Montreal-based retail point-of-sale company Lightspeed has unveiled a Retail Success Index (RSI), which is meant to help businesses find opportunities for growth.
The questionnaire—which Lightspeed said was developed autonomously—is a medium for independent retailers to determine a score for businesses to revealinsights and windows for advancement. A retailer’s RSI score is calculated using an algorithm that assigns points to questionnaire answers 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.
“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.”
Through the platform, businesses can measure their stance among competitors, identify strengths, and find areas to improve. It can also monitor growth ongoing for retailers who re-submit answers every few months.
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.
The RSI can be accessed here.