Price Matching In Online Retail
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Price Matching In Online Retail
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Author : Anna Bottasso
language : en
Publisher:
Release Date : 2023
Price Matching In Online Retail written by Anna Bottasso and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
We analyze a sample of consumer-electronics products sold by the US NewEgg online-retailer to study the impact of Price Matching Guarantees (PMGs) policies on prices. By applying aDifference-in-Differences approach,we find that prices of the policy-adopting retailer increase by 4.7% during the policy validity period and up to five days after the treatment, while those of the major non-adopting competitor are not affected. Results are mainly driven by highlyrated, visible and expensive products, while the policy does not affect low-rated, less visible and cheaper ones. Overall findings are consistent with the hypothesis that PMGs act as price discrimination tools.
Price Matching Strategy
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Author : Arcan Nalca
language : en
Publisher:
Release Date : 2018
Price Matching Strategy written by Arcan Nalca and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Price matching has become a ubiquitous strategy for retailers both in product and service industries, especially with the growing ease of checking prices online. With this strategy, retailers promise not to be undersold and match competitor's lower price (if any). Price-sensitive consumers tend to be happy with this since they potentially can get the lowest price at their "favourite" retailer. A relatively under-researched topic in this context is the fact that this price convenience normally comes with a number of conditions.We analyze two of the most common ones - the product must be available at the lower priced retailer (availability condition) and the price match extends only to a competing retailer and not to a direct-to-consumer manufacturer (channel condition) - and investigate their implications for the channel and consumers. We show that if consumers consider the fact that they might be denied the price matching benefit based on verification of availability at the competitor's location while making a purchase decision, then they will benefit from a lower price by increasing the competition between the retailers; on the other hand, not considering this fact would allow the retailers to price discriminate and might harm consumers. As regards channel structure, we prove that if the upstream partner has the power to set the wholesale price, then it does not make sense for a retail channel to price match with a manufacturer selling directly to consumers. But, in sectors where there are dominant retailers who has a say in determination of the wholesale price, price matching can be an equilibrium strategy for the retail channel, even when manufacturers are directly selling to consumers. Furthermore, price matching is also the equilibrium strategy for upstream manufacturers as it redirects demand from the retail to their direct channel.
Price Match Guarantees In The Age Of Showrooming
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Author : Chunhua Wu
language : en
Publisher:
Release Date : 2018
Price Match Guarantees In The Age Of Showrooming written by Chunhua Wu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Consumer showrooming - the behavior of examining a product in a brick-andmortar store and later buying it from an online retailer - is seen as a major threat to brick-and-mortar retailers. To combat showrooming, Best Buy announced a price-matching policy in 2012 to compete with major online retailers. In this paper, we examine the impact of Best Buy's price-matching policy on the price competition between Best Buy and Amazon across a wide variety of product categories. We empirically explore Best Buy's and Amazon's pricing patterns using unique datasets collected from different sources, and find robust results that the competitive effect of the price-matching policy depends on the showrooming value of a product. For those products that offer consumers large value from physical store experiences - i.e., the “showrooming products” - the policy led to more intense price competition. Moreover, Amazon cut prices more aggressively than Best Buy. For those products that offer relatively small showrooming value - i.e., the “non-showrooming products” - it alleviated price competition. We also provide theoretical explanations for the findings and illustrate why the price matching policy did not reduce the price gaps between Amazon and BestBuy.
Match Your Own Price
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Author : Pavel Kireyev
language : en
Publisher:
Release Date : 2015
Match Your Own Price written by Pavel Kireyev and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Multichannel retailing has created several new strategic choices for firms. With respect to pricing, an important decision is whether to offer a "self-matching policy." Self-matching allows a multichannel retailer to offer the lowest of its online and in-store prices to consumers. In practice, we observe considerable heterogeneity in self-matching policies: there are firms that offer to self-match and firms that explicitly state they will not match prices across channels. Using a game-theoretic model, we investigate the strategic forces behind the adoption (or non-adoption) of self-matching across a range of competitive scenarios, including a monopolist, a mixed duopoly comprised of a multichannel retailer competing with a pure e-tailer, as well as two competing multichannel retailers. Even though self price matching is likely to reduce a retailer's profits, with some consumers paying the lower price, we uncover two novel mechanisms that can make self-matching profitable in a duopoly setting. Specifically, self-matching can dampen competition, both online and in-store, and its effectiveness in this respect depends on the decision-making stage of various consumers and the heterogeneity of their preference for the online vs. store channels. Surprisingly, self-matching strategies can also be profitable when stores face consumers using smartphones to discover online prices. Our findings provide insights for managers on how and when self-matching can be an effective pricing strategy to embrace.
