Modern Retail

Lightspeed EPOS Unveils Retail Success Index Educational Tool

Lightspeed, a powerful cloud point-of-sale system for independent retailers and restaurants, unveils the Retail Success Index (RSI). This industry-validated five-minute 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,” says 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 created the RSI to empower independents to delve deeper into the current state of their business by 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. It can also monitor growth ongoing for retailers who re-submit answers every few months. The RSI can be accessed at any time here: https://www.lightspeedhq.co.uk/pos/retail/success-index/

In reference to the Retail Success Index, global retail media leader Women’s Wear Daily had the following to say: “A new five-minute test seeks to create an advantage for smaller retailers. As technology advances in pace with the retail industry, tools become faster, simpler and more cognizant of the overall user experience so business owners can refocus their efforts on improving key categories, which in turn elevate business health.”

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.

Contributor: https://www.lightspeedhq.com/

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