Lightspeed Launches UK First: A Real-Time Data Solution to Reduce Waste, Boost Customer Loyalty and Retain Staff
Lightspeed’s ePOS solution, Advanced Insights, uses payment technology to collect and analyse complex data to deliver actionable insights to hospitality businesses, set to help restaurants capitalise ahead of the festive season.
Lightspeed Commerce Inc. (NYSE | TSX: LSPD), the unified ePOS and payments platform for ambitious entrepreneurs to accelerate growth, provide the best customer experiences and become a go-to destination in their space, announces the launch of Lightspeed Advanced Insights in EMEA. Currently the only solution on the market of its kind, it uses data from both guest transactions and restaurant operations through embedded payment processing.
Part of Lightspeed Restaurant, Lightspeed Advanced Insights uses instantaneous analysis for actionable insights to help boost customer and staff retention. With reports stating that the hospitality industry currently accounts for 10% of UK administrations (the fourth highest sector in the UK), using technology and data to give an edge to hospitality businesses is essential.
Building customer loyalty
With the restaurant customer retention rate sitting at about 30%, meaning around 70% of customers don’t come back to the same restaurant after visiting it once. Restaurants need to provide a positive and memorable experience for their customers. With Advanced Insights, data from every transaction processed is automatically captured, analysed, then delivered right back to the restaurateur. Using the new Magic Menu Quadrant feature, owners can identify customer trends, such as which menu items are ‘Great Hits’ or ‘Hidden Gems’, offering a real-time understanding of which dishes their customers are enjoying the most.
Boosting staff retention
As the sector reports a 30% staff turnover, and a recent YouGov survey stating that 42% of hospitality staff leave their job within the first 30 days, Advanced Insights is also a tool for enabling businesses to keep their staff. The software provides a breakdown of an individual server’s performance, strengths, weaknesses and helps identify rockstars so coaching and earning potentials can be actioned and no member of staff will go unnoticed.
Timely actionable insights to reduce food waste
Additionally, this new software helps restaurants to stay on top of their inventory, with the aim of reducing food wastage – a welcomed tool ahead of the Government’s Environment Act 2021 which includes targets, plans and policies on food waste set to come into force in the next few months.
Due to Brexit, the 2020 pandemic and inflation, restaurant operators are being squeezed from all angles with ever-fickle clientele and staff retention issues alongside rising costs. Inflation has driven wholesale food prices to such elevated levels in the past two years and these recent increases have been faster than they had been in the preceding 13 years. While technology alone may not solve all of these issues, Lightspeed Advanced Insights provides restaurants with the knowledge they need to adapt to different circumstances and stay ahead.
“Restaurants are doubling down on technology and automation, and we are continuing to deliver,” said Liam Crooks, MD for EMEA at Lightspeed. “In pursuit of empowering independent businesses, Lightspeed Advanced Insights offers a powerful solution that will allow restaurateurs to optimise their operations and enter into a new age of managing restaurants. This new product gives owners confidence to make quick decisions they trust to improve their business, by providing analytics that go way deeper than traditional reporting.”
Lightspeed customer Grant Macdonald, Chief Concept Office, Katsu Ramen & Gyoza adds, “What kinds of foods drive repeat guests? What kinds of beverages drive, repeat guests? Those pieces of information are incredibly valuable for us. Advanced Insights gives us all kinds of these kinds of tools that allow us to dig down into our operation to get ideas, thoughts and insights, really that we might not have had intuitively, but the data shows it to us.”
Lightspeed Advanced Insights consists of a set of modules with insights that help increase revenue
Magic Menu Quadrant –
- Breaks down specific menu items at-a-glance in terms of “One-Hit Wonders”
- “Greatest Hits”, “Underperformers”, and “Hidden Gems”. Measure the success of a menu change in real-time and make strategic adjustments to offerings with data from menu performance.
- Sales analytics make it easy to understand day-to-day operations and compare sales trends over time. Empowered with the actual data behind restaurant operations, it facilitates business decisions regarding staffing, locations management, as well as identifying which menu items are bringing people back to the restaurant..
- Get an insightful personalised report card for each server to identify the rockstars, help boost their earnings, and uncover coaching opportunities to confidently make decisions that impact the bottom line.
- Make data-backed staffing decisions to drive peak efficiency.
Guest Book Lifts Consumer Lifetime Value:
- Creating a unique guest profile for everyone who pays with a credit card, Guest Book automatically collects useful data on each guest such as preferred payment methods to determine which devices and flows increase ticket size and cover count.
- Define a time range to dynamically track sales and visits compared to the restaurant’s average. Use data to identify how guests respond to new hours, events, promotions, or marketing pushes.
- Review daily highlights including logbook, shift notes, pay in and payout. Raw data is translated into understandable insights alongside qualitative feedback from servers.
- Logbook makes it easy for staff to record comments from the day’s shift. Customise the questions and checklists to suit your restaurant’s unique operations.
From 4th October, Lightspeed’s brand new Advanced Insights Solution will be available to customers using Lightspeed Restaurants with Lightspeed Payments. Access from here: https://www.lightspeedhq.co.uk/
Lightspeed powers the UK’s leading restaurants, including:
- The Big Mamma Group (Italian cuisine restaurant group Gloria, Circolo Popolare)
- da Terra (Michelin starred)
- Mana (Michelin starred)
- Silo (Zero-waste fine dining restaurant)
- Cubitt House (gastronomic pub restaurant group)
- Mildred’s & Mallow (casual dining vegan restaurant group),
- The JRI Group, including the newly refurbished fine-dining restaurant L’Atelier
- Joel Robuchon in Mayfair.
Dive into the transformative features of Lightspeed Restaurant and witness its powerful capabilities on our website,
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