Discover all ins and outs about dynamic pricing

The Dynamic Pricing Guide

Why, benefits, use cases and more...

ABOUT DYNAMIC PRICING

Dynamic Pricing: Unlocking Competitive Advantage in a Dynamic Market

1

Introduction to Dynamic Pricing

Today consumers sift through multiple platforms and check their prices before purchasing. Following this, companies have adapted to set new and optimal prices according to such market shifts in a blink of an eye. This pricing strategy is called dynamic pricing. It considers multiple parameters - from macro to micro - to suggest accurate prices.

Dynamic pricing strategy is a flexible technique that allows businesses to adjust prices in real-time to optimise revenue and meet market dynamics. Let’s explore the concept of this pricing strategy, its benefits, examples, and how businesses can effectively leverage this approach to drive success in both offline and online environments.

2

What is Dynamic Pricing?

Otherwise known as pricing based on demand, dynamic pricing is a strategy that involves adjusting prices timely based on market conditions, customer behaviour, and many other relevant factors. Unlike traditional fixed pricing models, dynamic pricing enables businesses to set prices depending upon their competition, market demand trends, customer behaviour, and so on.

You can also consider macro factors like seasonality, region, current economic condition, and the like. By leveraging advanced algorithms and real-time data, you can find accurate prices. This enables you to optimise pricing and hence revenue, improve profitability, and enhance customer satisfaction. To go even deeper, you can read our blog, What is Dynamic Pricing?

How does Dynamic Pricing Work?

The goal of such an automated pricing tactic is to optimise revenue and profit by offering the right price at the right time to maximize customer willingness to pay while also ensuring product availability.


  • In a dynamic market, factors like consumer preferences, external aspects, and competitor actions constantly influence pricing dynamics. To keep pace with such parameters, this automated pricing strategy utilises algorithms and data analytics in real-time to set new optimal prices.
  • Businesses can employ various types of dynamic pricing algorithms and models, enabling them to adapt their pricing strategies based on real-time information. This approach allows companies to stay competitive and capture maximum value from their products or services.

DYNAMIC PRICING FUNCTIONALITY

7 Steps on How Dynamic Pricing Works

Besides macro and micro factors, there is a process to how you can set smart prices according to the frequently changing market scenarios.

Here’s how to leverage dynamic pricing strategy using AI. »

Let’s look at the steps taken by intelligent pricing platforms:

Real-time data analysis

Dynamic pricing continuously analyses the current scenario to gauge correct prices. It checks for shifts in competitor prices, seasonality, historical sales performance, and other relevant aspects. You can read our blog to check How seasonally sensitive is your market?

1

Determining price elasticity

Price elasticity is the sensitivity level of customer demand to changes in price. Dynamic pricing algorithms assess price elasticity for different products to determine how much customers are willing to pay at any given time.

2

Identifying demand patterns

The pricing algorithms also identify demand patterns based on specific factors like time of day, day of the week, seasonality, and special events. High-demand periods may trigger price increases, while low-demand periods could lead to discounts to stimulate sales.

3

Assessing competitive intelligence

The algorithm for the dynamic pricing model continuously monitors and responds to competitor price changes in real-time. If a competitor lowers prices, the dynamic pricing algorithm may suggest new prices considering the minimum margin set in business rules to remain competitive or optimise margins. You can read our blog to learn the importance of business rules and constraints in AI pricing.

4

Personalisation

You can personalise pricing for individual customers by understanding their browsing behaviour, purchase history, loyalty status, and other niche and relevant data. It helps better customer experience and grows brand loyalty.

5

Rapid price adjustments

One of the exclusive features of dynamic pricing is its ability to make rapid price adjustments. Prices can be changed multiple times throughout the day or even within minutes (like Amazon) to respond to fluctuations in demand or market conditions.

