Lightspeed Commerce, the one-stop commerce platform empowering merchants to provide the best omnichannel experiences, announced the launch of powerful new retail features in Lightspeed Insights, reinforcing its commitment to data-driven inventory planning and retail intelligence. Key amongst these innovations is Seasonality Forecasting, a helpful tool that enables merchants to view order recommendations for seasonal products based on historical sales trends—directly within their POS platform.
“Retailers are consistently faced with annual ebbs and flows of demand based on seasonality and trends. Traditionally retailers rely on forecasting models that utilize recent sales data, or gut intuition, which can often lead to stockouts during peak periods or excessive overstock in slower seasons,” said Dax Dasilva, Founder and CEO of Lightspeed. “Lightspeed’s new Seasonality Forecasting model changes the game by analyzing year-over-year trends to help predict demand more accurately. Merchants in key verticals like Sporting & Outdoor Goods and Home & Garden can now make smarter purchasing decisions, ensuring they have the right products at the right time.”
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With the addition of Seasonality Forecasting, retailers will be able to drive even more accurate order recommendations that consider seasonal events like holidays, repetitive annual celebrations, seasonal temperature changes, major sporting events, etc. For merchants using Lightspeed Insights, this has already translated into ~$13,000 higher gross profit based on the typical value of inventory held by Lightspeed merchants1.
Unlike other solutions that require third-party integrations or manual data analysis, Lightspeed’s Seasonality Forecasting is built directly into its POS platform. By offering this level of embedded intelligence, Lightspeed continues to lead the way in retail innovation.
SORUCE: PRNewswire