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October 17, 2018

Press Release Source: Lightspeed

Lightspeed, a powerful cloud point-of-sale system for independent retailers and restaurants, has unveiled the Retail Success Index (RSI). This industry-validated questionnaire is a medium for all independent retailers to determine a score for their business that will reveal new insights and windows for advancement.

“When Lightspeed was founded in 2005, we made a commitment to help independent retailers grow their businesses, and the Retail Success Index is the next stepping stone in guiding them to reach their full potential,” said Dax Dasilva, founder and CEO of Lightspeed. “By understanding the current state of their business, independents will have the right information to pave a path to prosperity.”

Lightspeed’s RSI empowers independents to delve deeper into the current state of their business through measuring their stance among competitors, identifying their strengths, and granting them knowledge on areas their company can improve. Whether a retailer has been in business for 10 years or is just opening shop, this five-minute questionnaire provides invaluable information, the company stated. It can also monitor growth ongoing for retailers who re-submit answers every few months. The RSI can be accessed at any time.

Methodology

As an industry leader with 13 years of experience, Lightspeed has identified five critical areas that contribute to a strong retail model. These Retail Success Index Categories include:

  • Inventory Management
  • Employee Management
  • Marketing and Customer Relationship Management
  • Data Intelligence
  • Sales Sophistication

A retailer’s RSI score is calculated using an innovative algorithm that assigns points to questionnaire answers in these categories and averages out points while altering the weight of each based on the information provided. Using the accumulated score, Lightspeed then provides detailed results for each category and actionable tips to help independents grow and ultimately become more successful.

Retail Advisory Board

To take the RSI one step further, Lightspeed also created a board of industry-leading retail experts who would become consultants throughout the development of the questionnaire to optimize its effectiveness.

Lightspeed Retail Advisory Board Members include:

  • Craig Patterson, founder and Editor-on-Chief of Retail-Insider
  • Nicole Leinbach Reyhle, founder of Retail Minded
  • Rich Kizer, co-founder of Kizer & Bender
  • Georganne Bender, co-founder of Kizer & Bender
  • Marta Tryshak, creative director and managing partner of Trymus Group; founder of With Love Gabrielle, Inc.

Read more about the Retail Advisory Board.

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