The Rise of Supplier Diversity in Retail: Promoting Inclusion and Innovation

 

Supplier diversity is a concept that has gained increasing importance in recent years, particularly in the retail sector. The idea is simple: by increasing the number of diverse suppliers that a company does business with, it can promote diversity in its supply chain and, by extension, the broader economy.

Shipt, a leading online grocery delivery platform, is one company that has recognized the importance of supplier diversity. In 2020, the company announced its commitment to spend at least $10 million with diverse suppliers over the next three years. This includes businesses that are owned by women, people of color, veterans, and members of the LGBTQ+ community.

Lululemon, a well-known apparel brand, has also made supplier diversity a priority. In 2020, the company launched its “Equity, Diversity and Inclusion Action Plan,” which includes a commitment to increasing the number of diverse suppliers it works with. The company has set a goal to achieve 20% diverse representation across its global vendor base by the end of 2023.

Beyond the social and cultural motivations to promote DEI initiatives, how useful will supplier diversity programs and strategies actually be for retailers? Supply management pros have been touting the benefits of diverse suppliers, including the opportunities that come along with these initiatives that let companies tap into new markets, gain access to innovative products and services, and foster a culture of inclusion.

How can retailers make sure their supplier choices are actually leading to a more diverse and resilient supply chain? What needs to accompany supplier diversity decisions to measure ROI? Aniela Unguresan, founder of leading DEI certification standard EDGE Certified Foundation & of SaaS-based DEI solution EDGE Empower, gives her perspective on how retailers need to approach implementing effective diversity strategies across their supply chain.

Aniela’s Thoughts

“Programs to increase supplier diversity can be sustainable and could make a positive impact on the diversity of a retailing sector in general if there are clear ways to measure current status, track progress, and if there is accountability for results. It would also be important that participation in such programs is a precondition in becoming a supplier of a specific brand and or unlock access to preferential business terms and conditions with the brands.”

Follow us on social media for the latest updates in B2B!

Image

Latest

wake up healthy
Hey, it’s 9 am… Wake up Healthy with 9amHealth!
April 12, 2024

Healthcare Rethink host Brian Urban explores ways to wake up healthy and stay healthy with his guest, Dr. Avantika Waring, MD, the Chief Medical Officer, at 9amHealth. This episode delves into the transformative approach to healthcare delivery championed by 9amHealth. Dr. Waring’s journey from a humanities student with a love for French to a […]

Read More
public safety and security
Strengthen Public Safety and Security: Modernize Radio Communication for Better Field Response
April 11, 2024

The importance of radio communication within public safety and security operations remains unbeaten in an era dominated by digital transformation. This medium, essential for over a century, continues to be the lifeline for responders on the front lines. From ensuring the safety of field agents to facilitating real-time critical information flow and enhancing situational […]

Read More
IDC Smart Cities Awards: Edge Computing is Helping Virginia Beach Tackle its Flooding Crisis
April 11, 2024

In remote and disaster-prone areas, the rapid deployment of Internet of Things (IoT) technologies coupled with artificial intelligence (AI) has opened new vistas for emergency management and community safety in smart cities. These leading IoT deployments, highlighted at the recent announcement of the IDC Smart Cities Awards winners, solidified the role that edge computing […]

Read More
Next Gen 911 Sara Weston
Next Gen 911 Doesn’t Have a Final Destination, But Lack of Funding is Slowing the Adoption Journey
April 11, 2024

The transformation of emergency response systems through Next Gen 911 represents a critical evolution in public safety technology, enhancing emergency response capabilities with features like GPS tracking, live video, and real-time translation. As we move away from the outdated copper wire systems first implemented in the 1960s, the disparity between our personal devices and […]

Read More