6

Additionally, businesses offering highly differentiated or unique products and services may be able to justify higher prices, even if they are not directly competitive with other offerings in the market. Ultimately, the choice of a pricing strategy should be informed by a thorough understanding of the business's unique circumstances, market dynamics, and customer preferences.

In summary, AI in pricing equips organisations with the tools and insights to make smarter, faster, and more customer-centric pricing decisions. This leads to enhanced profitability, competitive advantage, and a better understanding of the market and customers,all of which are crucial for success in today's fast-paced and ever-evolving business landscape.

How to Use an AI-powered Software to Optimise Prices Based on Dynamic Pricing

By using pricing software, companies can consider competition, identify their product’s elasticity, consumer reaction to price changes and more. You can also analyse historical data, consider the seasonality, country and other higher aspects to determine optimal prices. Likewise, you can enhance profitability to the optimal point and scale your business to new heights.

Watch this video to understand the core principles of Dynamic Pricing. »

DYNAMIC PRICING STRATEGIES

4 Types of Dynamic Pricing Strategies

Multiple drivers unite to enable the dynamic pricing model with such flexibility to suggest accurate prices. While there are various types in question, let’s look at the crucial dynamic pricing types strategies closely and understand each of their functionality.

1

Perfectly Elastic Demand

This occurs when a slight change in price results in an infinite change in quantity demanded. In other words, consumers are susceptible to changes in price and will only buy a product at a specific price.

2

Perfectly Inelastic Demand

This occurs when a price change does not impact the quantity demanded of the product. In other words, consumers are willing to buy a product regardless of its price.

3

Relatively Elastic Demand

This occurs when a small change in price results in a fairly significant change in quantity demanded. In other words, consumers are sensitive to changes in price and will likely buy more of a product if the price decreases. 

4

Relatively Inelastic Demand

This occurs when a price change has a relatively small effect on the quantity demanded. In other words, consumers are not very sensitive to changes in price and will likely continue to buy a product even if the price increases.

5

Unitary Elastic Demand

This occurs when a change in price results in a proportional change in quantity demanded. In other words, consumers are exactly as sensitive to changes in price as they are to quantity demanded.

1

Costs of Goods Sold (COGS)

Understanding the cost structure of a product or service is essential when implementing a competitive pricing strategy. This includes considering direct costs, such as materials and labour, and indirect costs, such as overheads and marketing expenses. By comprehensively analysing costs, businesses can determine the minimum price at which they can sell their offerings without incurring losses while ensuring they remain competitive.

2

Competitor prices

A thorough analysis of competitors is crucial when adopting a competitive pricing strategy. Businesses must identify their primary competitors, monitor their pricing strategies, and assess the price range within which their offerings fall. This information allows businesses to set their prices in a manner that is competitive while still delivering value and maintaining profitability.

3

Market conditions

Market conditions, such as supply and demand, also play a significant role in competitive pricing. When demand is high, businesses may have more flexibility in setting higher prices without losing customers. Conversely, during periods of low demand, businesses may need to lower prices to remain competitive and attract customers. By staying up-to-date with market conditions, businesses can make informed pricing decisions that optimise their competitiveness and profitability.

4

Product differentiation

The level of differentiation a product or service offers compared to competitors influences the effectiveness of a competitive pricing strategy. If a business can demonstrate unique features, superior quality, or additional value, it may be able to justify higher prices than its competitors. In contrast, for products or services with little differentiation, the price may become the primary factor in attracting customers, necessitating a more aggressive pricing approach.

5

Target customer segment

Identifying the target customer segment is another essential factor when determining competitive pricing. The price sensitivity of the target market will influence the business's pricing decisions. For example, if a business targets price-conscious customers, it may need a lower pricing strategy to remain competitive. Conversely, if targeting a more affluent customer segment, the business may have greater flexibility to set higher prices.

1

Identifying New Price Sensitivity Drivers

As you know by now, the first step would be to find new drivers that influence price sensitivity. To do this, you can combine customer point-of-view along with datasets. This process ensures more precision in calculating the sensitivity level.

