This study proposes an integrative framework for examining how reference pricing, Internet of Things (IoT) technologies, customer behavioral responses, and omnichannel structures jointly influence pricing decisions. The analysis focuses on a two-echelon supply chain comprising a manufacturer and a retailer. The demand function has a general form—allowing for linear, convex, and concave specifications—to enable a nuanced investigation of customer behavior under different market conditions. Beyond price, demand is shaped by the level of IoT investment, as IoT technologies enhance perceived service quality and, through reference price effects, strengthen customers’ willingness to pay. Three decision-making scenarios are evaluated: single-channel, centralized omnichannel, and decentralized omnichannel selling. For the linear demand case, the closed-form optimal pricing and investment solutions are derived; for nonlinear demand settings, an efficient search-based algorithm is employed. The findings indicate that IoT investments, particularly when combined with omnichannel retailing strategies, substantially increase supply chain profitability. Sensitivity analyses with respect to behavioral and technological parameters further yield actionable managerial insights for designing effective pricing policies and optimizing IoT investment decisions.