris) and Maybe Sammy (Sydney), and is now available in the United States, Canada, the United Kingdom, France, Belgium, the Netherlands, Switzerland, Germany, and Australia.

Dive into the transformative features of Lightspeed Restaurant on our website, or to witness its powerful capabilities, see www.lightspeedhq.com/pos/restaurant.

Methodology

Lightspeed analyzed internal data from thousands of restaurants powered by Lightspeed across North America, comparing the period from April-June 2023 against April-June 2022. The analysis reviewed tipping data, check size and more across cohorts of bars, casual, fine dining, upscale and fast casual hospitality businesses.

Read the full press release here.

Lightspeed Restaurant experiences a change of scenery, delivering votes, decisions, and more in one-of-a-kind reality show

Lightspeed Commerce Inc., the one-stop commerce platform for merchants around the world to simplify, scale, and create exceptional customer experiences, has partnered with Netflix on a new reality series, “Pressure Cooker,” released today.

In the first culinary competition of its kind, Pressure Cooker follows 11 chefs, living under one roof, as they navigate gastronomic challenges while managing the politics and social dynamics of the group. As their own judges, the contestants will showcase their craft while strategically competing for the favour (and votes) of the other chefs. A “virtual host,” in the form of Lightspeed’s flagship hospitality solution, Lightspeed Restaurant, delivers news of the next challenge, opportunity, or obstacle.

“We’re thrilled to see Lightspeed Restaurant take on a personality of its own, as the ‘host’ of this saucy new series,” said Peter Dougherty, General Manager, Hospitality, at Lightspeed. “As the culinary industry continues to transform, we’re excited to be part of this new take on back-of-house competition. We’re even more excited for viewers to get a glimpse into what Lightspeed Restaurant can do.”

Smart POS solution, Lightspeed Restaurant, comes to life to communicate tasks and act as the chefs’ voting station, ultimately transmitting the decision of who will stay and who will go. The chefs will need to impress their peers with culinary and leadership skills alike, as they compete for votes, and the grand prize of $100,000. 

In addition to its newfound celebrity, Lightspeed Restaurant provides the following key merchant resources to help restaurant owners back data-driven decisions about how best to run their business: 

• Advanced insights:
  Lightspeed Restaurant informs operators what turns customers into regulars, who their best wait staff are and why and makes them feel like they’re on the floor every day even across multiple locations.
• Speed and automation for the front of the house:
  Optimized by years of user testing, Lightspeed Restaurant is easy to use and train on, key for hiring and retaining staff and running smoother shifts in busy environments.
• Comprehensive integrated inventory:
  Track and automate inventory without breaking the bank. Know exactly how much product was sold, how much is still on hand, and how much is needed from a supplier for the next order.
• Innovative ordering and payments with Order Anywhere:
  Fully integrated with Lightspeed Restaurant, Order Anywhere provides contactless ordering and payments for dine-in, and commission-free ordering for takeout, with the flexibility to either pre-pay online or pay at pick up, while avoiding expensive third-party fees. 
• Real-time data:
  Restaurant owners, chefs and managers receive a daily email detailing everything they need to know before doors open, and a shift prep email detailing reservations, VIP guests, and notes for the service ahead.

Pressure Cooker is now streaming on Netflix. Learn more about Lightspeed Restaurant here.

New Lightspeed Retail is packed with exceptional new features and integrations to power commerce everywhere for global retailers of all sizes

Lightspeed Commerce Inc., the one-stop commerce platform for merchants around the world to simplify, scale, and create exceptional customer experiences, today announced the launch of Lightspeed Retail, a groundbreaking new retail commerce platform that 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.

“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,” said Lightspeed CEO JP Chauvet. “The new Lightspeed Retail is the culmination of strategically combining Lightspeed’s leading technology and talented teams with those of our acquisitions, creating the ultimate product for the modern retailer. Not only are we bringing to market the best of ecommerce, payments, and POS so busy merchants can do it all from one platform, but this launch lays the groundwork for everything that is coming next, from fully-integrated supplier solutions to even more powerful consumer and buying data for our merchants.”

Today with Lightspeed Retail, merchants around the world can self-serve modern retail commerce tools, with a custom solution that fits their unique business needs. The new Lightspeed Retail is available on all platforms, web, iOS, and Android, meeting the needs of more customers with more flexibility for hardware configuration.