2

Create a Regression Model

You can calculate the quantity, average price, and other numerical or categorical factors for each product to construct a data frame for the customer. Using this dataset, we at SYMSON built a regression model. Studying these datasets allows businesses to quantify the influence of each driver on price sensitivity and sales volume.

3

Aggregate Coefficients from the Regression Model

This step uses the regression output to calculate the price sensitivity scores of each product. The equation yields a price sensitivity prediction, which represents how a 1% change in price impacts the % change in quantity sold or demanded. For instance, price sensitivity of -4% means that a 1% rise in price results in a 4% drop in the quantity sold.

4

Interpret Price Sensitivity Scores

Based on the coefficient computation from the regression model, we assign weightage differently to different coefficients to calculate the sensitivity score. A higher sensitivity indicates that customers are more responsive to price changes, while a lower score indicates a less significant response.

5

Act upon Price Sensitivity to increase Margin or Sales

After the price sensitivity test for a set time period, you can implement strategies for the product group in order to balance profit margin expansion and sales growth.

1

Time-based Pricing

This approach involves adjusting prices based on seasons, day(s) of the week, or specific hours. For instance, hotel rates may be higher during peak travel seasons or weekends.

2

Demand-based Pricing

Pricing based on demand entails setting prices higher during periods of high demand and lower during periods of low demand. Airlines often use this strategy, with prices fluctuating based on factors like seat availability and time of booking.

3

Segment-based Pricing

This approach includes dividing customers into different segments and offering customised pricing based on their characteristics or behaviours. For instance, a software company may offen differ.

4

Competitor-based Pricing

Continuous analysis of market prices is necessary to promptly reprice your products either to stay competitive or to gain margins with a powerful value proposition. The dynamic pricing model considers this approach to maintain competence in the market.

1

Seasonal Pricing

You may have noticed that prices fluctuate for these industries greatly depending on seasonality. These industries are primarily looking to maximise revenue since they have a limited supply (i.e., they have a fixed number of rooms or seats).

2

Surge Pricing

Cab services usually increase their prices in areas or timings where they detect high demand, like events, pubs, and commute times.

3

E-Commerce Sites

Sites like Amazon test different prices throughout the day and year based on customer behaviour and the volumes of data. They may also change prices seasonally, for example, during the holiday season.

4

Market-Based Pricing

During times of inflation, companies are likely to see a decrease in consumer spending and an increase in costs. As suppliers' costs increase, most companies increase their prices accordingly to keep profit margins intact. Others may choose to slash prices to encourage spending.

5

Customer-Segment-Based Pricing

Some products can be offered to different customer segments at various price points based on their purchasing power and habits. SaaS companies, for example, have different tiers of pricing based on the kind of user they sell to, whether individuals or businesses.

6

Product Lifecycle-Based (price skimming)

This is usually seen in luxury brands where the initial price for a product may be much higher at first, compared to later in its lifecycle when the hype (and demand) die down.

1

Collecting your historical data

The algorithm gathers historical and real-time data from various sources. This includes internal data like sales history, production costs, and inventory levels, as well as external data such as market trends, competitor prices, and customer behavior.

2

Processing the accumulated data

The collected data is cleaned and prepared for analysis. AI algorithms require high-quality, relevant data to make accurate predictions. This stage often involves handling missing values, removing outliers, and ensuring the data is in a format suitable for analysis.

3

Selecting relevant factors

The algorithm identifies which factors (features) are most relevant to pricing. This could include product types, time of day, seasonality, customer segments, and more. Selecting the right features is crucial for the effectiveness of the pricing model.

4

Training the model

The AI uses the prepared data to train a machine-learning model. This involves feeding the data into the model and adjusting the model's parameters until it can accurately predict prices. Common techniques include regression analysis, decision trees, and neural networks.

