Combining the power of the original Lightspeed Supplier Network and NuORDER by Lightspeed, new Lightspeed B2B will connect thousands of the world's best brands and retailers, empowering merchants to instantly order and seamlessly sell on any channel
MONTREAL, June 2, 2022 /CNW Telbec/ - 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 new Lightspeed B2B platform to North American fashion, outdoor and sports retailers, with broader vertical and feature availability in the coming months. The launch of this transformative new solution will bring together thousands of the world's best brands and retailers with a cutting-edge supplier network tool that integrates B2B orders directly into the point of sale (POS).
"After four years of owning a retail business, I've never been so excited for a retail product in my entire career," said Lightspeed B2B user Christine Iksic, Founder and CEO of 3 Rivers Outdoor Co. "I'm so happy the Lightspeed B2B platform exists, and I'm going to tell every brand they need to just switch to Lightspeed B2B."
This innovative, first-of-its-kind solution is the culmination of integrating technology from Lightspeed's acquisition of NuORDER into the Lightspeed Retail platform. The Lightspeed B2B platform boasts thousands of brands, including Tom Ford, Coach, Theory, Black Diamond and Outdoor Voices. Retailers will be able to use this platform to order directly from brands in the Lightspeed Commerce platform.
"We saw an enormous opportunity to transform how retailers work with their brands," said Lightspeed CEO JP Chauvet. "With the technology and expertise brought in through the NuORDER acquisition, we've been able to create a truly transformational, integrated brand supplier network for the retail industry. We've completely re-invented the buying and inventory process for brands and retailers, and Lightspeed B2B is bringing them a robust, high-end brand network."
Today, the wholesale supply chain between independent retailers and brands is riddled with inefficiencies and archaic processes. Both sides run systems completely independently and without any connection or integration of data - until now. Existing workflows do not meet the modern needs of retailers when it comes to inventory acquisition, management, and distribution, resulting in risks to revenue for all sides. Additionally, sell-through reporting is siloed, meaning brands have near-zero visibility into what sells to consumers. Without this visibility, brands cannot assist retailers by proactively helping with refills, exchanges, and anticipating the needs of the consumer.
The new Lightspeed B2B platform improves the connection between brands and retailers, automating the omnichannel retail experience, and liberating retailers from manual, time-consuming workflows. Lightspeed B2B reduces friction, saves time, and offers additional insights by putting a single network at the fingertips of brands and retailers.
Benefits of Lightspeed B2B for Retailers
- Accessible on-demand ordering. Digital catalogs available directly in the Lightspeed B2B platform make it easy to browse and order products from existing brand partners.
- Massive inventory and ordering time savings for retailers and omnichannel enablement. No more photographing or cataloging new inventory. Retailers place an order directly from their Lightspeed Retail platform and save time by having all order details, products, and inventory updated in their POS immediately, ready and available for sale in-store or online on any channel.
- Discover and connect with new brands as a verified retailer. Lightspeed B2B's deep brand relationships bring in-demand brands directly to the back office of every Lightspeed retailer.
Benefits for Brands
- Robust data insights. Once the initial Lightspeed B2B rollout is complete, brands will get direct insight into sell-through data about their products across retailers in the Lightspeed ecosystem, bringing them closer to consumers with a direct feedback loop of product intel.
- Control catalogs and share important attribution. Easily share and maintain a brand catalog across the network of qualified Lightspeed retailers.
- One location for all orders. Once the initial Lightspeed B2B rollout is complete, brands will be able to receive orders from across the Lightspeed customer ecosystem all in one place.
"Wholesale retail ordering is a broken industry and we have always felt a responsibility to solve for both sides of the brand and retailer equation," said Heath Wells, General Manager of the new Lightspeed B2B platform, and co-founder of NuORDER. "With this launch, we're offering transformative value for brands and retailers that represents an inflection point in the history of retail. This new tool enables independent businesses to discover new products, gain insights that were previously unattainable, and gain access to product catalogs and integrated ordering on one network. The disruption of the last two years has cemented the need for independent retailers to leverage technology to remain agile and the new Lightspeed B2B Network is deeply in line with our mission to strengthen their operational resilience."
The completed Lightspeed B2B will provide brands with robust tools to sell in real-time with real-time data and feedback about their products, accelerating feedback loops between consumers and brands so they can evaluate trends in real-time. Lightspeed B2B is now rolling out exclusively to Lightspeed Retail customers in North America in the fashion, apparel, footwear, outdoor, and sports verticals. Select retailers can access Lightspeed B2B directly from the Lightspeed Retail platform.
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 (NYSE: LSPD) and Toronto Stock Exchange (TSX: LSPD). With teams across North America, Europe, and Asia Pacific, the company serves retail, hospitality, and golf businesses in over 100 countries.
For more information, see www.lightspeedhq.com
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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 profile on SEDAR at www.sedar.com 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.
Media Contacts:
Victoria Baker, NKPR - [email protected]
Jennifer Fugel, Newsmaker Group - [email protected]
Lightspeed Media Relations - [email protected]
NuORDER by Lightspeed, PR Consulting - [email protected]
SOURCE Lightspeed Commerce Inc.
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