The new Lightspeed Retail is now available in North America, Australia, New Zealand, Singapore, Hong Kong, the UK, and South Africa, unleashing the power of headless commerce to meet consumers where they prefer to shop with integrated cross-channel selling and complex multi-store inventory management. This omnichannel solution comes to market at the right moment: new data from a Lightspeed and Checkmarket survey of over 7,200 global merchants and consumers shows that omnichannel retailers are growing revenue faster than any other sector.

“We’ve truly built a product for every retailer, whether they’re starting out, scaling, or expanding globally, with tightly-integrated technology all in one tool,” said Lightspeed Retail GM Ana Wight. “The value of this fully integrated solution will only expand as we continue to bring industry-leading innovation to our customers, suppliers, and their consumers.”

Whether starting out or looking to scale, retailers can achieve ambitious goals with Lightspeed Retail’s user-friendly suite of connected solutions, backed by best-in-class support from in-house industry experts.

Key Lightspeed Retail Features:

• 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.
• 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.
• 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.
• 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.
• 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.

State of Retail 2022: Omnichannel is Do or Die

Lightspeed today also released the State of Retail 2022 report, which shares data collected this year from over 7,200 global retail owners, managers, operators, and customers to see how they’re responding and reacting to a shifting retail landscape.

• Omnichannel merchants are outpacing their peers.
  • An average of 48% of global omnichannel merchants reported that revenue was higher or significantly higher year-over-year, compared to just brick and mortar retail merchants (37%) and just ecommerce merchants (31%).
• 68% of retailers said technology adoption has had a positive impact on their business over the last two years.
  • In 2022, 66% of global merchants reported they will invest to improve their inventory and supply processes to enable ecommerce growth, and 64% will specifically invest in more technology for ecommerce growth.

  Read the full State of Retail 2022 report here and the full press release here. Visit Lightspeed’s website to learn more about Lightspeed Retail.

Lightspeed’s U.S. Retailers Grew Nearly 2X Industry Average, Lightspeed U.S. Hospitality Merchants Outperformed Peers by Over 52%  

Lightspeed Commerce Inc. (NYSE: LSPD) (TSX: LSPD), the one-stop commerce platform for merchants around the world to simplify, scale and create exceptional customer experiences, today released new data that shows U.S.-based Lightspeed merchants in both retail and hospitality outperformed their peers in 2021.

U.S.-based Lightspeed retail customers saw Same-Store GTV grow 35% in 2021 compared to 2020 versus the industry average sales growth of 18%. Concurrently, U.S.-based Lightspeed hospitality customers saw Same-Store GTV increase 52% versus the industry average sales growth of 31% for the same period.

“With all of the uncertainty surrounding the ongoing pandemic and supply chain disruptions, we are thrilled to see that our customers continued to thrive and grow in 2021,” said Lightspeed President, JP Chauvet. “Seeing same-store sales increase year-over-year is a testament to the resilience and ingenuity of our merchants, and we are honored to be their commerce platform of choice. We believe the vast adoption of new technologies like cloud POS, omni-channel distribution, contactless payments and order ahead are helping drive this growth and expansion, and we’re excited to see where these developments take Lightspeed and our customers in 2022.”

The data released today^[1] compares the gross transaction volume^[2] of global Lightspeed locations that were fully operational for the period of January 1st until December 31st in both calendar 2020 and 2021 (Same-Store GTV). When looking at year-over-year U.S. growth, the timeframe of January to November was selected to coincide with the latest available 2021 U.S. Census data.

Lightspeed 2021 Retail Data

Global retail was estimated to grow 7.2% in 2021, but Lightspeed retailers saw significant year-over-year Same-Store GTV growth well in excess of this estimate across several verticals, sectors and regions. While U.S. Census data shows average retail sales growth at 18% in 2021, Lightspeed retailers in the U.S. outperformed this average by 93% Same-Store GTV growth – almost double.

In 2021, comparing locations that were operational in both 2021 and 2020 for the full year, the verticals with the largest year-over-year Same-Store GTV growth were:

• Books, Toys, & Hobby (55%)
• Apparel & Footwear (52%)
• Gifts (50%)
• Home & Garden (46%)

By contrast, many of the verticals that initially benefited from COVID-influenced lockdowns saw moderate Same-Store GTV growth in 2021, with the Bike and Pet verticals growing 10% and 13%, respectively.

