That’s the conclusion of a new report, which says that many retailers are attempting to tackle expansion of their online business without the right technology or partners.
Omnia surveyed 150 retailers across the UK as part of its Retail Pricing Wars report, with the top line data indicating retailers struggle to keep up with the rapid pace of e-commerce, with many fighting the tide without the proper technological tools.
This reflects recent findings from Microsoft that UK retailers fall behind in integrating AI and automation into business.
Key findings of the Omnia research include:-
- 96% of the top UK retailers have a pricing strategy, but almost half base that strategy on their competition’s prices
- 88% of those surveyed carry out price checking, but less than 50% react when their competitor changes the price of a product
- 34% of retailers feel pressure to change their prices regularly, but only 15% make those changes frequently
- UK retailers lose roughly 1.97 million hours (that’s 246,000 working days) each week on competitor price checking
Click here to download the full Retail Pricing Wars for free.