This episode uncovers how Newell Brands, particularly Graco, navigates the complexities of product pricing in a volatile retail landscape. It delves into how a 100-year-old brand maintains affordability amid rising costs and tariffs, leveraging AI for pricing optimization and customer understanding. The discussion offers valuable insights into brand-retailer collaboration for pricing and assortment strategies, crucial for any ecommerce operator facing similar challenges.
Key takeaways
Implement AI to analyze customer comfort levels with pricing and refine customer personas to optimize pricing strategies.
Collaborate closely with retailers on pricing and assortment planning to ensure consistent value proposition and drive sales across channels.
Strategically manage tariff impacts through proactive tactics to mitigate price increases and maintain affordability for cost-conscious consumers.
Integrate product development closely with pricing strategy to ensure competitive and affordable offerings, balancing innovation with cost of goods.
This week on the Modern Retail Podcast, special projects editor Melissa Daniels speaks with Kris Malkoski, the president of learning and development at Newell Brands who oversees operations for household brands including Graco and Sharpie. They go behind-the-scenes into how the 100-year-old baby gear brand Graco, known for its affordability against higher-priced start-ups, is approaching pricing strategies in an increasingly volatile retail environment thanks to AI, tariffs and cost-conscious shoppers. Daniels interviews Malkoski about how Graco mitigated tariff-related price increases, how the brand is increasingly using AI to help dial in what prices a customer is comfortable paying, and how brands and retailers work together to align on pricing and assortments. Their conversation also gets into: The product development teams that play a role in keeping pricing competitive and affordable How AI is changing the way Graco approaches customer personas The ways Newell Brands works with retailers to help inform pricing and layout strategies that move units
