Socialize More, Pay Less: Randomized Field Experiments on Social Pricing

采购 价格歧视 微观经济学 营销 利润(经济学) 价值(数学) 业务 定价策略 社会资本 订单(交换) 经济 计算机科学 财务 社会科学 机器学习 社会学
作者
Haibing Gao,Subodha Kumar,Yinliang Tan,Huazhong Zhao
出处
期刊:Information Systems Research [Institute for Operations Research and the Management Sciences]
卷期号:33 (3): 935-953 被引量:15
标识
DOI:10.1287/isre.2021.1089
摘要

We propose social pricing, a novel pricing framework under which consumers with higher social capital enjoy a better price. Conceptually, social pricing enables firms to achieve price discrimination based on a consumer’s social value. This is in sharp contrast with traditional price discrimination strategies where price differentiation typically hinges on consumers’ personal value. We design and conduct two randomized field experiments on a leading online fresh food retailer to understand the value of social pricing. Social pricing has been commonly credited for its effectiveness in new customer acquisition. Interestingly, our study reveals that it is also highly effective on existing consumers. Our analysis shows that social pricing can increase an online retailer’s profit by 40% solely from existing consumers, compared with regular firm-offered discounts. Exploration of the underlying mechanisms reveals that perceived engagement and social cost are the main drivers, which not only help to increase purchasing frequency but also induce higher order value per purchase. In a follow-up experiment, we vary the rules of social interactions by requiring heterogeneity in consumers’ purchasing frequencies. The results suggest that a heterogeneity-based strategy can further amplify the benefits of social pricing.
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