Lightspeed Unlocks New Revenue Stream for North American Retailers with the Launch of Subscriptions
Lightspeed (NYSE: LSPD) (TSX: LSPD) recently announced the initial availability of Lightspeed Subscriptions, a new module that allows local retailers using Lightspeed Payments in North America to collect recurring revenue seamlessly through their POS.
Gaining a foothold within the thriving health and wellness vertical, Lightspeed introduces the new feature to provide retailers an innovative tactic to build customer loyalty and future-proof their business.
Equipping merchants to serve changing customer behavior
Nearly half of consumers will fundamentally change the way they shop as a result of COVID-19, with 34 percent indicating they would pay more for local products.
Coupled with an increase in demand for subscription boxes and services driven by the global pandemic, Lightspeed Subscriptions equips independent businesses with a vital sales strategy as consumers shop local and support their communities.
Lightspeed Subscriptions supports a multitude of complex SMBs at the core of Lightspeed’s retail customer base. For example, retailers can sell subscriptions that will regularly replenish a buyer’s favorite products or surprise customers with new specialty items every month. Other businesses like gyms or spas can offer subscriptions that grant consumers access to regular services or exclusive rewards.
“The introduction of Lightspeed Subscriptions further adds to our comprehensive toolbox of solutions for complex retailers,” said Dax Dasilva, Founder and CEO of Lightspeed.
“Local retailers need to gear up for a dramatic shift in shopping habits. With this in mind, we’re equipping merchants with an exciting new service that promises a source of uninterrupted revenue and will continue to fuel their businesses into the New Year.”
Securing revenue through Subscriptions
Key advantages of Lightspeed Subscriptions for local retailers include:
- Provides Stable Revenue: Recurring payments guarantees income at regular intervals, which merchants can depend on during unpredictable times
- Builds a Loyal Customer Base: Convenient and personalized product/service offerings boost brand loyalty and customer retention
- Integrates Directly into POS: As an add-on to Lightspeed Retail, ensures simple and unified set-up within the existing POS platform
- Ensures Secure, Automated Payments: Credit card information is securely stored for future automatic Subscription sales with customer consent (PCI Compliant). Failed payments are also automatically reprocessed and expired cards will continue to work, even as the bank replaces the physical card to ensure minimal interruption for the customer
This latest solution follows several other recent Lightspeed innovations for retailers such as Mobile Tap, Digital Wallet, and Analytics Core. Following this initial launch, Lightspeed also will be developing plans to roll out Lightspeed Subscriptions for eCommerce.