Charity L. Scott
speaker
56 appearances
2 recordings
1 series
first heard Dec 2019
last heard Feb 2022
Charity L. Scott’s voice in public audio — every appearance, attributed to the second.
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It's more that it's just being used now in every corner of the retail industry.
But before now, there are examples of, you know, gas stations using dynamic pricing to adjust their prices as the price of oil change.
Airliners use this to adjust the price of tickets throughout the day.
And there are also examples of very large retailers such as Amazon and Walmart using these methods for years to stay competitive with their peers while protecting their margins at the same time.
Absolutely.
One of the people I spoke to was a partner at management consulting firm McKinsey & Company.
And he said that if a customer feels ripped off, they are not going to come back to that store.
The important thing that he also noted, though, is that
If a customer thinks the price is too high, looks around and sees that actually the price is in line with what other people are charging for that item, then they're likely to think, well, maybe this is a fair price after all and return to the store that they're loyal to.
Yeah, this presents a challenge for both businesses and consumers.
I spoke with a Wayfair shopper that found a bed frame that she wanted to purchase and saw that the price had gone down almost as soon as she had completed her purchase.
When she went to the company and asked for a price adjustment, she was told that she would have to essentially return and repurchase her bed frame, which she didn't.
did not want to do, and that really turned her off to the company.
Now, a representative from the company said that they do offer price matching within a brief window of purchase, but make exceptions during holidays and promotional events.
Trying to offer price matching while using dynamic pricing does put retailers in a bit of a pickle because they believe that they are offering the best price to both be competitive and protect their margins.
So potentially undercutting that price by offering price matching can cause problems.
And therefore, you know, retailers are kind of falling on both sides of this as to whether or not to continue to offer price matching.
Thanks for having me.
Have a good one.
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