Coming out of a year of lockdowns and restrictions that saw some regions more impacted than others, shoppers in Europe and APAC saw a more aggressive recovery. When looking at its global footprint, the following regions had the largest year-over-year Same-Store GTV growth amongst retailers on the Lightspeed platform:

• Europe (49%)
• APAC (44%)
• North America (30%)
• Latin America (20%)

Lightspeed 2021 Hospitality Data

Research and Markets predicted an 18.5% global growth rate in 2021 for the hospitality industry but Lightspeed hospitality merchants saw year-over-year Same-Store GTV growth of nearly double that estimate. With lockdowns and restrictions easing, Lightspeed hospitality merchants saw substantial year-over-year Same-Store GTV growth in the segments hit hardest by pandemic restrictions.

Among global Lightspeed hospitality merchants, the following verticals saw the largest year-over-year Same-Store GTV growth:

• Nightclubs (140%)
• Fine Dining (70%)
• Bar and Pub (60%)
• Casual Dining (55%)

When looking at global year-over-year Same-Store GTV growth on a regional basis, Lightspeed hospitality merchants in the following regions saw the largest growth:

• Latin America (97%)
• North America (40%)
• Asia Pacific (29%)
• Europe (24%)

Lightspeed 2021 Holiday Data

As Lightspeed customers powered through the headwinds associated with pandemic resurgences and supply chain challenges, they still managed to show strong year-over-year holiday season Same-Store GTV growth through the last three months of the year. Within retail, Lightspeed U.S. merchants saw Same-Store GTV grow 15% in the last quarter of calendar 2021.

Lightspeed hospitality merchants had a fantastic holiday season with diners making up for lost time: Same-Store GTV for hospitality locations in the U.S. grew 36% for the quarter, and 39% globally.

This exciting growth data comes at the end of a dynamic year for Lightspeed where the company finalized its acquisitions of Vend, NuORDER and Ecwid, and launched a new Supplier Network, a new flagship eCommerce platform, and a new flagship Lightspeed Restaurant solution, while also expanding Payments globally across industries.

To learn more, read the full press release here. 

^[1] All data presented here is approximate and is based on various assumptions. All data is unaudited and is subject to adjustment.

^[2] Key Performance Indicator. See “Key Performance Indicators”

Lightspeed Commerce Inc. (NYSE: LSPD) (TSX: LSPD), the one-stop commerce platform for merchants around the world to simplify, scale, and create exceptional customer experiences, today announced the launch of the all-new Lightspeed Restaurant, a unified hospitality commerce and point-of-sale (POS) platform.

The release of Lightspeed Restaurant is well-timed as consumers are returning to restaurants in droves, but business needs have fundamentally changed.

“Through strategic global acquisitions, Lightspeed has combined the power of leading hospitality tools like Upserve, Gastrofix, Kounta and iKentoo with new solutions and modules, to simplify processes and enable merchants to build thriving businesses for the future,” Peter Dougherty, GM, Hospitality, Lightspeed said. “Lightspeed Restaurant is a best-in-class solution built through years of strategic investments and innovation. It brings together a state-of-the-art, innovative POS platform, contactless integrated payments, online ordering, advanced inventory, and analytics solutions, to create a powerful hospitality platform for running a smarter, more efficient restaurant.”

Lightspeed Restaurant’s Key Merchant Resources Include:

• Robust Analytics
  Lightspeed Restaurant tells operators what brings their customers back, who their best servers are and why, and makes them feel like they’re on the floor every day even if they manage several locations.
• Data at your Fingertips
  Restaurant owners, chefs, and managers receive a daily email detailing everything they need to know before doors open, and a shift prep email detailing reservations, VIP guests, and notes for the service ahead.
• Comprehensive Integrated Inventory
  Track and automate inventory without breaking the bank. Know exactly how much product was sold, how much is still on hand, and how much is needed from a supplier for the next order.
• Easy-to-Use and Train Workflows
  Optimized by years of user testing, Lightspeed Restaurant is easy to use and train on, key for hiring and retaining new staff and running smoother shifts.
• Contactless ordering and payments with Order Anywhere
  Fully integrated with Lightspeed Restaurant, Order Anywhere provides contactless ordering and payments for dine-in, as well as commission-free ordering for takeout with the flexibility to either pre-pay online or pay at pick up while avoiding expensive third-party ordering fees.

The new Lightspeed Restaurant is now available in North America in a phased rollout to select restaurants after launching in Europe this summer with customers like fast casual mega-chain Dean & David.

“As we’ve seen from our new State of the Hospitality Report research, digital adoption has been an important lifeline for restaurants. Nearly half of the merchants in our latest research report are looking for technology to help automate tasks – a key requirement for a short-staffed industry. It’s clear there are greater efficiencies to be realized with new technology,” said Dougherty. “After years of strategically bringing together the best talent and technology in the hospitality industry, we’re excited to bring this long-awaited solution to the United States and Canada after a successful launch in Europe last quarter.”

