innovative Algorithm
Elevate Pricing with Elasticity
Optimise your pricing strategies with elasticity models. Set optimal prices, anticipate demand, and stay ahead of the competition.
Scientific and Proven Algorithm. No Blackbox!
Combine different strategies with Business rules
BENEFITS
What does Price Elasticity Software bring to your organisation?
More informed and dynamic pricing decisions that adapt to market conditions, competition, consumer behaviour, and many other variables.
You will be able to:
Insights into setting optimal prices
Ability to Run Simulations on price changes
Enhanced Demand Forecasting
Better promotional campaigns and product positioning
TAKE ALL FACTORS INTO ACCOUNT
How does Price Elasticity Software work?
Unlock your pricing potential with elasticity:
Pricing is your most important decision
Price Leadership is key
Automate your pricing process
Benchmarks are needed to survive
B2B: Track and manage vendors
High-velocity products better performance
Cross-elasticity models for commodities
Optimal strategy for exclusive products
Incorporate seasonality, regional trends product lifecycles
Increased Profitability
Take your pricing to the next level
What is Price Elasticity?
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.
SMART FEATURES
Key Features of Price Elasticity Software
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
Set prices for optimal margin
Set prices for optimal revenue
Define best market entry strategy
Data-driven promotional campaigns
Set your desired market positioning
Demand forecasting & risk assessment
Become Agile to market conditions, competition, etc
DEEP INSIGHTS
Gain more knowledge on Symson's Capabilities
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!
Adopt Hyperlearning™ into your organisation
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™.
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
Watch: Setting your Custom Use Case
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
Interpretable insights
Fine-tuning brand value
STUDY
Pricing Knowledge Guides
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.
OUR INTEGRATIONS
Why SYMSON stands apart from other solutions
Google Shopping Integration
The SYMSON API
Spreadsheets
Website Scrapers
CUSTOMISE YOUR STRATEGY
Combine with other strategies
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.
SETTING UP
How it works in SYMSON
Gathers and Analyses Historical Product Data
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.
Identifies the nature of your product assortment
Our system analyses your product assortment and identifies their price sensitivity for better categorisation. It then suggests the correct prices accordingly.
Allows to Customise the Algorithm to your Business
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.
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HAVE A QUESTION?
Frequently Asked
Questions
Got a question? We're here to answer! If you don't see your question here, drop us a line on our Contact Page.
What is Price Elasticity of Demand (PED)?
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.
How is PED calculated?
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.
What do the terms 'elastic' and 'inelastic' mean in this context?
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.
Why is understanding PED important for businesses?
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.
How does competition affect Price Elasticity?
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.
Can Price Elasticity change over time?
Yes. Factors like consumer habits, availability of substitutes, or external economic conditions can alter elasticity over time.
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Vincent Gelink
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