Lightspeed Commerce has patented a system for managing retail transaction data securely over the Internet. The method involves receiving transaction data, confirming user authentication, and updating data records when a user ends a shift. This innovation streamlines point of sale operations for multiple retailers. GlobalData’s report on Lightspeed Commerce gives a 360-degree view of the company including its patenting strategy. Buy the report here.

According to GlobalData’s company profile on Lightspeed Commerce, AI for workflow management was a key innovation area identified from patents. Lightspeed Commerce's grant share as of January 2024 was 67%. Grant share is based on the ratio of number of grants to total number of patents.

Retail transaction data management system for multiple retailers

Source: United States Patent and Trademark Office (USPTO). Credit: Lightspeed Commerce Inc

A recently granted patent (Publication Number: US11829900B2) outlines a method for managing retail transaction data using a computer system connected to a register software instance. The method involves receiving user authentication information, confirming its validity, storing transaction data in a database, and updating data records based on user commands. The system allows for the selection and transmission of transaction data to an accounting system, facilitating seamless data management and record-keeping.

Furthermore, the patented method includes features such as storing transaction data representing item numbers and prices, transmitting data to the server upon the input of an end-of-shift command, and automatically selecting and transmitting data records to the accounting system based on predetermined criteria. The system also enables secure transmission of data to designated destinations, ensuring data integrity and confidentiality. Overall, the patented method offers a comprehensive solution for efficient retail transaction data management, enhancing operational processes and facilitating seamless integration with accounting systems for streamlined record-keeping and reporting.

To know more about GlobalData’s detailed insights on Lightspeed Commerce, buy the report here.

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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.