Lightspeed launches B2B network to connect brands and retailers
Canadian technology company Lightspeed Commerce Inc. announced on Thursday the launch of the Lightspeed B2B platform bringing together thousands of the world's brands and retailers.
The first-of-its-kind solution is the culmination of Lightspeed's acquisition of NuOrder into the Lightspeed Retail platform and will allow retailers to order directly from brands in the Lightspeed Commerce platform.
Available to North American fashion, outdoor and sports retailers, the Lightspeed B2B platform boasts thousands of brands, including Tom Ford, Coach, Theory, Black Diamond and Outdoor Voices. The platform will expand to more verticals in the coming months.
"We saw an enormous opportunity to transform how retailers work with their brands," said Lightspeed CEO, JP Chauvet. "With the technology and expertise brought in through the NuOrder acquisition, we've been able to create a truly transformational, integrated brand supplier network for the retail industry. We've completely re-invented the buying and inventory process for brands and retailers, and Lightspeed B2B is bringing them a robust, high-end brand network.”
Lightspeed said the new B2B platform improves the connection between brands and retailers, automating the omnichannel retail experience, and liberating retailers from manual, time-consuming workflows.
It will also provide brands with robust tools to sell in real-time with real-time data and feedback about their products, accelerating feedback loops between consumers and brands to evaluate trends in real-time.
"Wholesale retail ordering is a broken industry and we have always felt a responsibility to solve for both sides of the brand and retailer equation," said Heath Wells, general manager of the new Lightspeed B2B platform, and co-founder of NuOrder.
"With this launch, we're offering transformative value for brands and retailers that represents an inflection point in the history of retail. This new tool enables independent businesses to discover new products, gain insights that were previously unattainable, and gain access to product catalogs and integrated ordering on one network. The disruption of the last two years has cemented the need for independent retailers to leverage technology to remain agile and the new Lightspeed B2B Network is deeply in line with our mission to strengthen their operational resilience.”
Founded in Montréal, in 2005, Lightspeed is dual-listed on the New York Stock Exchange and Toronto Stock Exchange. Last June, Lightspeed also acquired Ecwid, a U.S.-based global e-commerce platform, along with NuOrder, for a combined $925 million.
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