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Pricing

Algorithm

Level 2: Your Business

The Second dimension is used to gather all you historical data to calculate the price-elasticy, kvi-products, and learn from the past.

Level 1: Macro factors

The first dimension of the Algorithm takes relevant macro factors such as weather, economic situation, geographics into account.

Level 3: Your Situation

The Third dimension can be configured to weight your product-market position, the competion, your customers and brand position.

THE AI SCIENTIFIC MODEL

The ‘birth’ of the Model

Our Dream
Imagine humans taking charge of their businesses, with technology by their side. A world where technology could help companies by recommending more intelligent ways of working. A world where humans could work with smart data and give the algorithm feedback. Hence, creating a loop of learning where man and machine get smarter together! Watch our video about our dream

Our story
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The Results
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Enable Hyperlearning™
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UNDERSTANDABLE AI FOR PRICING ALGORITHM

Scientific approach to AI

Our AI model takes into account several factors while calculating prices. This results in a more holistic overview while setting your price points.

External Factors

These are factors outside the influence of your organisation. These factors are based on the PESTEL Analysis

Supply Chain Inventory

Economic Situation

Weather

Seasonality

Geographies

Holidays & Events

Energy Price

Traffic Jams

Political Regulations

System or Internal Factors

These are factors outside the influence of your organisation:

Customer Classification

Margin

Customer Behaviour

Discounts

Promotion

Platform Costs

Assembly Costs

Transportation Costs

Commission Costs

Salary Costs

Location Store: eg. selling at train station versus grocery store

Business Specific Drivers

These are dimensions concerning different aspects of the product

Market Position

Brand Position

Quality of Product

Service Level

Customer Experience

Uniqueness Catalog

Private Label

Brand Value

Perceived Quality

Delivered Added Value

Customer Behaviour Factors

These are factors concerning your customers and their behaviour. These determine changes in your pricing strategy

Product Popularity

Key Value Items

Customer Segments

Buying Trends

Age

Price Change Acceptance

Customer Loyalty

Our Dream is to create a Hyperlearning™ world

WE DO NOT BELIEVE IN BLACKBOX AI

Why we believe in Explainable AI

Unlike blackbox AI. we made sure this model is explainable and transparent to all who use our platform. Every recommendation from the AI provides the logic and the rules applied to arrive at that price.  It’s crucial for the users to understand the algorithm and provide their own input to make it better. This way, we can harness the best of man and machine.

Provide your own input

Spot errors and recognise shortcomings

Improve accuracy

Continue to learn and upgrade the process

AWARAD WINNING AI

Awards & Recognitions

SYMSON is part of a select list of international Al companies with great potential. "It is a great honor to be recognized, and because our product is continuously evolving with the needs of Dcustomers, innovation is at the forefront of our roadmap. We look forward to presenting ourselves to this jury of product Al experts", say Felix Janszen and Arian Oosthoek (founders of SYMSON).

AWARAD WINNING AI

Awards & Recognitions

It’s a great honor to be recognized. Our product is continuously evolving with the needs of customers, innovation is at the forefront of our roadmap.

The Results of our Algorithm by users of the Model

Raise Margin by 4 - 7%

A customer that is happy to have increased their margins and revenue using the smart AI Pricing platform SYMSON
The model on average predicts a margin increase of 4%-7%
On average, our AI algorithm can realise a gross margin increase between 4%-7% It analyses the data and delivers valuable information for optimising your assortment, margin or revenue

Analyse up to 52 variables!

A user that cannot optimise their margins because they are not using price elasticity analysis in SYMSON
The brain can handle 7 variables at a time. Our model can track 52!
Smart algorithms and AI use multiple data sources such as costs, weather, competitor prices, price elasticity, and more to predict the most optimal price points for different products automatically.

Make better Decisions

A client unable experiment with cost changes because they are not using the run predictions module in SYMSON
The model can make recommendations based on business scenarios
SYMSON uses historical sales data to run predictions of future scenarios. The AI Algorithm can make recommendations based on these scenarios to ensure optimal prices for every product.
WE DO NOT BELIEVE IN BLACKBOX AI

How was the Algorithm tested in Practice

Our pilot model used data inputs such as price elasticity, leading products (the most popular items i.e, key value items), seasonality, customer segmentation, cost price changes, and margin KPIs as business rules. The model was tested in a single product assortment in one of their countries of operation. The experiment was tested over one month for  50% of the transactions in this assortment. The AI driven prices resulted in a 22% higher margin compared to the previous gut-feeling driven prices. The evaluation of this methodology and the results gave us more ideas how to scale this up for other countries and for other companies.

WE DO NOT BELIEVE IN BLACKBOX AI

How can I adjust the Algorithm to my Business

Today our platform hosts pricing strategy builders by tracking these key components. The simplicity of SYMSON consists of several plug-and play algorithms that can be customized to your organisation. Our core model uses primary drivers such as margins, cost prices , price elasticity, key value items and seasonality and smart business rules  can be customised to your industry with customised drivers. Simply connect your data sources to SYMSON and you can start building your own pricing strategy.

OUR PROCESS TO HELP YOU

Our Agile Approach to Personalise Your AI Algorithm

We believe the speed of learning is your competitive advantadge. Implementing AI is therefore not a one-time activity, but a process of continous improvement and learning  from the model and the organisation.  We are constantly learning from  various industries and companies. With of the flexibility of our model, we can identify and include the relevant data sets that matter for your pricing With several learning loops we help you, the organisation, and the model make more acccurate predictions.

Scientific BackBone

SYMSON started as a spin-off from the Erasmus University Rotterdam to translate scientific knowledge into practical solutions. We bring scientific models, data science and software engineering together in an AI platform where users can optimize prices. We work closely together with leading scientific researchers and pricing experts.

Meet our Algorithm Specialists

Felix Janszen
em. Professor Doctor
Cristian Maris
Senior Data Science
Bogdan Spinean
Technical Director
Raluca Lichiardopol
Lead Data Science
A photograph of Raluca Lichiardopol, lead data science

Get in touch

And we’ll help answer any questions you might have about our API Solution

“I would love to help you discover our AI tooling”

Vincent Gelink
Commercial Director