Montreal-based LightSpeed today launched Advanced Reporting for LightSpeed Cloud and an update on increased momentum for its cloud business line and transaction volume.
As a follow-up to the launch of its brandable iPad POS application, today’s announcement 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.
As evidence of the increased demand for cloud-based POS tools that go beyond the transaction, LightSpeed is seeing 70 percent of new customers opting for the cloud.
In addition, revenue from its cloud line of business has increased 398 percent in the last 12 months. The company also revealed that its 19,000 stores are processing $7.3 billion in annual transaction volume, up from $6 billion earlier this year.
“Customer engagement, forecasting and inventory management technologies are only as good as the data that fuels them. This, coupled with more traditional retailers expanding online and bringing retail technologies into their stores, has made demand for cloud-based POS tools and data analytics soar,” said Dax Dasilva, CEO of LightSpeed.
“As a result, we’ve seen a 150 percent increase in our cloud customer base in the past twelve months. With Advanced Reporting, we’re delivering to retailers the kind of data analysis normally associated with large-scale ERP or business intelligence solutions, but in an easy-to-use format and at a cloud price.”