Restaurants Ready to “Bounce Back”

Despite countless pandemic-related hardships, restaurant owners, operators and managers across North America, the UK, and Europe are highly optimistic about the future with nearly 60% of restaurant leaders claiming the outlook for their business is positive, according to Lightspeed’s new study. Of those, (20%) describe the future of their business as “successful” and “booming” and 40% state business is growing. The US market is even more optimistic, with 46% of restaurants surveyed describing their business as “booming.”

Once Finger Lakes (pronounced “on-ce” with a nod to the 11 lakes in the region and founder Antonio Arias’ Mexican and Spanish heritage) opened in the spring of 2021. They jumped at an opportunity to test drive an early version of Lightspeed Restaurant for their business. “The difference with Lightspeed Restaurant compared to other solutions is the accuracy of information,” said Arias. “When everything is on the same system and fully integrated, everything flows better. With POS, analytics, and inventory all under the Lightspeed umbrella, that’s the dream. It brings our whole operation to the next level.”

Lightspeed Restaurant is already live in Europe, where Brook Neale, GM of Mexiko Strasse has been using the hospitality commerce and POS platform since the beginning of 2021. “The quality of service and product really has an impact on the quality of my life,” said Neale, speaking particularly to Lightspeed Restaurant’s robust reporting and analytics. “A lot of people go into gastronomy out of passion and the less they have to worry about, the better. I really feel that Lightspeed is helping people get on with their businesses, and making a practical effect on their day-to-day life.”

Lightspeed Releases “2021 Global State of Hospitality Report”

In tandem with the launch of this product, Lightspeed also released their 2021 Global State of the Hospitality Industry Report today, surveying over 2,000 restaurant owners, operators, managers and guests around the world. In the Lightspeed study, 79% of global restaurant leaders claim their restaurant is more efficient today than one year ago after initiating new strategies like adopting or expanding online ordering (65%) and increasing or improving outdoor seating (47%). Furthermore, a majority anticipate continued momentum through the fall as 62% expect to return to or exceed pre-COVID levels of holiday business.

Key takeaways from the report include:

• On average, 87% of global industry respondents agreed that ​​new technology adoption over the last two years has been critical for their business’ survival.
• Once seen as a “job killer,” automation technology can now help support understaffed businesses so that the staff you have doesn’t become overworked and burned out. On average, 45% of restaurant operators plan to utilize some form of automation technology within the next 2-3 years.
• 48% of restaurant leaders globally say guests are more demanding now than before COVID, however, this number jumps to 64% in the US.
• 32% of global merchants are expecting a return to pre-COVID levels of holiday business and 30% are expecting to exceed pre-COVID levels of holiday business.

To learn more about Lightspeed Restaurant, read the full press release here. Visit the Lightspeed blog to learn more about what Lightspeed survey respondents said about technology trends, the future of hospitality, shifts in guest behavior, and more.

Lightspeed kicked off our Community through Commerce initiative with a pilot study to find out how the COVID-19 crisis impacted the LGBTQ+ business community in North America. 

“Lightspeed was founded in 2005 in Montreal’s gay village, and its original members were all part of the LGBTQ+ community,” says Dax Dasilva, Founder and CEO of Lightspeed. “The ethos of our business has always been about diversity and inclusion from the very start.”

The results of the study, which we commissioned Carleton University’s Sprott School of Business to perform with support from Canada’s LGBT+ Chamber of Commerce, are being released alongside the results of Lightspeed’s latest Global Diversity and Inclusion survey. 

Our internal survey revealed that 16.81% of Lightspeed’s global employees who participated in the survey identify as LGBTQ+ and 9 out of 10 report that they feel comfortable talking about their culture and background with their colleagues. 83% of participating Lightspeeders feel they can be their authentic selves in the workplace. 

“This research was particularly important to us,” says Dasilva, of the study on LGBTQ+ businesses. “Both in the US and in Canada, majority-owned LGBTQ+ businesses generate trillions of dollars of contributions to the total GDP. Given their importance and influence on our economies, we wanted to understand exactly how the pandemic has affected this community and start a conversation with businesses and chambers of commerce across North America to help us build even better tools for resiliency.”

Who participated 

The pilot survey was open to any senior executive or founder of a business that is majority owned by a self-identified member of the LGBTQ+ community. Researchers also interviewed the leaders of organizations that represent, support or advocate for the LGBTQ+ business community.

