The UK's vibrant hospitality scene just got a whole lot smarter. In addition to their many other tools such as Order Anywhere,* Lightspeed Commerce has launched innovative new tools designed to give restaurants a crucial competitive edge by harnessing the power of personalised, data-driven insights via the implementation of AI.
Forget guesswork; now, operators can optimise everything from pricing and opening hours to staffing with laser-like precision, boosting profitability in a demanding market.
The game-changer? Benchmarks & Trends from Lightspeed Restaurant**.
This powerful feature allows restaurateurs to track and analyse their performance against local competitors in unprecedented detail. Imagine knowing your area's average sales, hourly order volume, food and beverage mix, pricing strategies, sales per hour, sales per cover, and even table turn times – all at your fingertips.
In today's evolving UK market, staying ahead means truly understanding your own performance in the context of your local landscape. Benchmarks & Trends delivers this vital understanding, empowering owners to make informed decisions that drive revenue, streamline operations, and ultimately, win over diners seeking the best experiences.
Dax Dasilva, Lightspeed's CEO and Founder, highlights the significance:
"When you own and run a restaurant, researching your peers so that you can compete and give your restaurant the edge can take time that could be otherwise spent being present in the day-to-day. With Benchmarks & Trends, we’re not just providing data-driven insight and essential market information needed to increase performance at the click of a button, but building confidence in how the people behind the businesses can use these insights as a competitive advantage.”
What does this mean for your restaurant?
Tailored Insights: See exactly how you stack up against local peers on key metrics, moving beyond generic industry averages.
Meaningful Comparisons: Your data is compared against businesses of a similar size, adjusted daily for the most relevant insights, whether you're a cozy café or a bustling bistro.
Smart Forecasting: Access up to four weeks of historical data and machine learning-powered forecasts to anticipate trends and plan with confidence.
Streamlined Operations: Identify peak hours to optimise staffing and ensure smooth service, leading to happier customers.
Early adopters are already seeing the benefits. Hani Nakkach, Founder of Aubaine, has praised its ease of use and time-saving capabilities, noting the valuable visibility into the broader market.
“Lightspeed Benchmarks & Trends is so easy to use and saves me a lot of time. While my Finance team gives me data to analyse our own performance, we don’t have visibility into the broader market and Lightspeed bridges that gap.”
Additionally, Dominique Fernandes, Head of Operations at Mildreds and Mallow, has highlighted the end of manual competitor research, allowing for confident, data-backed decisions:
“With Lightspeed’s Benchmarks & Trends, we don’t have to manually research what competitors are doing anymore. Before, we’d look around just to get a sense of how other restaurants are performing and how they are pricing their items. Now Benchmarks & Trends gives us those insights instantly, and we can rely on real insights and make confident decisions to maximise our success.”
Currently available to select Lightspeed customers, Benchmarks & Trends will roll out across the UK over the Summer - keep your eyes peeled for more information.
Find out more about Benchmarks & Trends today.
*www.lightspeedhq.co.uk/pos/restaurant/order-anywhere/
**www.lightspeedhq.co.uk/pos/restaurant/benchmarks-and-trends/
