• UK office retailers wasting two million hours every week on competitor price-checking

        • UK office retailers are wasting almost two million hours every working week due to ineffective competitor price-checking processes, according to a research report. 

          The findings were published in a white paper by pricing and automation specialist, Omnia Retail, which questioned 150 UK retail businesses on the scope and efficacy of their pricing strategies. They show that companies are needlessly spending an average of 10 hours per week on manually checking and benchmarking their competitor’s prices, amounting to almost 1.97 million hours or 246,000 lost working days across the sector.

          More than half (55%) of retailers said they dedicate at least 1-10 hours per week to monitoring market pricing, with 24 per cent of retailers saying they commit 11-25 hours to the practice on a weekly basis. One in 10 brands surveyed said that they spend around 26-50 hours per working week on the practice; the equivalent of one full-time salary – while 1 per cent said they spend more than 50 hours. Despite this, 13 per cent of retailers say they don’t spend enough time price-checking competitors.

          Moreover, despite 57 per cent of retailers saying they complete competitor price checks on a weekly basis, only 17 per cent felt that the practice has helped them achieve their goals. This may be due to the fact that they are using the data ineffectively, a notion supported by the fact that only 48 per cent of retailers use competitor price research as a reason to increase or cut their prices. 

          Sander Roose, CEO of Omnia Retail said, “the growth of e-retail has been a game-changer for retailer’s pricing strategies. Consumers can check how much their competitors are charging for the same products with a few clicks, so real-time benchmarking is key if brands are to keep pace with other industry players.

          “However, these figures show that companies are committing a lot of time to competitor price-checking – an average of 10 hours per week – but doing so with little strategy or direction. Just half of retailers said they actually use competitor benchmarking information to change their prices and 83 per cent don’t believe that the practice has been beneficial to the business.

          “Intelligent software can combat this, automating the price-checking process and requiring almost no time or resource to manage. It also frees up time for teams to focus on creativity and improving their business in other ways – something that will be of increasing importance in the fight to maintain margins and deliver excellent customer experiences.”

        • Stay up to date - Click here and register for FREE OEN online membership and enjoy unlimited access to a host of benefits including the exclusive members area of the website, downloadable business tools, current and back issues archive, priority breaking news alerts, weekly e news summary and the OEN app

        • Related Articles

        • Retailers still too complacent about digital transformation

          Retailers still too complacent about digital transformation

          Tuesday 20th Jul 2021 by clareb
          New research has revealed that the retail industry is dangerously underestimating the role that technology will play in building a sustainable operation that can thrive in the face of future pandemics, climate crises, and economic and political insta...Read More...
          UK workers hesitant to return to the office

          UK workers hesitant to return to the office

          Monday 19th Jul 2021 by clareb
          New research commissioned by Chargifi has revealed that despite restrictions being lifted, office workers in the UK are resistant to a full-time office return. The survey of 1,500 UK and US office workers found that over half of British workers...Read More...
          Hybrid working - don’t fake it to make it

          Hybrid working - don’t fake it to make it

          Wednesday 7th Jul 2021 by clareb
          Hybrid working should be viewed as one positive outcome of the pandemic, an opportunity for companies to revolutionise working practices and empower employees to improve their work-life balance.  Dan Harding, CEO, Sign In App explains...Read More...
                • About Us

                  OEN is the leading source of business news and information for buyers of office equipment, supplies and services within mid tier and up sized organisations. Our multi-platform approach delivers relevant, engaging and focussed content via our main printed magazine, bespoke guides and supplements, website, digital editions, apps, and newsletters with an unrivalled reach across the industry. A highly trusted and respected brand for many years, the print version of OEN last year celebrated its Diamond anniversary.

                  For our latest Media packs and more details on our range of services click here

                • View Latest Issue