Lightspeed Launches New B-to-b Platform
Lightspeed Commerce Inc. has launched Lightspeed B2B, a “transformative” platform for North American fashion, outdoor and sports retailers to conduct business with brands while also integrating the orders directly into the point-of-sale to reach shoppers.
The solution is the culmination of last year’s acquisition of NuOrder by Lightspeed, enabling the company to integrate NuOrder technology into the Lightspeed retail platform.
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According to Lightspeed, thousands of brands, including Tom Ford, Coach, Theory, Black Diamond and Outdoor Voices, use its platform.
“Now with Lightspeed B2B, Lightspeed is creating a ‘golden triangle’ between consumer, retail and brand/supplier to further create efficiencies,” the company said in a statement about the launch. Lightspeed added that its new platform “empowers merchants to instantly order and seamlessly sell on any channel.”
Lightspeed built its own supplier network in 2021 but was able to leapfrog that technology by five years with the acquisition and integration of NuOrder, which becomes Lightspeed B2B.
“We saw an enormous opportunity to transform how retailers work with their brands,” said Lightspeed chief executive officer JP Chauvet. “With the technology and expertise brought in through the NuOrder acquisition, we’ve been able to create a truly transformational, integrated brand supplier network for the retail industry. We’ve completely reinvented the buying and inventory process for brands and retailers, and Lightspeed B2B is bringing them a robust, high-end brand network.”
Lightspeed and other competitive b-to-b platforms automate the commerce between retailers and vendors, which is generally considered riddled with manual paperwork, time-consuming, tedious processes, and insufficient and slow sharing of data. However, newer, automated technology enables buyers to order product more efficiently, manage inventories and get holistic views of incoming orders across categories. Brands also get more visibility into what’s selling.
Lightspeed said its new platform makes it easy for buyers to browse catalogues and order products from brands; retailers no longer have to photograph or catalogue new inventory, and can save time in the ordering process by having all order details, products, and inventory updated in their POS immediately, ready and available for sale in-store or online on any channel.
Lightspeed B2B is currently being rolled out, but once that is complete, brands will get sell-through data from retailers on Lightspeed, and brands will be able to receive orders from across the Lightspeed customer ecosystem all in one place.
“Wholesale retail ordering is a broken industry and we have always felt a responsibility to solve for both sides of the brand and retailer equation,” said Heath Wells, general manager of Lightspeed B2B, and cofounder of NuOrder. “With this launch, we’re offering transformative value for brands and retailers… This new tool enables independent businesses to discover new products, gain insights that were previously unattainable, and gain access to product catalogues and integrated ordering on one network. The disruption of the last two years has cemented the need for independent retailers to leverage technology to remain agile and the new Lightspeed B2B network is deeply in line with our mission to strengthen their operational resilience.”
Lightspeed was founded in Montréal in 2005 to help merchants simplify, scale and provide online customer experiences. With teams across North America, Europe, and Asia Pacific, Lightspeed serves retail, hospitality, and golf businesses in more than 100 countries, according to the company. Lightspeed is listed on the New York Stock Exchange and the Toronto Stock Exchange.
As reported, in June 2021 the company agreed to acquire NuOrder, as well as Ecwid, a U.S.-based global e-commerce platform, for a total of $925 million. NuOrder alone cost Lightspeed about $425 million; Ecwid about $500 million.
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