The news: Lightspeed launched Advanced Insights, a solution powered by Lightspeed Payments that analyzes transaction data to identify sales trends and make business recommendations, per a press release.
Why it matters: “Restaurants are currently facing three major challenges: A labor shortage, inflation, and ongoing supply chain issues,” Lightspeed general manager for hospitality Peter Dougherty told Insider Intelligence.
The opportunity: As economic pressures bear down, Advanced Insights can help Lightspeed sustain merchant loyalty.
Reporting and analytics tools have become more important to restaurants and merchants because they get insights that can help them add value to their services, improve business performance, and increase their bottom lines. Thirty-one percent of small-business decision-makers worldwide said they would pay a premium for unique analytics and reporting tools, per Paysafe.
Go deeper: Check out our “Era of Uncertainty: Merchant Services Providers” report to learn about other strategies providers are adopting to better support clients through recession-induced challenges.
This article originally appeared in Insider Intelligence's Payments Innovation Briefing—a daily recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
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