One tool for your whole company. Free for teams to try.
This building block computes the SYMSON price using price optimization through elasticity based-modelling.
This means: using the sales data, SYMSON trains a demand elasticity model that is used for optimizing the price by maximizing margin or revenue.
If this model meets the quality constraints indicated by the user, the SYMSON price is set to the optimized price.
Elasticity can vary for certain products in different seasons. For example, foods like turkey are popular around Christmas time. Stores can raise prices closer to Christmas as they know customers are more willing to pay higher prices.
Our team can use price elasticity to identify Key Value Items which are an important strategy for improving profit margins.
These business rules allow for SYMSON to change prices based on elasticity model but also be used in conjunction with business rules as a guardrail to prevent large price fluctuations or loss in margin
A supermarket chain using SYMSON has been able to identify that bread is an inelastic product as it is a necessity for most. They also notice that meat is an elastic product and that demand is highly responsive to price changes. Using this knowledge, they apply price elasticity model to these products to determine the best price for both products that will obtain the best margins and maintain demand.
A retail company launches a new set of celebrity designed sports shoes. To determine the elasticity of this product, they apply the elasticity model within SYMSON to track the demand for the product. After a certain amount of sales data they are able to determine the best price which will elicit the maximum demand, while maintaining their profit margins
This building block computes the SYMSON price using price optimization through elasticity based-modelling.
This means: using the sales data, SYMSON trains a demand elasticity model that is used for optimizing the price by maximizing margin or revenue.
If this model meets the quality constraints indicated by the user, the SYMSON price is set to the optimized price.
Price elasticity of demand is the measure of how sensitive the demand for a product or service is to changes in its price.
HOW TO USE PRICE ELASTICITY
In SYMSON, you can identify products that are price elastic and inelastic. It calculates price elasticity of your products based on historical data for different price cycles.Using elasticity pricing, our algorithm studies the current prices and prompts you to adjust the prices based on your business objectives and strategic positioning.
Elasticity can vary for certain products in different seasons. For example, foods like turkey are popular around Christmas time. Stores can raise prices closer to Christmas as they know customers are more willing to pay higher prices.
Our team can use price elasticity to identify Key Value Items which are an important strategy for improving profit margins.
One tool for your whole company. Free for teams to try.
Price elasticity of demand is the measure of how sensitive the demand for a product or service is to changes in its price.
HOW TO USE PRICE ELASTICITY
In SYMSON, you can identify products that are price elastic and inelastic. It calculates price elasticity of your products based on historical data for different price cycles.Using elasticity pricing, our algorithm studies the current prices and prompts you to adjust the prices based on your business objectives and strategic positioning.
SYMSON’s versatile pricing engine allows you to combine Price Elasticity with other pricing strategies or apply across different layers of your pricing process.
Price Elasticity Pricing for a Supermarket Chain
A supermarket chain using SYMSON has been able to identify that bread is an inelastic product as it is a necessity for most. They also notice that meat is an elastic product and that demand is highly responsive to price changes. Using this knowledge, they apply price elasticity model to these products to determine the best price for both products that will obtain the best margins and maintain demand.
Price Elasticity Pricing for Retail
A retail company launches a new set of celebrity designed sports shoes. To determine the elasticity of this product, they apply the elasticity model within SYMSON to track the demand for the product. After a certain amount of sales data they are able to determine the best price which will elicit the maximum demand, while maintaining their profit margins
This building block computes the SYMSON price using price optimization through elasticity based-modelling.
This means: using the sales data, SYMSON trains a demand elasticity model that is used for optimizing the price by maximizing margin or revenue.
If this model meets the quality constraints indicated by the user, the SYMSON price is set to the optimized price.
Elasticity can vary for certain products in different seasons. For example, foods like turkey are popular around Christmas time. Stores can raise prices closer to Christmas as they know customers are more willing to pay higher prices.
Our team can use price elasticity to identify Key Value Items which are an important strategy for improving profit margins.
These business rules allow for SYMSON to change prices based on elasticity model but also be used in conjunction with business rules as a guardrail to prevent large price fluctuations or loss in margin
A supermarket chain using SYMSON has been able to identify that bread is an inelastic product as it is a necessity for most. They also notice that meat is an elastic product and that demand is highly responsive to price changes. Using this knowledge, they apply price elasticity model to these products to determine the best price for both products that will obtain the best margins and maintain demand.
A retail company launches a new set of celebrity designed sports shoes. To determine the elasticity of this product, they apply the elasticity model within SYMSON to track the demand for the product. After a certain amount of sales data they are able to determine the best price which will elicit the maximum demand, while maintaining their profit margins
