Montreal-Based Lightspeed Streamlines Retail Supply Chain With New Integrated Network
Montreal tech company Lightspeed is seeking to improve workflow and reduce supply chain inefficiency for retail businesses with the launch of their new North American supplier network.
The company has been providing POS and e-commerce software since 2005, with a focus on giving small businesses the tools they need to compete with the large companies that dominate the world of retail. The launch of the Lightspeed Supplier Network began on January 12 th , 2021. The initial rollout for North American retailers is limited to outdoor sports, bike, pet product, and jewelry retailers. Lightspeed says that its current plan is to make the network available to all of its present retailers as soon as possible.
Ambitious Network Brings New Features to Small Businesses
Lightspeed states that their Lightspeed Supplier network allows for better integration between retailers and the brands that they sell. The network includes an automatically updated supplier catalog system to ensure that retailers always have the best options available.
Further features include simple order management tools and automated shipping and handling. These features are integrated into Lightspeed’s cloud-based POS platform. The network gives small businesses the ability to implement inventory models that can compete with major retailers’ larger supply chains. The Lightspeed Supplier Network is just one of Lightspeed’s many small retailer solutions. The company strives to produce a harmonized marketplace by bringing many work functions into a single platform.
Small businesses can’t have departments or even a dedicated employee for every position. The automation and integration that Lightspeed’s platform provides allow small businesses to compete in the modern retail landscape.
Lightspeed Looks Forward to Building Stronger Foundations
Dax Dasilva, CEO and founder of Lightspeed, believes that the COVID-19 pandemic and the stress it has placed upon small businesses and supply chains demonstrate the need for this new approach to retail. Allowing small businesses to sell online and find the right suppliers is crucial to their continued success. In a statement from the company, Dasilva commented, “The disruption of 2020 cemented the need for SMBs to use technology to remain agile and the Supplier Network is deeply in line with Lightspeed’s mission to strengthen their operational resilience.”
Montreal Startup Continues to Grow Rapidly
The Montreal-based company is publicly traded, having begun on the TSX in March 2019 and later the NYSE in September 2020. The startup raised USD 397 million. The company quickly put its capital to use acquiring multiple similar retail software companies to expand the range of products and services they offer. Examples of companies that Lightspeed has acquired include New York’s ShopKeep, a cloud commerce platform, and Upserve, a restaurant software company.
Beyond these acquisitions, Lightspeed made further progress in 2019 through strategic partnerships. The company partnered with popular online payment processor Stripe to launch Lightspeed Payments, a payment product available throughout Canada and the United States. Lightspeed Payments incorporates directly into their POS software, eliminating the need for businesses to link a separate payment processor. The partnership also produced a business loan program for small businesses.