The Expert Guide To Retail Pricing
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Author : Kiran Gange
language : en
Publisher: Taylor & Francis
Release Date : 2023-07-07
The Expert Guide To Retail Pricing written by Kiran Gange and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-07-07 with Business & Economics categories.
Going under the hood of retail strategy, this book provides in-depth coverage of how retailers can leverage the latest in data analytics and technology to improve profitability and customer value through pricing. Retail pricing is not about dollars, pounds or euros, but the value a customer associates with a product, which can and does change over time. To maximize revenues and profits, pricing must be dynamic, strategic, and in today’s hyper-connected and -competitive world, scientific. Using technology to gather customer insights and create data-driven pricing approaches can also enhance the customer experience, improve vendor management, help monitor competitors, and ensure market efficiency – including the much-needed reduction of waste in the food sector. This book uses case studies from around the globe to illustrate the evolution of retailing and offers takeaways with each chapter to enable retailers to manage the future of pricing. Retail and pricing managers, retail sector consultants, and students of sales and marketing will welcome this book’s innovative solutions to one of bricks-and-mortar retailing’s most critical challenges.
Online Versus Bricks And Mortar Retailing
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Author : Zhaolin Li
language : en
Publisher:
Release Date : 2016
Online Versus Bricks And Mortar Retailing written by Zhaolin Li and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
The popularity of online retailing has created great opportunities and challenges for retailers. A key challenge faced by many retailers is to choose between the clicks, the bricks-and-mortar, and the bricks-and-clicks strategies. In this paper, we develop a comprehensive framework for selecting the appropriate distribution channel given assortment, logistic, and consumer characteristics. Under the traditional bricks-and-mortar retail model, the retailer displays and sells the assortment in a physical store; whereas under the online retail model, the retailer accepts orders online and delivers the products offline. The traditional retailer jointly determines the breadth, the depth, and the price of the assortment; whereas the online retailer jointly determines the breadth and price of the assortment, and the delivery time. After deriving the joint optimal solution respectively for the traditional and the online retailers, we compare their performance. We analytically and numerically examine how inventory cost, delivery cost, and consumer behaviors could affect the optimal distribution strategy and customer service.
Internet Retailing And Future Perspectives
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Author : Eleonora Pantano
language : en
Publisher: Taylor & Francis
Release Date : 2016-12-08
Internet Retailing And Future Perspectives written by Eleonora Pantano and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-12-08 with Business & Economics categories.
Since the first edition of this landmark textbook, online shopping has grown exponentially to the point that it now threatens to eclipse the high street. With online retail offering both advantages and challenges that are distinct from traditional commerce, this textbook provides new approaches to retailing and as such helps readers to take advantage of new digital technologies. This long-awaited new edition provides a thorough and substantial update to its solid core principle of digital retailing and its relationship with conventional retail methods. These principles are explained clearly and practically to provide students, entrepreneurs and researchers with a reliable guide to the implementation and operation of a successful online retailing business. Updates to this edition include: Search engine marketing and search engine optimization. New and updated case studies, including Tesco’s virtual store, Ray-Ban’s smart mirror, IKEA’s mobile catalogue and Nordstrom’s TextStyle. Social networks and electronic word-of-mouth communication. A new chapter on ubiquitous retailing. A brand new companion website to support tutors. With accessibly written features such as key learning points, questions, think points and further reading, Internet Retailing and Future Perspectives is ideal for anyone using, studying or researching digital commerce.
