Lightspeed Commerce Inc. reported revenues climbed 20 per cent for its first quarter, as the company looks to embrace artificial intelligence and help its customers adjust to the potentially challenging times ahead.

The commerce platform for businesses reported revenues of US$209 million for the quarter, while shrinking its net losses and upping subscription revenue by seven per cent.

Lightspeed CEO JP Chauvet said the big highlight was completion of the Unified Payments program, which the company says makes it easier for businesses to serve customers and get paid.

“We had a great quarter,” he told BNN Bloomberg.

“We’re seeing a lot of demand on the hospitality space in high volumes we’re also seeing that certain verticals in retail, like luxury apparel, jewelleries are doing really well.”

Chauvet said Canadians are still spending at a high rate, meaning the higher interest rates have not yet been felt at the ground level, but the company is bracing for a slowdown.

“For now, everything seems to be going very well, but we want to be cautious as we go into the second half of the year,” he said.

GOING ALL IN ON AI

Chauvet added his company has embraced AI both internally and for the clients it serves.

Lightspeed uses AI to translate languages, meaning customer service agents can serve clients in several languages, with AI translating the text to and from both parties in real time. 

It also offers tips on how to tweak their menus to optimize business and can write product descriptions.

“We’re using AI to tell our customers basically how they should be running their business,” Chauvet said.

With the price of labour and goods going up, Chauvet said his clients are looking to automate more of the everyday tasks and focus on sales.

“At the end of the day, Lightspeed and our customers, we need to do more with less,” he said.