Montreal-based Lightspeed, the powerful cloud point-of-sale system for independent retailers and restaurants, has unveiled a revolutionary platform for independent retailers to assess their operations. Called the ‘Retail Success Index’, the industry-validated questionnaire is a source that independent retailers can utilize to determine a score for their business that will reveal new insights and opportunities for advancement.
Lightspeed says that it created the Retail Success Index to empower independents to delve deeper into the current state of their businesses — that includes measuring their stance among competitors by identifying their strengths and granting them knowledge on areas their company can improve. Information gained is useful to retailers, no matter how long they have been in business. The five-minute questionnaire provides valuable information on the spot, and retailers can take the test every few months in order to monitor their growth.
The Retail Success Index can be accessed at any time here: www.lightspeedhq.com/pos/retail/success-index
“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 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 Retail Success Index is calculated using an algorithm that assigns points to questionnaire answers in the five categories above, 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 as well as actionable tips to help independents grow and ultimately become more successful.
As part of the Retail Success Index initiative, Lightspeed has created a board of industry-leading retail experts who have become consultants through the development of the questionnaire to optimize its effectiveness. Lightspeed recently appointed four people to the board, including Retail Insider’s Founder and Editor-in-Chief, Craig Patterson.
Other board members include
Nicole Leinbach Reyhle, Founder, Retail Minded,
Rich Kizer and Georganne Bender, Co-founders, Kizer & Bender, and
Marta Tryshak, Creative Director and Managing Partner, Trymus Group; Founder, With Love Gabrielle Inc.
Lightspeed, which was founded in 2005 by entrepreneur Dax Dasilva, is used by more than 50,000 retailers and restaurateurs and processes more than US$15 billion annually in more than 100 countries globally. The company has more than 650 employees with offices in Canada, the United States, Europe, and Australia. The company continues to innovate and recently introduced Lightspeed Analytics, which is geared towards independent retailers and is designed to provide retailers with insights and recommendations into their sales, inventory, employee performance and customer behaviours, with an aim of providing retailers a competitive edge in their industry. We recently profiled Lightspeed Analytics at length in a previous article.
Lightspeed’s Retail Success Index can be accessed at any time at this link: www.lightspeedhq.com/pos/retail/success-index
*Lightspeed is a valued sponsor of Retail Insider. For more information on advertising your business or event on Retail Insider, contact: craig@retail-insider.com.
