PRICING STRATEGIES FOR COMPETING EFFECTIVELY IN AN OMNICHANNEL RETAIL LANDSCAPE 1/12/2015 DAVID SEFCIK NIST. JAMES SILLS Clear Demand

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1 PRICING STRATEGIES FOR COMPETING EFFECTIVELY IN AN OMNICHANNEL RETAIL LANDSCAPE ERIK LYSTAD The Home Depot JAMES SILLS Clear Demand DAVID SEFCIK NIST GREG GIRARD IDC Retail Insights 1

2 IDC PREDICTION #1 By the End of 2016, Product Intelligence (PI) Will Inform 80% of the Top 10 ecommerce Retailers' Pricing Decisions and Drive Mainstream Adoption of High-Velocity Pricing. Research Source: IDC Retail Insights IDC PREDICTION #2 It s nascent now but by 2020 product intelligence will influence $3.7 trillion of retail spending in the U.S. alone,18% GDP. Research Source: IDC Retail Insights 2

3 PRODUCT INTELLIGENCE OBJECTIVES Why is your organization collecting such information from your competitors' websites and other online sources? Pricing/promotion Analytics Demand planning/ forecasting "Showrooming" strategies Inform assortment decisions Competitors' price changes Inform pricing rules 59.50% 54.50% 51.50% 49.50% 47.50% 44% Note: Among Retailers Pursuing Product Intelligence Objectives Source: IDC Retail Insights, % 20% 40% 60% THE BRAVE NEW WORLD OF RETAIL PRICING Retail is changing, becoming faster and more localized, and with consumers conducting realtime comparison shopping Highly Visible Real-time Localized 3

4 NEW CHALLENGES AND OPPORTUNITIES Pricing Strategy must be articulated and nuanced Defined in advance to react with speed Fast and accurate competitive intelligence Competition attacks from new angles Agile competitors entering niche marketplaces Targeted marketing and promotions unobserved through traditional aggregators KNOW YOUR CUSTOMER ONLINE RESEARCH Price Perception is driven by how your customer shops 4

5 KNOW YOUR CUSTOMER ALIGNING ASSORTMENT Top Rated/Ranked SKUs are candidates for in-store assortment MANAGE CHANNEL CONFLICT Avoid? Consistent customer experience Drive price perception Position store associates for success with simple message Invite? Recognize higher cross-elasticity of online shoppers Enable dynamic pricing Is this the right message for your customer? 5

6 HOW TO COMPETE IN OMNICHANNEL RETAIL Know what your Key Value Items are, and be priced right on them Highly researched project starters and basket drivers Drivers of price perception Leverage store environment for service, knowledge, and speed Train store associates on the extended aisle online provides 6

7 PROLIFERATION OF CHOICE PRODUCT STYLES/ VARIETIES SIZES TOTAL ATTRIBUTES Nike Running Shoes Color, Type, Technology Samsung TVs Smart, 3D, UHD Lay s Chips Organic, Gluten Free Crest Toothpaste D White, Sensi-Relief, Tartar Control Tide Laundry Detergent HE, Pod How do shoppers choose? When does price influence decisions? Depends on Similarity of product attributes Channel Price is salient at the store; quality is salient at the restaurant. From Salience and Consumer Choice by Bordalo, Gennaioli, and Shleifer 7

8 COMPETITIVE PRICE MATCHING RETAILER 75 FL OZ 100 FL OZ 150 FL OZ Retailer 13.2 UNAVAILABLE 12.6 Competitor A Prices are per oz. ASSORTMENT STRATEGY EXISTING NEW Current Assortment Planned Assortment LG $94.99 LG $74.99 $94.99 MED $69.99 $89.99 MED $69.99 $89.99 SM SM GOOD BETTER BEST GOOD BETTER BEST 8

9 ASSORTMENT STRATEGY of sales came 75% from cannibalization BEST BETTER WINNING IN THE OMNI CHANNEL View transparency as an opportunity Leverage channel and attribute data Develop an actionable price strategy 9

10 UNIT PRICING DAVID SEFCIK National Institute of Standards and Technology (NIST) Office of Weights and Measures NIST IS NOT A REGULATORY AGENCY Congress charged NIST with obtaining uniformity in weights and measures requirements and test procedures to facilitate interstate commerce and to promote economic growth. No authority over business or state government. We encourage collaboration between business & industry, consumers, states and federal agencies. Obtain uniformity & traceability by developing uniform laws and regulations with stakeholders and by providing training and technical assistance. 10

11 NIST Handbook Uniformity of Laws among the States Uniform Laws Weights and Measures Weighmaster Engine Fuels and Automotive Lubricants Inspection Uniform Regulations Packaging and Labeling Method of Sale of Commodities Unit Pricing Registration of Device Service Persons and Agencies Open Dating National Type Evaluation Engine Fuel and Lubricants Price Verification Interpretations and Guidelines the pricing of goods on the basis of cost per unit of measure 11

12 The Marketplace LACK OF STANDARDIZATION AND UNIFORMITY Consistency of Units Color Contrast Format Font Size Abbreviations UPBPWG (Unit Pricing Best Practices Workgroup) Objective Develop industry best practice standards. Impact To reduce variation between retailers. Improve usability, accuracy and uniformity. 12

13 UPBPWG PARTICIPANTS (21 participants) Trade Associations UPBPWG PARTICIPANTS Weights and Measures Officials Industry 13

14 UPBPWG PARTICIPANTS Academia Consumer Interests and Independents Weights and Measures Consulting LABEL USING U.S. CUSTOMARY UNITS OF MEASUREMENT (LABEL IS NOT TO SCALE AND FOR EXAMPLE PURPOSES ONLY.) Best Brand Filtered Water 16.9 FL OZ Retail Price $ 1.05 Unit Price 6 per fl oz Retailer barcode goes here along with other retailer data (order code, pack size, UPC number ) 14

15 15

16 FINAL THOUGHTS To what extent have you considered Unit Pricing as part of your Pricing Strategy for Competing Effectively? There is a Best Practice Guide on Unit Pricing available on the NIST website. If not implemented properly, the value of the tool for consumers and your business will diminish. CONCLUSION NCWM 1971 Public Hearing Esther Peterson 16

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