A wide range of businesses were included, varying in size and sector. Service and technology-based businesses made up the majority.

Purpose of the study

• To assess whether there has been a disproportionately negative or positive impact from the pandemic on LGBTQ+ businesses and entrepreneurs 
• To find out if LGBTQ+ businesses, in responding to the COVID-19 crisis, turned to or benefited from gay villages and neighborhoods or similar community organizations
• To explore opportunities for investment and support that business owners perceive as necessary or helpful for post-pandemic recovery

Key results 

According to qualitative data gathered from the study, gay villages saw a disproportionate amount of closures, boarded up storefronts and high rents compared to the rest of the LGBTQ+ business community.

A bit of context helps us understand why. The types of businesses located in the villages are mostly retail, restaurants, bars and entertainment venues which were hardest hit during the pandemic. 

Real gross domestic product (GDP) of such places fell 39.5% in March of 2020 and by another 40.8% in April as many of these businesses either closed completely or operated at a greatly reduced capacity, like exclusively providing takeout or delivery services. 

More than half (56%) of food service and pub operators reported being closed at some point last April, while 41% reported being closed for the entire month. By the end of that month, sales in the food services and drinking place subsector fell 61.3% from pre-pandemic levels observed in February of 2020.

It was a similar story in the US. The National Restaurant Association reported that restaurant and food service sales were $240 billion below their 2020 pre-pandemic forecasts. 110,000 eating and drinking establishments closed either temporarily or for good, and 2.5 million restaurant industry jobs disappeared.

Businesses in gay villages were up against steep odds, and our study revealed that something deeper was also at play.  

According to study participants, the villages are not seen as fostering business and entrepreneurship or providing a community or resources for businesses outside of retail and hospitality.

Though not seen as supporters of commerce, gay villages are viewed as tight-knit communities with the potential to reach out to intersectional community members. As the post-pandemic recovery continues, there is an opportunity for villages to attract young entrepreneurs and businesspeople who value the community and relish opportunities to collaborate.

Greater collaboration and partnership with organizations like Economic Development and the Business Improvement Area could increase opportunities in the gay villages, and those villages have the potential to promote diversity within LGBTQ+-owned businesses in their services and outreach—to become safe spaces and hubs of innovation.

Women and people of color are significantly underrepresented among LGBTQ+ business owners.

Participants in the study were overwhelmingly male (70%), reflecting nationwide studies showing that 80% of businesses in the United States and 79% in Canada have majority male ownership. The demographics presented in the findings may reflect the study’s approach. City business chambers were major partners, and many participants were identified through those organizations.  

The majority of respondents did not identify as intersectional (80%), while intersectional business owners in all sectors reported the greatest challenges in gaining access to support and investment. Greater attention is needed to develop more opportunities and support for intersectionality within the community.

Canada lags behind the US in recognizing LGBTQ+-led businesses for preferential spending, procurement and relief funds.

Small businesses and new entrepreneurs prefer a range of finance options, including loans, grants and investment.

Study participants pointed out that in the US, recognition is occurring at the city and state level, moving toward federal recognition of LGBTQ+-owned businesses. As of January 2021, New York City became the largest city to recognize LGBTQ+-owned companies as minority-owned businesses, making them eligible for billions in city contracts and other resources.

In Canada, however, the federal government lags behind in recognizing the LGBTQ+ business community as minority-owned businesses, which prevents them from accessing similar funds.

63% of LGBTQ+-led businesses surveyed overall were negatively impacted by the pandemic while 37% thrived  

The percentage of surveyed LGBTQ+ businesses that saw stable or increased revenue was considerably higher than the general business community. 37% of businesses in the survey reported as thriving, as compared to the 28% of Montreal businesses identified by the Canadian Federation of Independent Business.

LGBTQ+-led businesses that fared well saw their revenues increase by up to 40%, achieved mostly by bolstering their online presence.

More about the study 

This exploratory study is part of Lightspeed’s overarching Community through Commerce initiative, which serves as a tactical, data-driven approach to better understand the businesses Lightspeed powers with its one-stop commerce platform. We sought to gather actual data that would support some of the assumptions made about the true impacts of COVID-19 on this community. 

The study focused on businesses in six North American cities: Toronto, Montreal, Vancouver, San Francisco, New York and Los Angeles. There were two parts: a survey of business leaders and interviews with leaders of organizations that represent, support or advocate for the LGBTQ+ business community.

