The Importance of DE&I in the Retail Industry

DE&I Is an Ongoing Conversation

The mission of RILA’s Retail Innovation Center is to provide our audience with the latest in technology and innovation news. This includes innovative strategies our retailers are using to tackle social issues. Initially, we were going to dedicate the month of June to discussing the importance of diversity, equity, and inclusion in retail, but realized that this is not a topic that should be discussed once a year.

Efforts to increase diversity, equity, and inclusion is an ongoing discussion that requires an open dialogue between our retailers, startups, and investors. We want to know what everyone is doing to make an impactful change in their organizations. What innovative strategies are you using to bolster diversity, equity and inclusion within your workforce, supply chain, and with consumers. What are the challenges you are facing? What are the solutions?

Shift in Culture

After the protests to the unjust killings of Breonna Taylor, Ahmaud Arbery, and George Floyd, consumer attitudes towards the passive voice of retailers changed. According to a report from McKinsey & Company, “Today’s consumers are more diverse than ever, and they are expecting and demanding more from brands.” The report also states, “Diversity and inclusion matter in the war for talent. Employees believe that their companies have a growing social responsibility… And that responsibility takes center stage when attracting and hiring top talent.”

Key to retailers’ success in today’s environment is attracting and retaining a workforce that mirrors their consumers. If a company fails to be intentional about committing to and investing in DE&I, they are missing an opportunity to capture a diverse pool of both consumers and employees.

Equally as important as making these commitments is ensuring there is accountability and transparency to measure progress and challenges along the journey. Retailers are now creating action plans to achieve tangible change within their workforce, supply chain, and customer base, and some retailers have committed to releasing yearly reports to be transparent in their progress and shortcomings. Examples of retailers who have released progress reports, include:

·????????Sephora

·????????Target

·????????Walmart

·????????Nike

·????????Macy’s

·????????Gap Inc.

DE& I Driven Innovation

Since this is the RIC, we look at how innovation intersects with any topic we choose to cover.

We would like to take a closer look at how efforts to increase diversity, inclusion, and equity within your company intersects with your innovation efforts.

Some examples of topics we are interested in, include:

·????????The importance of accelerators and/or incubators to support and elevate minority-owned businesses.

·????????DE&I driven innovation (e.g., Inclusive new product and marketing design)

·????????Efforts to increase representation in the C-Suite

·????????How to attract and retain talent

If your company has done work related to the above or another DEI-innovation initiative that we can spotlight, please reach out to Ireti Adesanya, Content Producer (RIC), at [email protected] for more information about potential ways to participate.?