Director of Product, Pricing Systems
Wayfair is seeking a talented leader and product owner to oversee the development and day to day management of Wayfair’s dynamic pricing system. Price is the single biggest factor driving most customers’ purchase decisions. Setting prices effectively is a core strategic element of Wayfair’s business which drives both growth and profitability. We’re seeking a leader to oversee and grow a team of product managers and analysts and direct the activities a 40-person software engineering organization, which we’re aiming to double in the next 12 months.
The pricing space breaks down to 3 key components:
- Getting the best wholesale price from our suppliers. Traditionally we’ve had an army of category managers, out in the field, negotiating with suppliers for improved wholesale pricing and promotion participation. We want to move this activity on to our Supplier Extranet – and build a world class interactive experience where we incent our suppliers to provide optimal wholesale prices, collaborate with us on developing tailored promotions, and compete with their peers for shelf space.
- Understanding our competitive landscape. We seek to gather competitive information about pricing, merchandising, product popularity, shipping and other key data. With a catalog of millions of products that is rapidly expanding – we need to build and optimize a data gathering infrastructure that is fast and scalable.
- Setting the optimal retail price. This is a massive and dynamic optimization problem. The systems in the area comprise:
- Cost forecasting – the first step in setting a price is forecasting the costs.This is not trivial as many things happen after the product is listed: we don’t know where customers will live, how often the product will be returned, how frequently there will be damaged. We need an extremely sophisticated system to manage this process
- Setting the price – you’ll partner with a team of data scientists to use algorithmic inputs such as elasticity models, margin targets and competitiveness targets to develop and implement pricing strategy at scale and monitor the results
- Presenting the price to customer – once a price target is set, serving it up to our storefront effectively to drive the desired customer behavior
Core to success in this role will be a deep sense of ownership, the ability to understand how changes in various parts of the system propagate to consumers, strong business acumen, and the ability to partner with both technical and business leaders to drive action.
- Design systems that balance rigorous and principled decision making with the pragmatic flexibility required to run the business on a day to day basis.
- Develop, champion, and execute long term system roadmap.
- Partner with various Wayfair teams to understand how changes to the business will impact raw data, business metrics, inputs into the pricing ecosystem, and customer facing prices.
- Partner with engineering leaders to ensure system stability and optimal customer facing prices.
- Work with data science leaders to incorporate latest insights into optimal price generation.
- Serve as a subject matter expert on the Pricing infrastructure and system to all levels of the company including the senior executive team.
- Invest in and mentor a team of analysts and product managers while recruiting top talent to further scale the team.
- As a member of our Product leadership team, help us continually improve our overall department across a variety of topics: recruiting, learning & development, team culture, product development processes, partnering with other Wayfair departments and external speaking/content generation.
- 10+ years’ work experience in heavily analytic rigorous, high-performance settings, with preference for candidates with experience with mix of start-up and large-company experience. While the ideal candidate has a mix of top-tier consulting and tech experience, we are primarily solving for demonstrated intrinsics around problem-solving, ability to build trust and credibility with a group of strong senior stakeholders, team building + leadership, ability to learn complicated new things quickly and technical understanding.
- 5+ years’ experience successfully leading and growing teams that are highly effective both in terms of impact and team culture
- Comfortable working closely with leaders in both data science and business strategy groups.
- Strong technical foundation, previous experience as a software developer or academic coursework in computer science preferred.
- Excellent analytical skills with demonstrated experience with hypothesis-driven learning and turning data into actionable insights
- Deep understanding of business strategy and metrics
- Superior communication skills with demonstrated ability to navigate a complex organization and generate buy-in for ideas and plans
- Entrepreneurial mindset, with a bias for action and ability to deal with extreme ambiguity and rapidly changing environments
- Strong academic background in a technical or quantitative field, MBA a plus.
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