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1 in 5 UK retailers think pricing strategy is unimportant | eCommerce News EU

Pricing may be more important than ever before, but in the United Kingdom, many retailers  underestimate the importance of price and simply don’t monitor prices at all. And when they do, they are spending too much time on this.

This can be concluded from research done by Omnia Retail. The company surveyed 150 retailers (34% pure players, 43% omnichannel and 23% bricks and mortar) across the United Kingdom to ask them about whether and how they automate pricing. Almost all retailers said they have a pricing strategy in place, but only 43 percent see it as important. Over one in five (27 percent) would even describe it as ‘very important’. But a further 20 percent of UK retailers see their pricing strategy as (very) unimportant.

‘A concerning figure’
Omnia Retail describes this figure as concerning. “It’s estimated that there are almost 200,000 registered retailers in the UK, so our figures suggest that huge numbers of these are either investing in a strategy that doesn’t work or not dedicating enough time to pricing in order to maximize its potential.”

‘Retailers spend too much time to competitor price checking’
An important part of pricing is checking the competitors’ prices. Omnia Retails says that British retailers are committing far too much resource to competitor price checking. “On average, they spend 10 hours per week doing this, which suggest that they aren’t doing this efficiently.” Over half of retailers say they spend 1-10 hours to monitoring market pricing, with a quarter saying they commit 11 to 25 hours per week to this practice.

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1 in 5 UK retailers think pricing strategy is unimportant.