Matching Competitor S Price In The Presence Of Operational Frictions
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Author : Xiaomeng Guo
language : en
Publisher:
Release Date : 2019
Matching Competitor S Price In The Presence Of Operational Frictions written by Xiaomeng Guo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
Problem Description: A price match guarantee (PMG) is a retail offer to match a rival's retail price on the same product. We ask whether or not a brick-and-mortar retailer should offer a PMG, knowing that a consumer can buy the same product either from her or a competing, manufacturer-owned online store. Academic/Practical Relevance: We provide a new multi-channel framework that combines assortment, stocking, and pricing decisions in the presence of stochastic demand and quantity constraints. Previous structures at most addressed pricing and variety with deterministic demand. Methodology: We theorize that a manufacturer can simultaneously sell his output through an independent brick-and-mortar retailer and his online store. The manufacturer designs the product line and sets a wholesale price. He can develop the same product design for both channels. Or, he can create a separate product for each channel. The independent retailer responds to the product line design and the wholesale price by announcing a stocking quantity. Then, demand realizes, and both firms set retail prices in their stores. The brick-and-mortar retailer cannot sell more than what she ordered. Results: In the literature, PMGs are mostly seen as a profitable way to facilitate cartel pricing. Previous studies, however, did not consider the operational complexities of distributing goods to stores. In our model, which does consider such complexities, PMGs can be either profitable or unprofitable. We also find that the brick-and-mortar retailer might offer a PMG not to engage in cartel pricing but to be given a higher-quality product from the manufacturer that she would be otherwise. Finally, we find that retailers who provide PMGs may go beyond price-matching to adopt a price-beating policy. Managerial Implications: We explain that the optimality PMGs boils down to a parameter that describes order fulfillment efficiency online and a parameter that describes fulfillment efficiency at the brick-and-mortar store.
Priced To Influence Sell Satisfy Lessons From Behavioral Economics For Pricing Success
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Author : Utpal Dholakia
language : en
Publisher: Utpal Dholakia
Release Date : 2019-06-23
Priced To Influence Sell Satisfy Lessons From Behavioral Economics For Pricing Success written by Utpal Dholakia and has been published by Utpal Dholakia this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-06-23 with Business & Economics categories.
Pricing holds the key to business success. The greatest challenge in pricing is the human factor. To price effectively, customer psychology usually trumps rational microeconomic thinking. * How did Subway turn one accidentally discovered price promotion into a multi-billion dollar success story? * How much knowledge of prices do customers really have? * Why do most people spend two months’ salary to buy an engagement ring? * Does Pay What You Want pricing really work? * How can you get your customers to trade up? * Why do Supreme t-shirts sell for $1,500 or more? * Why do so many consumers hate Uber’s surge pricing even though economists love it? In Priced to Influence, Sell & Satisfy, you will find answers to these and many more questions. The book introduces the latest thinking about Psychological Pricing, the science of designing effective pricing strategies using behavioral economics principles. You will learn how customers search for, evaluate, share, and use prices in their buying decisions, how they participate in setting prices, and what managers can do to understand and influence these processes. Psychological pricing actions are levered. Many of them require relatively small investments and produce disproportionately large returns to the business.
The Oxford Handbook Of Supply Chain Management
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Author : Thomas Y. Choi
language : en
Publisher: Oxford University Press
Release Date : 2021-08-30
The Oxford Handbook Of Supply Chain Management written by Thomas Y. Choi and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-08-30 with Business & Economics categories.
Supply chain management contends with structures and processes for delivering goods and services to customers. It addresses the core functions of connected businesses to meet downstream demand. This innovative volume provides an authoritative and timely guide to the overarching issues that are ubiquitous throughout the supply chain. In particular, it addresses emerging issues that are applicable across supply chains--such as data science, financial flows, human capital, internet technologies, risk management, cyber security, and supply networks. With chapters from an international roster of leading scholars in the field, the Oxford Handbook of Supply Chain Management is a necessary resource for all students and researchers of the field as well as for forward-thinking practitioners.