What Is RTech
RTech is a new term that describes the confluence of retail and technology. An RTech company embodies the strongest values of both industries – global and local, nimble and entrepreneurial – to delight profoundly empowered consumers. The term is meant to accelerate retail innovation and to invigorate retail’s reputation with innovators, the next generation of retail talent, policymakers, and the public.
Four Cardinal Challenges
The Pressures Driving Industry Change have helped the RTech Center identify four critical challenges that face the retail industry. The Center embraces five Industry Pathways forward, that guide the RTech communities to address these challenges.
Identifying and scaling high value projects by assessing consumer insights, futures planning, and innovators networks.
Battling unknown ROI with the desire for immediate payback and developing new measures of success for innovation.
Dedicating resources and attracting the right combination of talent for the changing industry.
Breaking free from legacy structures, established processes, and operating enviornments.
The RTech Center for Innovation is structured with four councils to convene the industry’s innovation leaders and address their needs:
RTECH ADVISORY COUNCIL
Guides the strategy and priorities for the Center. Composed of RILA Premier member and founding member innovation chiefs, the Advisory Council acts as a sounding board for the Center’s activities and growth, and identifies potential collaborative interests.
Acts as a pre-competitive forum to share best practices, and identify potential collaborative interests and industry needs. The RTech Council will be composed of retail chief innovation officers.
DIGITAL RETAIL COUNCIL
Convenes retail executives and digital technology firms to discuss e-commerce, omni-channel, and digital retailing. The Digital Retail Council provides a forum for retail’s digital executives to learn from digital technology leaders, identify future needs, and benchmark and share best practices.
RTECH INNOVATION NETWORK
Convenes venture capitalists, incubators, and accelerators with a focus on retail technologies and innovations; allowing the Center to keep a pulse on the latest ideas, technologies, and startups. The Network is a source for content at the Center’s events and a distribution channel for the Center’s research.