MONTREAL, May 17, 2023 (GLOBE NEWSWIRE) — Lightspeed Commerce Inc. (NYSE: LSPD) (TSX: LSPD), the one-stop commerce platform for merchants around the world to simplify, scale and create exceptional customer experiences, is pleased to announce that it has renewed its partnership with Saks, the premier digital platform for luxury fashion, for another four years. The platform has streamlined previously manual processes, slashing time spent on order creation by 50% and reducing time spent on purchase orders and item creation by a remarkable 90%.
Tapping into Exponential Efficiency
By adopting NuORDER by Lightspeed, Saks has modernized how it connects with brands and buyers. This collaboration enables Saks to digitize its buying and merchandising processes, make data-driven decisions and accelerate its go-to-market strategy, improving customer experience. Further, NuORDER by Lightspeed increases assortment visibility and empowers merchant teams to curate buys dynamically.
"At Saks, we are committed to delivering the best of luxury both on Saks.com and in Saks Fifth Avenue stores. NuORDER by Lightspeed has enabled us to unlock new levels of efficiency as we continue to offer an unmatched assortment expertly curated for the lifestyles of the full range of luxury consumers,” said Tracy Margolies, Chief Merchandising Officer, Saks. “We look forward to continuing our partnership with NuORDER by Lightspeed and leveraging this innovative technology for the benefit of our customers, brand partners and merchandising team."
The Power of NuORDER by Lightspeed
The groundbreaking platform allows Saks to visualize and develop assortments in real-time, catering to different markets and offering consumers the most sought-after, high-quality merchandise. The technology also fosters seamless collaboration between marketing and digital teams, ensuring alignment on a single vision for featured items in marketing campaigns.
"We’re thrilled to provide essential technology that enhances Saks’ ability to buy for their luxury customers with the goal of driving business growth," said Olivia Skuza, Co-founder of NuORDER and GM, B2B at Lightspeed. "It’s been exciting to see the wide-scale adoption by their teams and how deeply it has impacted their business over the last few years."
Saks and NuORDER by Lightspeed look forward to continuing to enhance operational efficiencies and the customer experience over the next four years. For more information about Saks and its partnership with NuORDER by Lightspeed, please visit www.saks.com and www.nuorder.com.
About NuORDER by Lightspeed
NuORDER by Lightspeed is a leading B2B platform powering commerce and discovery for the world’s best brands and retailers. The platform includes virtual showroom technology, visual assortment and merchandising tools, and integrated payments solutions. Today, more than 3,000 brands and more than 100,000 retailers use NuORDER by Lightspeed to streamline the wholesale buying and selling process. Lightspeed acquired NuORDER in 2021.
For more information, see www.nuorder.com.
Powering the businesses that are the backbone of the global economy, Lightspeed’s one-stop commerce platform helps merchants innovate to simplify, scale and provide exceptional customer experiences. Our cloud commerce solution transforms and unifies online and physical operations, multichannel sales, expansion to new locations, global payments, financial solutions and connection to supplier networks.
Founded in Montréal, Canada in 2005, Lightspeed is dual-listed on the New York Stock Exchange (NYSE: LSPD) and Toronto Stock Exchange (TSX: LSPD). With teams across North America, Europe and Asia Pacific, the company serves retail, hospitality and golf businesses in over 100 countries.
For more information, see www.lightspeedhq.com.
Saks is the premier digital platform for luxury fashion in North America. Driven by a mission to help customers express themselves through relevant and inspiring style, we serve as a destination to explore and discover the latest from established and emerging designers. Our expertly curated assortment features sought-after names in women’s, men’s and kids fashion, as well as beauty, home and lifestyle merchandise. Through the Saks website and app, we provide access to professional stylists, inspiring editorial content and interactive events. Our differentiated approach seamlessly combines elevated online experiences with in-person services through an exclusive partnership with the Saks Fifth Avenue stores.
This news release may include forward-looking information and forward-looking statements within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking statements are statements that are predictive in nature, depend upon or refer to future events or conditions and are identified by words such as "will", "expects", "anticipates", "intends", "plans", "believes", "estimates" or similar expressions concerning matters that are not historical facts. Such statements are based on current expectations of Lightspeed’s management and inherently involve numerous risks and uncertainties, known and unknown, including economic factors. A number of risks, uncertainties and other factors may cause actual results to differ materially from the forward-looking statements contained in this news release, including, among other factors, those risk factors identified in our most recent Management’s Discussion and Analysis of Financial Condition and Results of Operations, under "Risk Factors" in our most recent Annual Information Form, and in our other filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission, all of which are available under our profile on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Readers are cautioned to consider these and other factors carefully when making decisions with respect to Lightspeed’s subordinate voting shares and not to place undue reliance on forward-looking statements. Forward-looking statements contained in this news release are not guarantees of future performance and, while forward-looking statements are based on certain assumptions that Lightspeed considers reasonable, actual events and results could differ materially from those expressed or implied by forward-looking statements made by Lightspeed. Except as may be expressly required by applicable law, Lightspeed does not undertake any obligation to update publicly or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.
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