In a retail climate that challenges independent retailers to grapple with the same technology requirements and customer expectations facing national chains, Montreal-based Lightspeed says its e-commerce and point of sale platform aimed at small and medium brick-and-mortar merchants is now processing $10 billion in annual transactions and reports a 123 percent increase in year-over-year bookings for its subscription-based services.
Like Shopify, a Canadian retail technology company that closed its initial public offering at the end of May and reported $3.8 billion in transactions in 2014 from a customer base now numbering 162,000 merchants, Lightspeed offers cloud-based software that integrates online and in-store sales, inventory management and customer data. The company says the 24,000 merchants using its platform in 100 countries process an annual average of $600,000. They include DASH, Frank & Oak, Cynthia Rowley, Kinsley, Marie St. Pierre, Seedstore and Jean Shop.
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