5

Testing and Validation

The model is tested on a separate set of data to validate its accuracy. This helps ensure that the model will perform well on real-world data and not just the data it was trained on.

6

Predictive Analysis:

Once validated, the AI model analyzes current market data and predicts the most effective pricing strategy. It considers how different pricing options might affect demand, competitor responses, and overall profitability.

7

Dynamic Pricing:

The AI algorithm continuously updates its predictions based on new data. As market conditions change, the algorithm adjusts its pricing recommendations to remain optimal. This is often referred to as dynamic or real-time pricing.orm well on real-world data and not just the data it was trained on.

8

Pricing Monitoring and Adjustments:

The performance of the AI pricing model is continuously monitored. If the market changes or the model's predictions become less accurate, it may be retrained or adjusted to improve performance

As you understand by now the nature of dynamic pricing, that is their timely repricing suggestions, and the plethora of drivers it considers to calculate prices, let’s look at how it benefits an organisation when optimally executed. To know more, you can read our detailed blog on the Business Benefits of Dynamic Pricing.

In summary, competitor pricing analysis is a critical component of an effective pricing strategy, helping businesses to understand the market landscape, identify opportunities, and develop strategies that maximise profitability and competitiveness. By continuously monitoring and adapting their pricing strategies, businesses can stay ahead of the competition and deliver value to their customers.

GET COMPETITOR PRICING DATA

How to Get Competitor Data?

Obtaining competitor pricing data is essential for businesses looking to establish an effective competitive pricing strategy. By gathering and analysing this data, businesses can better understand the pricing landscape, identify trends, and make informed decisions that help them remain competitive. Here are several methods businesses can employ to gather competitor pricing data. Here’s a thorough guide to data scraping.

1

Manual research

One straightforward approach to collecting competitor pricing data is through manual research. This can involve visiting competitor websites, physical stores, or online marketplaces to gather information on product prices, discounts, and promotions. Although this method can be time-consuming and may not provide real-time data, it can offer valuable insights into competitor pricing strategies.

2

Price tracking tools

Several price tracking tools are available in the market that can help businesses monitor competitor prices. These tools enable businesses to track prices for specific products or categories across multiple websites and platforms. Some price tracking tools also offer additional features, such as historical price data, competitor analysis, and market trend analysis, which can provide valuable insights for developing a competitive pricing strategy.

3

Web scraping

Web scraping is the automated process of extracting data from websites using specialized software. Businesses can use web scraping tools like Beautiful Soup, Scrapy, Selenium, Cheerio, etc., to gather competitor pricing data from e-commerce platforms, competitor websites, or other online sources. This method can provide more accurate and up-to-date data compared to manual research. Still, it may require technical expertise and ongoing maintenance to ensure the accuracy and reliability of the data.

4

Industry reports and data providers

Businesses can subscribe to industry reports or purchase data from third-party data providers to access competitor pricing information. These sources typically offer aggregated data on pricing trends, market dynamics, and competitor activities, providing businesses with a comprehensive view of the pricing landscape in their industry.

5

Social media and online formula

Monitoring social media platforms and online forums can also provide businesses with insights into competitor pricing strategies. Customers often share their experiences, opinions, and even product prices on these platforms, allowing businesses to gather valuable information on competitor prices and customer preferences.

6

Competitor collaborations

In some industries, businesses may benefit from collaborating with their competitors to share pricing data. This approach can promote transparency and help create a more competitive market environment. However, businesses must carefully consider the potential risks and legal implications associated with sharing pricing information with competitors.

ERP SYSTEM VS PRICING MANAGEMENT TOOL

How are ERP systems and Smart Pricing Software Different?

Enterprise Resource Planning or ERP systems integrate various business processes to improve overall efficiency. On the other hand, smart pricing software uses artificial intelligence to set optimal and intelligent prices by analyzing market and customer data.