Available in English and French, the survey was open to any senior executive or founder of a business that is majority owned by a self-identified member of the LGBTQ+ community. The structured interviews were conducted with leaders of the LGBT Chambers of Commerce, with leaders of similar advocacy organizations and with LGBTQ+ business leaders.

The study also confirmed trends that Lightspeed reported during its third quarter earnings regarding revenue growth in Australia, which had recently reopened its economy. Much like those findings revealed, LGBTQ+ respondents of our North American study said that they were intentionally buying local and supporting cities and neighborhoods to recover. This was also in line with our pan-European consumer behavior results, which showed that Europeans have been returning to in-person dining and willing to pay more, tip more and prioritize local restaurants over chains.

Data gathered from the study is current as of July 12, 2021. 

Get involved 

This study is replicable in more cities and across a greater number of industries. If you identify as LGBTQ+ and lead a business, we invite you to participate in the survey. 

As a next step in this initiative, Lightspeed will engage with local North American LGBTQ+ chambers of commerce to identify ways to help merchants continue to build thriving businesses.

Lightspeed (NYSE: LSPD) (TSX: LSPD), a leading provider of cloud-based, omnichannel platforms, revealed customer growth insights for its clientele within the golf industry, highlighting operators in the United States and Canada have grown 23% and 26% respectively in course occupancy year-over-year for January to September 2020, a period marked by the digital revolution of golf operations similar to that witnessed in the retail and hospitality industries.

In contrast, according to the National Golf Foundation (NGF), industry average for rounds played increased by 8.7% (year-over-year, in the same time period). 

Indispensable digital strategies

The data underscores the strategic role played by cloud-based technology in the operations of the golf industry’s highest-performing businesses in order to capitalize on significant new interest in the game, driven in part by COVID-19 measures.

“The ease and ability to seamlessly transition our business to a digital, contactless model while driving online reservations from 20% to 90% in a week reveals how indispensable Lightspeed has become as a tool for sustaining SMBs in 2020,” said Del Ratcliffe, owner of five North Carolina-based golf course management businesses and a Lightspeed customer. “It also showcases the strong prospects for golf’s continued growth in 2021 as course owners remain agile and competitive in the evolving industry.”

Lightspeed as the future of golf

Lightspeed now powers more than 1000 golf courses worldwide. 

Following a year of signing landmark deals with prestigious courses such as Landscape Golf Management, this new set of data indicates how Lightspeed is positively impacting sales for independent businesses specifically within the golf and sports business sector, helping business owners create safe, unique and adjustable customer experiences that drive brand loyalty with solutions.

Click here to learn more. 

Lightspeed POS (NYSE: LSPD) (TSX: LSPD) revealed customer growth insights from its 2019 Year in Review, highlighting that retailers in Canada powered by Lightspeed saw 10.3% growth in year-over-year gross transaction volume (GTV) for January to October 2019 compared to the same time period in 2018. 

In contrast, industry average retail GTV during this time grew slightly (up 1.5% year-over-year), according to Statistics Canada, supporting the direct impact of cloud-based POS on retail sales amidst shifting global trends.

When data was measured against Lightspeed’s North American retail customers, the results also showed significant year-over-year GTV growth for retailers powered by Lightspeed in the U.S. (13.8% in the same period), suggesting the competitive edge offered by Lightspeed extends to retailers across the border, a market with a similar fundamentals, although much greater in size.

Additional Year in Review highlights

Lightspeed’s 2019 Retail Year in Review reveals how small and medium-sized retailers sustained growth, with noteworthy success in the sporting goods and health and beauty verticals: 

• Sporting goods: The average number of transactions per merchant increased by over 22% for Lightspeed sporting goods retailers in 2019, reflecting how service offerings are attracting new customers while retaining loyal ones.
• Health and beauty: With a massive rise in beauty influencers, overall sales for Lightspeed health and beauty retailers in 2019 increased by 24%.

“The 2019 Retail Year in Review demonstrates how Lightspeed is helping retailers outperform their peers across a range of industries using our innovative cloud-based technology,” says Dax Dasilva, Founder and CEO of Lightspeed. 

“It also reveals the degree to which Lightspeed has become an indispensable tool for SMBs in 2019 and showcases the strong prospects for retailers’ continued growth in 2020 as they remain agile and competitive in the evolving retail industry.”

This new data is an indicator of how Lightspeed is impacting sales for SMB retailers, helping businesses create unique customer experiences that drive brand loyalty with solutions such as Lightspeed Loyalty, Lightspeed Analytics and Lightspeed Payments.

Click here for more information.