Lightspeed launches subscription model for retailers
Canadian cloud-based e-commerce technology company Lightspeed announced on Wednesday the launch of a new subscription-based offering that allows retailers in North America to collect recurring revenue seamlessly through their point-of-sale system.
Dubbed 'Lightspeed Subscriptions', the new offering will allow retailers to jump on the subscription box bandwagon and allow them to collect membership fees. To their benefit, the new feature will provide retailers with an innovative tactic to build customer loyalty and future-proof their business.
"The introduction of Lightspeed Subscriptions further adds to our comprehensive toolbox of solutions for complex retailers," said Dax Dasilva, founder and CEO of Lightspeed.
"We're approaching a fundamentally different 2020 holiday sales season, and 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.”
Lightspeed said its recent launch comes as retailers are starting to see a fundamental change in the way consumers shop, as a result of the Covid-19 pandemic, with 34 percent of consumers indicating they would pay more for local products this season, according to the EY Future Consumer Index.
The launch will also put the Montreal-based company on a level playing field with retail tech companies such as Amazon Pay and Shopify, which currently offer recurring payment options to merchants.
Lightspeed went public on the Toronto Stock Exchange last year, and most recently debuted on the New York Stock Exchange.
The company's total gross transaction value grew by 17 percent to over $5.4 billion in the three-month period ended June 30, 2020, and to more than $23 billion for the trailing twelve months ended June 30, 2020.
Meanwhile, in its last reported quarter, Lightspeed said it now powers over 77,000 customer locations worldwide, compared to 75,500 customer locations as of April 30, 2020.
Lightspeed is expected to announce it second quarter 2021 financial results before the market opens on Thursday, November 5.
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