Today, the Retail Industry Leaders Association’s (RILA) (R)Tech Center for Innovation, released findings of the cultural challenges and solutions retailers need to navigate the rapidly evolving market landscape.
“Retail is in a period of disruption. There is no better time for companies to build strong cultures of innovation than right now,” said Adam Siegel, senior vice president of sustainability and innovation for RILA. “If retailers want to remain relevant, innovation must be a vital part of a company’s culture, enforcing a sense of purpose with employees, and enabling the organization to rapidly experiment, learn, and adapt in an ever-changing environment.”
The report, “Building an RTech Culture,” explores the four elements necessary to embedding innovation within retail companies. Purpose, leadership, customer empathy and empowering the retail workforce are the keys to creating and fostering innovation throughout the retail ecosystem. Findings were based on in-depth secondary research on practices that drive innovation in corporate cultures, especially in retail and consumer brand companies.
The report also found that the “Leadership Trifecta” consisting of the CEO, CFO and General Counsel, is integral to implementing a culture of change in retail companies. The CEO leads by example, providing a vision, support, and guidance to others, the CFO invests in the business’s future and the general counsel provides frameworks that promote measured risk-taking.
The RTech Center for Innovation was created with these needs in mind and is partnering with universities, incubators and accelerators, policymakers, and thought leaders to pave the way for retail’s new path driving the 21st Century economy.
RILA is the trade association of the world’s largest and most innovative retail companies. RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $1.5 trillion in annual sales, millions of American jobs and more than 100,000 stores, manufacturing facilities and distribution centers domestically and abroad.