Categorise your products into KVI products and non-KVI products as separate groups. (If you are unsure of your KVI products, you can speak to our team! )
One tool for your whole company. Free for teams to try.
Categorise your products into KVI products and non-KVI products as separate groups. (If you are unsure of your KVI products, you can speak to our team! )
Create a pricing strategy for your KVI products that reduces their price and appropriate business rules and notifications. This could also include promotions or discounts to lower prices and encourage buying.
Create a separate pricing strategy for non-KVI products, increasing their prices and maximising margin. You can now export these prices and sell them separately OR bundle items together
Elasticity refers to how sensitive customer demand is to changes in price. Using price elasticity, our team can identify your KVIs. Your least price elastic products are likely to be your Key Value Items.
You can add discounts and promotions to entice customers to enter your store and buy a larger volume of KVI products.
Use KVI products to get a competitive advantage. Attract customers into your store with lower prices than your competitors and make up the difference in lost margin on non KVI products.
A supermarket chain has determined that pricing their milk at a low price is more likely to get customers to walk into their stores. Therefore, they use SYMSON to categorise milk as a KVI product. They can now price milk lower than other chains. Even if they do not make margin on milk, they can now raise prices on other non KVI products in store using SYMSON’s pricing engine.When a customer walks, they are more likely to buy other products. Therefore the basket value increases and the overall margin is maintained through other non-KVI products
An electronics store using SYMSON has determined that wireless headphones are a KVI and are highly price elastic. During peak shopping seasons like Black Friday or Christmas, the retailer uses SYMSON to set significant discounts on wireless earbuds to attract holiday shoppers and drive higher sales volumes. At the same time, they increase prices on other non KVI products to maintain overall margin and drive up basket value.
Categorise your products into KVI products and non-KVI products as separate groups. (If you are unsure of your KVI products, you can speak to our team! )
Create a pricing strategy for your KVI products that reduces their price and appropriate business rules and notifications. This could also include promotions or discounts to lower prices and encourage buying.
Create a separate pricing strategy for non-KVI products, increasing their prices and maximising margin. You can now export these prices and sell them separately OR bundle items together
Margin pricing calculates the selling price based on a predetermined margin percentage.
HOW TO USE KVI SEGMENTING
SYMSON can use Margin pricing in combination with the cost-based pricing strategy to keep a minimum margin intact. This block adjusts the SYMSON price such that the minimum margin requirements are met even when the cost price increases or prices need to be lowered.
Elasticity refers to how sensitive customer demand is to changes in price. Using price elasticity, our team can identify your KVIs. Your least price elastic products are likely to be your Key Value Items.
You can add discounts and promotions to entice customers to enter your store and buy a larger volume of KVI products.
One tool for your whole company. Free for teams to try.
Margin pricing calculates the selling price based on a predetermined margin percentage.
HOW TO USE KVI SEGMENTING
SYMSON can use Margin pricing in combination with the cost-based pricing strategy to keep a minimum margin intact. This block adjusts the SYMSON price such that the minimum margin requirements are met even when the cost price increases or prices need to be lowered.
SYMSON’s versatile pricing engine allows you to combine KVI segmented pricing with other pricing strategies and/or across different product groups. Here are just a few of the many possibilities
KVI Pricing for a Clothing Store
A supermarket chain has determined that pricing their milk at a low price is more likely to get customers to walk into their stores. Therefore, they use SYMSON to categorise milk as a KVI product. They can now price milk lower than other chains. Even if they do not make margin on milk, they can now raise prices on other non KVI products in store using SYMSON’s pricing engine.When a customer walks, they are more likely to buy other products. Therefore the basket value increases and the overall margin is maintained through other non-KVI products
KVI Pricing for an Electronics Store
An electronics store using SYMSON has determined that wireless headphones are a KVI and are highly price elastic. During peak shopping seasons like Black Friday or Christmas, the retailer uses SYMSON to set significant discounts on wireless earbuds to attract holiday shoppers and drive higher sales volumes. At the same time, they increase prices on other non KVI products to maintain overall margin and drive up basket value.
Categorise your products into KVI products and non-KVI products as separate groups. (If you are unsure of your KVI products, you can speak to our team! )
Create a pricing strategy for your KVI products that reduces their price and appropriate business rules and notifications. This could also include promotions or discounts to lower prices and encourage buying.
Create a separate pricing strategy for non-KVI products, increasing their prices and maximising margin. You can now export these prices and sell them separately OR bundle items together
Elasticity refers to how sensitive customer demand is to changes in price. Using price elasticity, our team can identify your KVIs. Your least price elastic products are likely to be your Key Value Items.
You can add discounts and promotions to entice customers to enter your store and buy a larger volume of KVI products.
Use KVI products to get a competitive advantage. Attract customers into your store with lower prices than your competitors and make up the difference in lost margin on non KVI products.
A supermarket chain has determined that pricing their milk at a low price is more likely to get customers to walk into their stores. Therefore, they use SYMSON to categorise milk as a KVI product. They can now price milk lower than other chains. Even if they do not make margin on milk, they can now raise prices on other non KVI products in store using SYMSON’s pricing engine.When a customer walks, they are more likely to buy other products. Therefore the basket value increases and the overall margin is maintained through other non-KVI products
An electronics store using SYMSON has determined that wireless headphones are a KVI and are highly price elastic. During peak shopping seasons like Black Friday or Christmas, the retailer uses SYMSON to set significant discounts on wireless earbuds to attract holiday shoppers and drive higher sales volumes. At the same time, they increase prices on other non KVI products to maintain overall margin and drive up basket value.
