What’s the state of pricing automation in the UK retail industry?
Omnia surveyed 150 retailers across the country to uncover the answer to this question. We asked these retailers how they use technology in their pricing and market strategies, then analyzed the results to create a full Retail Pricing Wars report.
The results were quite interesting. In all, the data suggest UK retailers struggle to keep up with the rapid pace of e-commerce, and many fight 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.
Notably, we found:
- 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
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