Retail Insights offers data-driven insights forecasting sales opportunities and inventory management issues to help business owners increase sales and scale their business
Lightspeed Commerce Inc. (“Lightspeed” or the “Company”), the one-stop commerce platform empowering merchants to provide the best omnichannel experiences, announced its newest product launch, Retail Insights, to provide retailers with a comprehensive set of data-driven tools to better understand their inventory and sales opportunities. This innovation allows Lightspeed customers to close the gap on missed sales opportunities by using historical and real time data to forecast demand which factors in stock-outs, and create purchase orders ahead of demand.
“Retail is transforming at a rapid pace, and retailers need the most advanced insights to be able to keep up with the demand from their customers, suppliers and staff. We are excited to be releasing these incredibly powerful features tailored specifically for our retail customer’s needs,” said Dax Dasilva, CEO & Founder of Lightspeed. “Through Retail Insights, our customers will be able to clearly view product insights, sales, inventory reports, and generate quick purchase orders to streamline their business operations, allowing them to plan ahead for increased sales opportunities.”
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Lightspeed’s Retail Insights is a robust, easy-to-use and innovative tool that adapts to diverse catalogs, a number of suppliers, multi-locations and fast-moving trends. Retail Insights launches with a rich application of features, all designed to provide a seamless business management experience.
These include:
- Missed items sold / Estimated items sold: Merchants can take into account past out-of-stock periods when ordering so that they can more accurately order and avoid missing sales.
- Forecasting for non-seasonal replenishment: Merchants will have the ability to view suggested order quantities that consider past sales volumes and stockouts when deciding what to order, minimizing the need to create manual estimations.
- Easily create purchase orders from reports: Merchants can easily select the items they wish to order, directly from inventory reports and create draft purchase orders with the suggested order quantities – saving time and avoiding having to toggle between screens.
- Detailed inventory and sales reporting: Visual reporting allows merchants to track daily, weekly or monthly reporting at a glance, while deeper insights in inventory management reports provide better understanding on product performance and costs in detail.
- Customized reporting: Merchants can customize and save inventory, sales, tax and payments reports to their specific requirements. Merchants can further drill down on their business performance to make strategic decisions on promotions, staffing and product selection.
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Retail Insights is now available to Lightspeed clients in the retail space globally and is one of many advancements the Company is making in its continued innovation and growth aiming to offer customers the best possible POS experience.
Lightspeed powers the world’s best brands and retailers including: Birkenstock (Australia), Evenko (Canada), Air Canada (Canada), Neal’s Yard (London), L’Occitane (New Zealand), and Tony’s Chocolonely (Amsterdam). Lightspeed Retail is currently available in Canada, the United States, the United Kingdom, Belgium, the Netherlands, Australia, and New Zealand.