Irish businesses falling behind European counterparts on innovation

More than half of Irish businesses raised their prices in the past year, and are falling behind their European counterparts when it comes to innovation, according to a survey of companies by financial payments technology company SumUp.

More than one in four Irish businesses have made no key changes to their operations beyond raising their prices, despite 38 per cent stating that the current economic situation had a negative impact on their business.

The survey, which collected responses from businesses across Europe, found that the levels of innovation in Ireland’s continental counterparts was higher than in Ireland.

Nearly two in five businesses said customers have become increasingly price-conscious, often seeking discounts or comparing prices more frequently. Of the 945 respondents to the survey across Europe, fewer than 30 per cent of companies said they felt optimistic about their business growing over the next two years.