News

LightSpeed launches cloud analytics for independent retailers

June 19, 2014

Commerce platform LightSpeed has announced the launch of its Advanced Reporting for LightSpeed Cloud. According to the company, this product adds big data analytics to LightSpeed’s cloud-based POS system, giving retailers real-time insight into sales, inventory trends and customer preferences so they can make better decisions about their business.

The company said that its 19,000 stores are processing $7.3 billion in annual transaction volume, up from $6 billion earlier this year.

LightSpeed says its new Advanced Reporting for Cloud includes more than 40 reports that give detailed information on product sales, profits and margins; customer preferences; employee performance; payment methods; and vendor-by-vendor analytics; across all stores and channels. A highly visual, real-time dashboard, accessible via a web browser or through a mobile app, gives a quick look at performance across all stores, and the new stats panel shows best and worst performers across locations. LightSpeed’s new advanced analytics allow retailers to predict sales, inventory needs and revenue based on historical trends and external factors like weather and holidays. It also captures customer preferences across online and offline channels, indicating purchase history, favorite items and other customer insights that fuel successful loyalty programs.

Examples of the insights retailers can glean from LightSpeed’s new Advanced Analytics include:

• a holistic view of customers — how they engage with the brand online, in-store, and through email;
• which vendors, products, and stores are the most profitable;
• who most loyal fans are, and how the retailer can reward them;
• how to better prepare for seasonal holidays or weather shifts; and
• the strengths and weaknesses of the sales team in order to reward star performers and augment training resources.