Lightspeed Launches AI-Powered Benchmarking Tool for Restaurants
Lightspeed Restaurant, a hospitality commerce platform, has introduced Benchmarks & Trends, a new AI-driven tool that helps restaurant operators compare their performance with local competitors. This tool provides insights into key metrics like pricing, staffing, opening hours, and more, enabling businesses to make data-backed decisions to boost profitability.
How the Tool Works
By analysing anonymised data from 10 to 100 nearby comparable restaurants, the tool offers local market averages on sales, hourly orders, food and beverage mix, pricing, sales per hour, sales per cover, and table turn time. These insights help restaurateurs identify strengths and areas for improvement in real time.
Feedback from Industry Professionals
Lightspeed showcased Benchmarks & Trends at its Edge summit in London on 12 May. Early users praised the tool's accuracy and simplicity. Dominique Fernandes, head of operations at vegetarian restaurant brands Mildreds and Mallow, said it saves valuable time. Hani Nakkach, founder of French restaurant Aubaine, highlighted how the tool helps keep up with rapidly changing food trends and provides easy-to-read data.
Benefits for Restaurant Operators
- Identify peak hours and optimise staffing accordingly
- Adjust pricing strategies based on local market data
- Track sales performance against comparable venues
- Improve table turn times and operational efficiency
Dax Dasilva, Lightspeed’s CEO and founder, pointed out that restaurant owners often lack time to research competitors. This tool offers instant access to key market data, helping operators confidently make strategic decisions and stay competitive.
Availability
Currently, Benchmarks & Trends is available to a limited number of existing Lightspeed customers. It will roll out to all UK merchants in the coming weeks. This launch follows Lightspeed’s 2024 release of its Kitchen Display System, which centralises order management for both onsite and online sales.
For those interested in leveraging AI tools to improve hospitality operations, exploring AI training and courses can provide useful skills. Visit Complete AI Training for resources tailored to the hospitality sector.
Your membership also unlocks:
