Lightspeed Retail Announces Expansion of its Inventory Management Software Platform

By Retail Insider 

Montreal-based Lightspeed, which is a leading cloud-based provider of omnichannel point of sale software, solutions and support systems primarily for independent retailers and restaurants, has added new inventory-focused features to Lightspeed Retail’s extensive suite of tools. It’s all part of Lightspeed’s goal of helping retailers better manage their product stock while giving more control over daily operations. 

New features to Lightspeed Retail that will help independent retailers with this include negative inventory reports, a home data-driven dashboard, vendor returns, and newly supported images, dimensions and formats. Lightspeed says that this will help it deliver unparalleled inventory management control, offering retailers added insight into how a business is truly performing.

Lightspeed founder and CEO Dax Dasilva

“There has been an increasing demand for a measurement tool to help retailers in complex verticals better manage the surplus or shortage that frequently arises as a result of product shifts,” said Dax Dasilva, Founder and CEO of Lightspeed. “These features help our customers fully understand what factors are affecting their stock, from overselling items to purchase orders, so that they can plan their product operations accordingly.”

With the Negative Inventory Report, Retailers can determine the source of common issues resulting in stock deficits through comprehensive inventory reports, accounting for product both through Lightspeed Retail and Lightspeed eCommerce to maintain updated, accurate inventory information. The omnichannel impact is smart and seamless management of pre-orders and back orders, whether in-store or online, which can be accessed through the negative inventory report. 

The Home Data-Driven Dashboard focuses on the shop's overall goals, including revenue, margin, profit, sales, discounts and refunds, providing independent businesses a clearer picture of their operations. 

Lightspeed’s Vendor Returns are designed to make it easier for merchants to manage inventory, including quantities on return orders, again providing an enhanced level of operational convenience. 

As well, Lightspeed Retail’s new Supported Images Dimensions and Formats enables merchants to showcase their products online in more detail, thus helping the luxury verticals to deliver compelling experiences and increased sales.

Lightspeed says that its existing Lightspeed Retail customers have already seen a positive impact on their daily operations from using the newest features. “The negative inventory feature in Lightspeed has made my stock control absolute heaven,” said Theresa Pederson from lingerie retailer, Bodacious Bustlines.

Tim Black from outdoor guide service and retail store, NOC Adventure Center, said, “With the improvements that Lightspeed has made to their inventory controls we are able to maintain a more accurate picture of what we truly own.” 

LIGHTSPEED CEO AND FOUNDER DAX DASILVA PUSHING THE BUTTON TO COMMENCE TRADING ON THE MORNING OF MARCH 8, 2019. PHOTO: LIGHTSPEED VIA NKPR.

“I live by my numbers; the inventory and the margins must be correct,” said Lori Ashcroft from baseball organization, West Michigan Whitecaps. “Using the negative inventory report, I can see at a glance where my negative inventory is. Using negative inventory has also worked really well with our eCom backorders. Ever since we started using it, I haven’t had a single problem; it’s worked perfectly,” she said. 

There are further enhancements in the pipeline, says lightspeed, including the following: 

• iOS for Retail POS App: A sleek redesign for an elevated mobile POS experience with new smoother workflows

• Retail Sales Ledger: Newly designed and easy-to-use, this feature allows cashiers, and store owners to get quick access to open sales and sales data for an improved sales workflow.

• New import improvements: Aimed at helping customer reduce the time it takes to get set up, importing items into Lightspeed has never been easier thanks to the improvements to data migration from other platforms and increasing the available sku limit.

Existing inventory-focused client favourites, according to Lightspeed, include: 

• Manage stock through cost and margin tracking

• Take full control of inventory ordering from purchase orders and transfers to vendor returns and special orders

• Keep inventory moving and stay on top of stock quantities by using reorder points and inventory levels

• Access to over 14 million pre-loaded supplier catalog items to find new products to buy and sell

INSIDE LIGHTSPEED’S MONTREAL OFFICES. PHOTO: LIGHTSPEED

Lightspeed’s recent Summer Shopping Habits Survey, as discussed last week in Retail Insider, showed that in-store retail is still preferred by North Americans over online shopping, making inventory-centric software key for apparel retailers to creating positive customer experiences. New features to Lightspeed Retail will further assist independent retailers with this. As competition continues to grow and costs escalate, efficiency in processes will be critical to independent retailers’ success. 

Montreal-based Lightspeed is a cloud-based commerce platform powering small and medium-sized businesses in over 100 countries around the world. It’s considered to be an ‘all-in-one solution’ that includes smart, scalable, and dependable point of sale systems, it’s an all-in-one solution that helps restaurants and retailers sell across channels, manage operations, engage with consumers, accept payments, and grow their business. Lightspeed has grown to over 800 employees, with offices in Canada, USA, Europe, and Australia, and its platform is now in 49,000 customer locations globally. The company issued a highly successful IPO in March of this year. Dax Dasilva also launched a book on leadership called ‘Age of Union’ and Retail Insider attended his talk/Q&A at Indigo at Toronto’s Manulife Centre on the evening of Wednesday, July 10.  

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