Lightspeed POS (NYSE: LSPD) (TSX: LSPD) revealed customer growth insights from its 2019 Year in Review, highlighting that retailers in Canada powered by Lightspeed saw 10.3% growth in year-over-year gross transaction volume (GTV) for January to October 2019 compared to the same time period in 2018.
In contrast, industry average retail GTV during this time grew slightly (up 1.5% year-over-year), according to Statistics Canada, supporting the direct impact of cloud-based POS on retail sales amidst shifting global trends.
When data was measured against Lightspeed’s North American retail customers, the results also showed significant year-over-year GTV growth for retailers powered by Lightspeed in the U.S. (13.8% in the same period), suggesting the competitive edge offered by Lightspeed extends to retailers across the border, a market with a similar fundamentals, although much greater in size.
Additional Year in Review highlights
Lightspeed’s 2019 Retail Year in Review reveals how small and medium-sized retailers sustained growth, with noteworthy success in the sporting goods and health and beauty verticals:
- Sporting goods: The average number of transactions per merchant increased by over 22% for Lightspeed sporting goods retailers in 2019, reflecting how service offerings are attracting new customers while retaining loyal ones.
- Health and beauty: With a massive rise in beauty influencers, overall sales for Lightspeed health and beauty retailers in 2019 increased by 24%.
“The 2019 Retail Year in Review demonstrates how Lightspeed is helping retailers outperform their peers across a range of industries using our innovative cloud-based technology,” says Dax Dasilva, Founder and CEO of Lightspeed.
“It also reveals the degree to which Lightspeed has become an indispensable tool for SMBs in 2019 and showcases the strong prospects for retailers’ continued growth in 2020 as they remain agile and competitive in the evolving retail industry.”
This new data is an indicator of how Lightspeed is impacting sales for SMB retailers, helping businesses create unique customer experiences that drive brand loyalty with solutions such as Lightspeed Loyalty, Lightspeed Analytics and Lightspeed Payments.