U.S. Lightspeed retailers see four times faster growth over industry average

By

Jennifer Braun

Published
Jan 29, 2020

Montreal-based point-of-sale and e-commerce software provider Lightspeed said on Tuesday that its retail customer base in the U.S. grew over four-times faster than the industry average in 2019. , according to the company’s year in review.

Meanwhile, in Canada, Lightspeed said retail customers saw sales growth of more than six-times the industry average last year. 

Retailers in the U.S. powered by Lightspeed saw 13.8 percent growth, while in Canada they experienced 10.3 percent growth, during the year.

In contrast, the industry average retail gross transaction volume saw a 3 percent year-over-year increase, according to the U.S. Census Bureau’s advance monthly retail survey. In Canada, industry average retail GTV during this time grew slightly (up 1.5 percent year-over-year), according to Statistics Canada. 

"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," said Dax Dasilva, Founder and CEO of Lightspeed, in a news statement. 

"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.”

The review, which was compiled with data from more than 3,000 Lightspeed retail locations in Canada and over 10,000 Lightspeed retail locations in the U.S. from 2018 to 2019, also revealed how small and medium-sized retailers in North America sustained growth. 

The report highlighted sporting goods retailers with the average number of transactions per merchant increasing by over 22 percent for Lightspeed sporting goods retailers in 2019. 

Likewise, following a massive rise in beauty influencers last year, Lightspeed health and beauty saw overall sales increase by 24 percent, while Lightspeed’s fashion retailers saw an increase in growth of 13 percent.

Earlier this month, Lightspeed announced a deal to buy German point-of-sale company, Gastrofix, for over $100 million.