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Cloud-based point of sale (POS) solutions are proving to be popular with the customers according to Lightspeed.

Lightspeed, a retail commerce platform, said that more than 70 per cent of its new customers were opting to use cloud-based POS tools. Revenue from Lightspeed’s cloud-based services had consequently increased by 398 per cent in the last year.

The annual transaction volume of the company has also grown by $1.3 billion within the year to $7.3 billion.

Lightspeed’s cloud-based platform offers a number of benefits to retailers, including being able to manage the business, talk to customers and register sales via the internet or an iPad. The cloud software, which was first introduced in 2013, provides a personalised interaction between the company and the store.

One way this is achieved is through data analytics, which provides retailers with detailed information on sales, inventory levels, customer preferences and employee performance.

CEO of LightSpeed Dax Dasilva said the company’s Advanced Reporting for Cloud has resulted in a 150 per cent increase in customers using the cloud in the last year.

“With Advanced Reporting, we’re delivering to retailers the kind of data analysis normally associated with large-scale ERP or business intelligence solutions, but in an easy-to-use format and at a cloud price,” explained Mr Dasilva in a June 18 press release.

“Customer engagement, forecasting and inventory management technologies are only as good as the data that fuels them. This, coupled with more traditional retailers expanding online and bringing retail technologies into their stores, has made demand for cloud-based POS tools and data analytics soar.”

Retailers using Lightspeed’s cloud-based software have access to all business information without ever leaving the customer’s side. They can check on stock levels, learn everything to know about the product they are selling and process the sale right then and there.