New standard will simplify price comparisons

Price is a significant factor when making purchase decisions. But with an explosion in product choices — a survey of an Australian supermarket, for example, showed it had 55,000 items — as well as greater variations in product sizes and packaging, comparing similar products based on price is a complicated, time-consuming task.

Unit pricing is a simple solution that allows consumers to quickly assess the value of products when compared with similar ones packaged in a different manner. Research has shown that, where it exists, consumers are likely to use it in making their choices, but it is not always widespread and laws and units vary widely around the world.

To address this disparity, ISO experts have formed a committee aimed at developing a standard to make unit pricing work effectively.

ISO project committee ISO/PC 294, Guidance on unit pricing, has started work on an International Standard that will establish guidelines and principles of unit pricing such as visibility, accuracy, consistency and uniformity.

Committee Chair John Furbank explained that the new standard will make comparing products easier for consumers and give retailers a competitive edge.

“The standard will provide the potential to save consumers millions of dollars worldwide, and benefit retailers by adding to customer satisfaction and thus loyalty.”

The standard is likely to be published sometime in late 2017.