Imperative 6 - Pursue an eco(system)-friendly strategy
The retail business model has always been built on a connected ecosystem of suppliers, service providers, and customers. As such, retailers have long known the value of key partnerships; but the Retail Speaks 6th Imperative explores the need for retailers to update their ecosystem strategy to meet the needs of the 21st century retail landscape. Winning retailers will build on a strong brand position to determine which platform archetype they will adopt: aggregator, eCommerce, marketplace, super app, or service provider – or some combination.
RILA’s Retail Innovation Center was founded several years ago with a recognition that the change to the retail business model expanded the ecosystem of partners critical to future growth. For this reason, the RIC maintains an Investor Network and a Startup Network to help retailers connect with the different types of partners and to help those partners and their investors to better understand retail needs.
Retailers should carefully consider how their capabilities may serve other ecosystem players and which players may bring additional capability and value to retailers.
To learn more about the 6th imperative in our Retail Speaks report, download your copy here. For additional information on RILA’s communities engaging directly on these topics, please contact VP of Innovation Nicholas Ahrens.
Technology & Innovation
Retail Innovation Center