The former streamlines internal operations and the latter enhances profitability through data-driven pricing strategies. Read more about how ERP systems and price intelligence software are different. Let’s have a look at the basis of their differences:

1

Functionality and Specialisation

ERP Systems offer broad business management capabilities, including basic pricing functions. They're designed to integrate various business processes but aren't specialized in pricing.

AI-Powered Price Management provides specialized, advanced pricing capabilities. They focus exclusively on optimizing pricing strategies using sophisticated algorithms and are tailored for this specific function.

2

Pricing Strategy and Adaptability

ERP Systems generally support basic pricing strategies with manual updates and rules-based adjustments. They're less adaptable to rapid market changes and typically require manual update intervention.

AI-Powered Price Management
employs dynamic and real-time pricing strategies, automatically adjusting prices based on market conditions, demand, and competitor actions. They offer a more adaptable and responsive approach to pricing.

3

Analytics and Insights:

ERP Systems include general analytics and reporting features which cover a broad spectrum of business data, including some pricing insights. However, these are usually not as in-depth or specific to pricing optimization.

AI-Powered Price Management
provides advanced analytics and predictive modelling specifically for pricing. They can forecast market behaviour, predict the impact of price changes, and suggest optimal pricing strategies based on deep learning and data analysis.

4

Automation and Efficiency:

ERP Systems handle various business processes with a certain level of automation, but pricing updates often require manual intervention and are subject to human error.

AI-Powered Price Management offers a high degree of automation, particularly for pricing adjustments. They reduce the need for manual updates, thereby minimizing errors and increasing operational efficiency.

5

Scalability and Customization:

ERP Systems are scalable across various business functions but may have limitations when it comes to handling complex, evolving pricing strategies. Customization is possible but can be broad and not as deep for pricing needs.

AI-Powered Price Management
is highly scalable and customizable when it comes to pricing. They can accommodate an expanding array of products and complex pricing structures, adapting as the business and market evolve.

In essence, while ERP systems provide an integrated solution for managing various business operations with basic pricing capabilities, AI-powered price management systems offer a focused, sophisticated approach to pricing. They bring advanced analytics, real-time adaptability, and a high degree of automation to the table, specifically catering to the dynamic needs of modern pricing strategies.

What is Price Scraping?

Price scraping is when automated web scraping tools or software extract pricing data from various e-commerce websites, online marketplaces, or competitors' websites. This data can then be analysed to inform pricing strategies and make better business decisions.

What is a Price Engine?

A price engine is a specialised software tool that determines the optimal prices for products or services by analysing various factors such as market demand, competitor pricing, cost of goods, and customer behaviour.It uses algorithms and data analytics to dynamically adjust prices in real-time, helping businesses maximise profits, improve sales, and remain competitive in the market. Essentially, it automates and optimises the decision-making process for pricing.

How to Scrape Prices from Websites?
  • Identify competitors
  • Determine the kind of data you want to collect
  • Pick a data scraping tool
  • Analyse the scraped data
  • Create a powerful competitive pricing strategy
How to Scrape Prices from Websites?
  • Identify competitors
  • Determine the kind of data you want to collect
  • Pick a data scraping tool
  • Analyse the scraped data
  • Create a powerful competitive pricing strategy

How does Dynamic Pricing help Companies?

Dynamic pricing is a powerful pricing strategy that enables businesses to enhance profitability through timely price optimisations across online platforms or websites using automation. Here is how companies benefit from using dynamic pricing strategy. ».

E-commerce
Arrow
Airlines
Arrow
Fast-food chains
Arrow
Customise your pricing
strategy
Arrow
Use competitive pricing
intelligence
Arrow
Unlock seasonality insights
Arrow

In summary, dynamic pricing not only helps increases your profit margins but also establishes your brand image over a period of time. Businesses using this strategy are significantly ahead of their counterparts.

