Lightspeed revealed the initial availability of the Lightspeed Supplier Network for North American retailers.
The fully integrated stock ordering solution aims to transform supply chain management for SMBs, democratizing access to the strategic inventory visibility once reserved predominantly for enterprise retail and e-commerce giants as the global COVID-19 pandemic continues to place pressure on supply chains in 2021.
The direct integration between businesses and brands provides merchants with an automatically updating supplier catalog system, easy order management tools and automated shipment handling directly within Lightspeed’s cloud-based platform. Lightspeed’s Supplier Network enables SMBs to more easily adopt a demand-focused inventory model to remain nimble, placing independent businesses on equal footing with large chains while providing suppliers access to a ready-to-buy customer base and real-time sell-through data.
Some key advantages of the Lightspeed Supplier Network include:
● A harmonized marketplace, by providing the same direct supplier access and inventory visibility as the big box stores, easily managed through a single platform.
● Automates manual ordering and consolidates supplier portals in the POS. It improves transparency of when a shipment will arrive and what goods will be included, shortening the receiving cycle and getting items into consumers’ hands more quickly.
● Makes new suppliers and products more discoverable. Product details, including photos, are imported into the POS with a click of a button, eliminating a barrier to selling online.
● Increases control of supplier branding. Easy import workflow for retailers ensures merchants are using brand-approved names, product descriptions and high-quality imagery.
● Provides suppliers aggregated and anonymized sell-through data in real time. Brands are granted unprecedented visibility of goods sold by independent merchants.
“Connecting SMB retailers directly to their suppliers through the Lightspeed Supplier Network is nothing short of revolutionary,” said Dax Dasilva, founder and CEO of Lightspeed. “This new tool enables independent businesses to discover new products, more easily sell online and make better use of their capital to strategically increase order frequency. The disruption of 2020 cemented the need for SMBs to use technology to remain agile and the Supplier Network is deeply in line with Lightspeed’s mission to strengthen their operational resilience.”