Lightspeed’s U.S. Retailers Grew Nearly 2X Industry Average, Lightspeed U.S. Hospitality Merchants Outperformed Peers by Over 52%
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 released new data that shows U.S.-based Lightspeed merchants in both retail and hospitality outperformed their peers in 2021.
U.S.-based Lightspeed retail customers saw Same-Store GTV grow 35% in 2021 compared to 2020 versus the industry average sales growth of 18%. Concurrently, U.S.-based Lightspeed hospitality customers saw Same-Store GTV increase 52% versus the industry average sales growth of 31% for the same period.
“With all of the uncertainty surrounding the ongoing pandemic and supply chain disruptions, we are thrilled to see that our customers continued to thrive and grow in 2021,” said Lightspeed President, JP Chauvet. “Seeing same-store sales increase year-over-year is a testament to the resilience and ingenuity of our merchants, and we are honored to be their commerce platform of choice. We believe the vast adoption of new technologies like cloud POS, omni-channel distribution, contactless payments and order ahead are helping drive this growth and expansion, and we’re excited to see where these developments take Lightspeed and our customers in 2022.”
The data released today compares the gross transaction volume of global Lightspeed locations that were fully operational for the period of January 1st until December 31st in both calendar 2020 and 2021 (Same-Store GTV). When looking at year-over-year U.S. growth, the timeframe of January to November was selected to coincide with the latest available 2021 U.S. Census data.
Lightspeed 2021 Retail Data
Global retail was estimated to grow 7.2% in 2021, but Lightspeed retailers saw significant year-over-year Same-Store GTV growth well in excess of this estimate across several verticals, sectors and regions. While U.S. Census data shows average retail sales growth at 18% in 2021, Lightspeed retailers in the U.S. outperformed this average by 93% Same-Store GTV growth – almost double.
In 2021, comparing locations that were operational in both 2021 and 2020 for the full year, the verticals with the largest year-over-year Same-Store GTV growth were:
- Books, Toys, & Hobby (55%)
- Apparel & Footwear (52%)
- Gifts (50%)
- Home & Garden (46%)
By contrast, many of the verticals that initially benefited from COVID-influenced lockdowns saw moderate Same-Store GTV growth in 2021, with the Bike and Pet verticals growing 10% and 13%, respectively.
Coming out of a year of lockdowns and restrictions that saw some regions more impacted than others, shoppers in Europe and APAC saw a more aggressive recovery. When looking at its global footprint, the following regions had the largest year-over-year Same-Store GTV growth amongst retailers on the Lightspeed platform:
- Europe (49%)
- APAC (44%)
- North America (30%)
- Latin America (20%)
Lightspeed 2021 Hospitality Data
Research and Markets predicted an 18.5% global growth rate in 2021 for the hospitality industry but Lightspeed hospitality merchants saw year-over-year Same-Store GTV growth of nearly double that estimate. With lockdowns and restrictions easing, Lightspeed hospitality merchants saw substantial year-over-year Same-Store GTV growth in the segments hit hardest by pandemic restrictions.
Among global Lightspeed hospitality merchants, the following verticals saw the largest year-over-year Same-Store GTV growth:
- Nightclubs (140%)
- Fine Dining (70%)
- Bar and Pub (60%)
- Casual Dining (55%)
When looking at global year-over-year Same-Store GTV growth on a regional basis, Lightspeed hospitality merchants in the following regions saw the largest growth:
- Latin America (97%)
- North America (40%)
- Asia Pacific (29%)
- Europe (24%)
Lightspeed 2021 Holiday Data
As Lightspeed customers powered through the headwinds associated with pandemic resurgences and supply chain challenges, they still managed to show strong year-over-year holiday season Same-Store GTV growth through the last three months of the year. Within retail, Lightspeed U.S. merchants saw Same-Store GTV grow 15% in the last quarter of calendar 2021.
Lightspeed hospitality merchants had a fantastic holiday season with diners making up for lost time: Same-Store GTV for hospitality locations in the U.S. grew 36% for the quarter, and 39% globally.
This exciting growth data comes at the end of a dynamic year for Lightspeed where the company finalized its acquisitions of Vend, NuORDER and Ecwid, and launched a new Supplier Network, a new flagship eCommerce platform, and a new flagship Lightspeed Restaurant solution, while also expanding Payments globally across industries.
To learn more, read the full press release here.