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Unlock your pricing potential with elasticity:
High-velocity products better performance
Cross-elasticity models for commodities
Optimal strategy for exclusive products
Incorporate seasonality, regional trends product lifecycles
Price Elasticity measures how much the quantity demanded of a product responds to a change in its price. It provides valuable insights into how sensitive consumers are to price changes based on products, services, and market conditions.
Take advantage of the innovative Pricing Elasticity features of SYMSON. Create a strategy that helps you to react to changes in the market and beat the competition.
Set optimal prices for margin or revenue
Combine with 9 innovative Pricing Strategies
Use Smart Business Rules to tailor your pricing
We’ve curated the the best of our content resources around pricing to empower you with the knowledge you need to get started on your price optimisation journey!
We are big believers in bringing the human and machine perspective together to improve the rate of learning. Empowering people with the knowledge and technology to solve problems and improve is our mantra. This is Hyperlearning™.
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
Continue to learn and upgrade the process
Check out this Case Study to see how we define your Use Cas: Goal Setting, Identifying Product Catalog, Price Drivers and Strategy and more.
Here, we discussed a case study that emphasizes how SYMSON helped a company in:
Increasing gross margin
Data driven decisions
Fine-tuning brand value
Our collection of expertly curated guides is here to empower you with the knowledge you need! Explore innovative pricing strategies that will help you boost revenue, retain customers, and outsmart the competition.
Before deciding on the optimal pricing strategy, price-determining factors need to be evaluated. Is cost a primary decision-making factor? Opt for a cost-based strategy. Should competition also be taken into account? Gain insight into your most important pricing parameters and combine different strategies with SYMSON’s Pricing Strategy Builder.
SYMSON collects historical product data to calculate the price-elasticity, Key Value Items products, and other aspects to spot patterns and learn from the past.
Our system analyses your product assortment and identifies their price sensitivity for better categorisation. It then suggests the correct prices accordingly.
You can customise primary drivers like price elasticity, Key Value Items, margins, and more to your industry with customised drivers. Connect your data source to SYMSON to build your pricing strategy.
Price Elasticity of Demand measures the responsiveness of the quantity demanded of a product to a change in its price. It gives insights into how sensitive consumers are to price fluctuations.
To calculate a product's price elasticity, we divide the percentage change in quantity by the percentage change in price.Using the elasticity formula, businesses can determine and distinguish elastic products from inelastic ones. Next, you can set better prices for each product or category to maintain revenue flow and profits.For elastic products, companies can reduce prices to increase sales volume. Decreasing prices will help improve your brand's price perception in the market.For inelastic products, businesses can increase prices to draw higher margins with a limited impact on units sold.
If a product is 'elastic', a small change in price results in a larger change in demand. If it's 'inelastic', demand doesn't change much even with significant price variations.
Understanding PED helps businesses set optimal prices. If demand for a product is inelastic, businesses might raise prices without losing many sales. Conversely, for elastic products, competitive pricing can increase sales volume.
Greater competition usually leads to more elastic demand since consumers have more substitutes. If one seller raises prices, consumers might switch to a competing product.
Yes. Factors like consumer habits, availability of substitutes, or external economic conditions can alter elasticity over time.