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Please provide a competivive analysis of the global retail POS (point of sale) system market focusing specifically on how Lightspeed POS is strategically positioned relative to competitors.
The three major competitors of Lightspeed POS based on revenue are Shopify, Revel Systems, and Shopkeep. Lightspeed has an estimated revenue of $21 million, Shopify has an estimated revenue of $465.3 million, and Revel Systems and Shopkeep have revenues of $18 million and $13 million respectively. The details of every brand, its competitive advantage, overview, products and services, pricing, and target market are listed in the attached spreadsheet.
GROWTH AND EXPANSION OF LIGHTSPEED
In late 2017, Lightspeed received an investment of $166 million from Silicon Valley Bank, Caisse de dépôt et placement du Québec, iNovia Capital, and Investissement Québec that will drive innovation and grow its customer base. The global demand for its commerce solutions and cloud-based POS continues to grow. It is focusing on international expansion and already has eight offices in different countries, but offers services to 100 countries whose restaurateurs and retailers process transactions of over $15 billion annually. Since 2015, it has grown from 25,000 customers to the present 50,000 customers and expects more growth with the investment and international focus. The processed transactions also increased from $10 billion in the year 2015 to $15 billion by 2017.
In March 2017, Lightspeed POS partnered with Servmetrics to provide real-time digital quality checks for restaurant customers. The Servmetrics platform enable customers to tell restaurants how happy they are with the orders and sends real-time notification to the restaurant in case of any problems so that they can be fixed in time. Lightspeed POS also partnered with SilverEdge in 2016 to enable businesses acquire hardware, software and analytics, and full-time customer support from one vendor and in one package for the same price.
THE GROWTH OF SHOPIFY
Shopify seeks to expand internationally. In 2016, it launched its POS advance card reader in the UK with the aim of increasing its market and providing an alternative option to customer subscription. It also launched a point-of-sale device that fully integrates with its e-commerce platform.
THE GROWTH OF REVEL SYSTEMS AND SHOPKEEP
All the companies seem to be among at international growth and Revel Systems has already expanded its operations to Lithuania. Shopkeep also acquired an online ordering software called ChowBOT to streamline its services.
CONCLUSION
In conclusion, the three main competitors of Lightspeed POS based on revenue are Shopify, Revel Systems, and Shopkeep. Lightspeed has an estimated revenue of $21 million, Shopify has an estimated revenue of $465.3 million, and Revel Systems and Shopkeep have revenues of $18 million and $13 million respectively.