E-commerce technology company Lightspeed Pos Inc. is teaming up with social commerce platform CommentSold, to boost sales for online retailers via social media. The partnership will allow brick-and-mortar retailers to add social media as a selling channel via CommentSold's integrations with Facebook and Instagram.
In a nutshell, Lightspeed users will now have the ability to auto-sync inventory from Lightspeed to CommentSold, which will help automate retail operations and help streamline shipping and fulfillment for inventory sold on social.
"CommentSold provides a frictionless social shopping experience that allows stores to sell right on Facebook, Instagram, and personalized mobile apps,” explained Andy Smith, COO of CommentSold.
“Paired with Lightspeed's scalable point-of-sale systems, these stores can now seamlessly sell everywhere, giving them a chance at competing in an ever-changing marketplace.”
The new feature is especially important to fuel boutique retail growth, as more consumers on discovering products via social media.
Venture capital firm Kleiner Perkins' 2018 internet trends report estimated that 78 percent of American consumers have discovered retail products to buy via Facebook, while ROTH Capital Partners reported that 45 percent of millennials have purchased apparel products from brands they discovered on Instagram.
"This integration is a response to a need we've heard from our retail users," added Peter Dougherty, Lightspeed's senior director of partnerships.
"We are excited to offer our customers easy access to sell on social because it makes something that might have felt intimidating suddenly become attainable.”
Earlier this month, Lightspeed announced a revenue jump of 61 percent in its third quarter, reaching 32.3 million.
It expects revenues for the fourth quarter to be in the range of $35 to $35.7 million, representing year-over-year growth of 64 to 68 percent.