ELASTICITY PRICING USE-CASES BY ROLE

How Elasticity Pricing can help you in your role

No items found.
Amazon

The E-commerce giant is one of the classic dynamic pricing examples due to their frequent price changes within a small time frame. Amazon pricing strategy includes updating product prices every 10 minutes, to offer the best possible price to its customers. Changing prices this often is not required for every business, but doing so a few times per week can already lead to significantly increased business results.

Amazon

The E-commerce giant is one of the classic dynamic pricing examples due to their frequent price changes within a small time frame. Amazon pricing strategy includes updating product prices every 10 minutes, to offer the best possible price to its customers. Changing prices this often is not required for every business, but doing so a few times per week can already lead to significantly increased business results.

Hotel Platforms

These websites also have their own custom dynamic pricing software to offer the best possible prices for their products to their platform visitors. The custom dynamic pricing software of these companies often reacts to factors that change the demand for rental hotels or apartments such as seasonality, holidays or scarcity.

B2B Companies

Small and medium-sized businesses are increasingly using their own custom dynamic pricing software to increase their profit margins and revenue. For example, they automate price changes for changes in different factors such as costs, to prevent inflation and supply chain challenges from impacting their profit margin.

By choosing the right competitive pricing tool, businesses can gather valuable insights into competitor pricing strategies and develop data-driven pricing strategies that enhance their competitiveness, profitability, and market positioning.

How does Dynamic Pricing help Companies?

Dynamic pricing is a powerful pricing strategy that enables businesses to enhance profitability through timely price optimisations across online platforms or websites using automation. Here is how companies benefit from using dynamic pricing strategy. ».

Maximising Revenue
Arrow
Optimising Inventory
Arrow
Timely Adaption to Market Changes
Arrow
Effective Customer Retention
Arrow

In summary, dynamic pricing not only helps increases your profit margins but also establishes your brand image over a period of time. Businesses using this strategy are significantly ahead of their counterparts.

How Dynamic Pricing Works in Online and Offline Stores

Adjusting prices dynamically in both online and offline stores requires careful consideration of various drivers mentioned before. While for online stores, it’s pretty easy as the process starts from the platform itself and implements changes on the different websites and online marketplaces, dynamic pricing offline is slightly different in the initial process of gathering your current prices. Let’s take a look at where offline differs followed by how it works in both channels.

How Offline Stores Collect Store Prices using Electronic Shelf Labels (ESLs)

In retail stores, each product has its own code or product identification number. The numbers/codes of products are displayed on the shelves for the pricing system’s easy access to current product prices. ESLs are connected to the dynamic pricing platform for prompt price adjustments in real-time. You can have a proper understanding of the Electronic Labels here.

Certain products that are price elastic, doesn’t necessarily mean price is the only influence. Read more »

No items found.
DYNAMIC PRICING USE-CASES

How Different Businesses Implement Dynamic Pricing

Amazon

Amazon reprices their products in every 10 minutes on average making it the go-to place for consumers. Read more to check Amazon’s ROI using dynamic pricing.

Amazon reprices their products in every 10 minutes on an average making it the go-to place for consumers. Read more to check the Amazon’s ROI using dynamic pricing.

Uber

Depending on the traffic, weather or time of the day, Uber automatically raises or lowers prices to make rides attractive for chauffeurs or customers respectively.

Depending on the traffic, weather or time of the day, Uber automatically raises or lowers prices to make rides attractive for chauffeurs or customers respectively.

Airbnb

Airbnb automatically changes property prices if there’s a any of the considered factors: including season, location, property features, etc. Read more to understand the ROI after using dynamic pricing in Airbnb.

Airbnb automatically changes property prices if there’s a any of the considered factors: including season, location, property features, etc. Read more to understand the ROI after using dynamic pricing in Airbnb.

How Dynamic Pricing Works in Online and Offline Stores

Companies, both online and offline, can use dynamic pricing to automate their pricing process using advanced datasets and maintain accurate price points. Let’s take a look how you can do it in both of the situations. Read more about how Dynamic Pricing works in e-commerce.

