Canadian retail point of sale (POS) technology provider Lightspeed recently introduced a new data analytics tool Lightspeed Analytics. It is designed to provide retailers with deep insights and recommendations into their sales, inventory, employee performance and customer behaviours.
By simplifying the gathering of data, it makes data accessible, understandable and actionable for business owners and store managers — giving independent businesses a competitive edge against big box stores.
“Access to complete analytics and business insights will empower independents with the tools they need to effectively grow, allowing our customers to dream bigger about the future of their business. Lightspeed Analytics is simple to navigate and makes the value of data easy to understand, which will give our customers the time and ability to make smarter business decisions,” said Lightspeed Founder and CEO Dax Dasilva,
The new solution provides insights into the following three aspects of a retail business; inventory management, customer insights and employee optimisation.
Acting as a store-side data consultant for customers, Lightspeed Analytics can help small business owners and retailers decide which items they should order more and which ones should be discontinued. It can also identify when merchandise need to be marked down and which item runs out of stock most often. The data can also indicate if the store has the right number of employees working on weekends.
Lightspeed provides cloud-based POS solutions for over 45,000 independent retailers and restaurateurs in 101 countries.