Lightspeed POS Inc (LSPD), a provider of cloud-based omnichannel commerce platforms, announced that it will provide Google tools directly within the Lightspeed platform, a move that will benefit customers in their attempts to reopen and expand in-store capacity.
The Google integration allows independent retailers to automate ads and inventory levels in real-time directly in their Lightspeed platform at no additional cost. Providing access to these digital tools directly from the Lightspeed platform strategically aligns with Lightspeed’s mission to simplify business operations and improve the competitiveness of small businesses.
Lightspeed CEO Dax Dasilva said, “We know that so much of business today starts with a Google search. By combining forces, Lightspeed and Google are eliminating the pain points that prevent SMBs from effectively promoting their products online to the communities who prefer to shop local, providing them a springboard to simplify and scale their businesses as they prepare for the welcomed return of in-store shopping.”
Google Canada VP & Country Director Sabrina Geremia added, “Small and medium-sized businesses have been hit the hardest during the pandemic, but globally we’ve seen a rallying cry to support them. Customers are shopping both online and in-store and expect a seamless shopping experience between both. As we look towards recovery, this integration with Lightspeed will provide a scalable solution for Lightspeed merchants of all sizes looking to reach customers in this new omnichannel reality.” (See Lighstspeed POS Inc stock analysis on TipRanks.)
In March, BTIG analyst Mark Palmer maintained a Buy rating on LSPD while raising its price target to C$104.00 from C$97.00 (49% upside potential) after the company announced an agreement to acquire Acquire Vend. Palmer thinks the deal will help Lightspeed in building a global platform to facilitate omnichannel commerce between businesses and consumers.
Overall, the consensus is that LSPD is a Strong Buy, based on 7 Buys and 2 Holds. The average analyst price target of C$106.07 implies a 52% upside potential from current levels. Shares have risen by approximately 145% over one year.
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