AI PRICING SOFTWARE PROCESS

How SYMSON’s Genius Dynamic Pricing Benefits Companies

In SYMSON, you can combine different pricing strategies to outsmart competition and stay ahead of the game. Using multiple strategies helps companies find the optimal price as it includes multiple parameters. Better yet, you can automatically set your prices without affecting your profit margins. You can find out more about Genius Dynamic Pricing here.

Easy to integrate and use

The Genius Dynamic Pricing doesn’t require coding abilities allowing Pricing managers and business owners to use it easily. Our import and export API allows seamless integration with your downstream system.

Customise your strategy

Our Pricing Strategy Builder allows you to combine different and build your own customisable model. You can also maintain limitations and set your business rules.

Automate & avoid manual errors

Reduce dependency on time-consuming spreadsheets and intuition. Automate the entire pricing process, review and set new price recommendations on time and optimise profitability.

IMPLEMENT DYNAMIC PRICING IN SYMSON

Functionalities of the Genius Dynamic Pricing Solution in SYMSON

In SYMSON, besides the following top attributes, you can apply psychological pricing tactics, import and export seamlessly in your preferred file type and much more. Read more about what you can do with the Genius Dynamic Pricing in SYMSON.

While looking for a pricing software, one should take into account the following data system integrations and features.

In SYMSON, besides the following top attributes, you can apply psychological pricing tactics, import and export seamlessly in your preferred file type and much more. Read more about what you can do with the Genius Dynamic Pricing in SYMSON.

Automatic pricing upon cost, variables or trends.

Use Smart AI Strategy Algoritihms.

Receive Automatic Optimised Prices.

Price Elasticity Algoritihms.

Smart Prices per Group, Region or Marketplace.

Smart Business Rules.

Combine Multiple Pricing Strategies for Accurate Pricing.

How SYMSON’s Pricing Algorithm works

We created the algorithm with the help of Scientific Researchers from Erasmus University: bringing in scientific models, data science, and software engineering together in an AI platform where users can optimise product prices. Read more about SYMSON’s smart algorithm here.

No items found.

How SYMSON’s Elasticity 
Algorithm Helps Companies

How SYMSON’s Price
Engine Helps Companies

How SYMSON Helped WitwayGain a Competitive Edge in its Market

How SYMSON’s AI Pricing Tool Works

How SYMSON’s Competitive 
Pricing Helps Companies

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.

How SYMSON’s elasticity feature helped La Place enhance their pricing strategy

What you can do with Genius Dynamic Pricing?

What you can do with Genius Dynamic Pricing?

How SYMSON’s competitive pricing feature helped 
INDI enhance their pricing strategy

Accommodated their growing product assortments

Witway’s product assortments were growing, and they found SYMSON’s scalability aspect helpful to accommodate all products regardless.

Compete & Strentgthen market position

SYMSON’s features allowed Witway to adapt to the market shifts quickly and more efficiently. Streamlining and automation made Witway’s pricing process smoother than ever gradually securing a higher market position.

React swiftly to market changes

SYMSON’s automation helped them set new product prices faster than most competitors. This helped them gauge more revenue.

HAVE A QUESTION?

Frequently Asked Questions on Dynamic Pricing

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 dynamic pricing?
Arrow
What is static vs dynamic price?
Arrow
What is dynamic pricing strategy?
Arrow
What is the benefit of dynamic pricing?
Arrow
Is dynamic pricing effective for e-commerce?
Arrow
How does the dynamic pricing algorithm work?
Arrow
How to set dynamic pricing offline?
Arrow
What are the dynamic pricing types?
Arrow
What is the difference between surge pricing and dynamic pricing?
Arrow
What is the difference between yield management and dynamic pricing?
Arrow

RESOURCES

The Next Steps on your Pricing Journey

We’d love to share some incredible resources that will help you further understand pricing strategy and give you the best head start on your pricing journey.