Nowadays, social pricing is a popular marketing tool in e-commerce. It enables firms to advertise their products by offering discounts to consumers who share product information via social media. In this paper, we study the impacts of social pricing in a commonly seen supply chain structure, i.e., a multi-channel structure where the manufacturer sells a product to consumers through both a retail channel and a direct online channel. We analyze two social pricing strategies: one is the manufacturer-led mode in which the manufacturer implements social pricing through its direct online channel, and the other is the retailer-led mode in which the retailer implements social pricing offline. We also consider a spillover effect of social pricing between channels, i.e., social pricing can expand the total potential market size no matter who implements it. Using a two-period dynamic pricing model, we characterize the consumers’ decisions on whether to share information with their peers and which channel to buy from. We also derive the optimal social pricing strategies for the manufacturer and retailer.