How to handle inflation in the right way

Temper the effects of high inflation rates with the right pricing strategies and software implementations.

Two people using Automated Smart Pricing Software SYMSON to manage their prices during high Inflation
SIMON & KUCHER:

"In very volatile markets the challenge will be to have multiple price increases a year. It's a new skill to learn."

SYMSON

What is the impact of high inflation rates on your pricing strategy?

The way you manage your pricing is crucial when the inflation rates are skyrocketing – it determines who stays profitable and who loses out on margin.

It is important for businesses to know how inflation influences their pricing policies. However, many pricing strategies are grown out of historical prices or cost-based structures. During times of high inflation, costs skyrocket for businesses. This ultimately leads to a lower or non-existent profit margin.

Businesses that are able to increase their prices effectively, are going to win during high inflation rates, because they can capture profit margins that they did not capture before.

What are the biggest challenges during inflationary times?

A customer that is happy to have increased their margins and revenue using the smart AI Pricing platform SYMSON
Challenge #1

Increased Costs

During inflationary times, price elasticity
is more important than ever.
  • Rising costs lead to lower profit margin.
  • Harder to predict future prices of suppliers.
  • Profitability of organisation is more unstable.
A user that cannot optimise their margins because they are not using price elasticity analysis in SYMSON
Challenge #2

Price Elasticity

During inflationary times, price elasticity
is more important than ever.
  • Demand for products usually decreases when the price is increased.
  • Price elasticity is different for each product.
  • Customers may respond negatively to your businesses if price is increased or they switch to a competitor.
A client unable experiment with cost changes because they are not using the run predictions module in SYMSON
Challenge #3

Timing of price increase

Deciding to increase prices is one thing,
but when and how is a completely different story.
  • Difficult to estimate when it is the right time to increase prices.
  • Large product portfolios become harder to manage manually.
  • It is hard to get every department on one line for a price increase when there is time pressure involved.

The SYMSON Solution

The framework of the Machine Learning and AI module in SYMSON

Smart Algorithms

SYMSON

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AMAZING DESIGN

Benefits of using SYMSON

1

Rapid implementation

You can  start with automating your prices with only invoice data or purchase prices per product.

2

Automated cost price changes

If your cost prices increase, SYMSON can automatically incorporate this into your sales prices.

3

Take into account more relevant drivers

We have the 9 most important built-in pricing strategies, ready to be implemented in a few mouse clicks.

4

Apply your own business rules

Translate your business knowledge and KPIs easily into business rules for the pricing strategies.

5

Reduce manual errors

Use notifications when certain events happen. Learn, adjust and keep control over your pricing management easily.

How SYMSON customers deal with price automation

37K
Prices Optimised
18%
Increase in Margin
Bernard Verburg, a client of SYMSON happy to have an increase in margins
"With SYMSON, the company's price management improves enormously, causing the company to acquire higher margins." - Bernard Verburg, CEO of MegaGroup
See case study
80%
Increase Revenue
4X
Customer Productivity
“Before 2020, we sent a few email blasts with MailChimp here and there, but it wasn’t a focus. Once we shifted away from retail-only sales to eCommerce sales”
See case study
90%
Increase Revenue
5X
Customer Productivity
“Before 2020, we sent a few email blasts with MailChimp here and there, but it wasn’t a focus. Once we shifted away from retail-only sales to eCommerce sales”
See case study
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Optimise your margin with intelligent pricing software

The Cover of the White Paper of SYMSON for increasing your price potential

Download Whitepaper

A price optimisation project is a major undertaking for any company. To help you make the right decisions in the process, we have written down our best practices in this white paper.

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AMAZING DESIGN

Here's what our customers say

30%
Faster Responses
18%
Increase in ARR
"I can't believe how much easier Unicorns made our lives. We're saving so much time with their automated tracking!"
See case study
80%
Increase Revenue
4X
Customer Productivity
“Before 2020, we sent a few email blasts with MailChimp here and there, but it wasn’t a focus. Once we shifted away from retail-only sales to eCommerce sales”
See case study
90%
Increase Revenue
5X
Customer Productivity
“Before 2020, we sent a few email blasts with MailChimp here and there, but it wasn’t a focus. Once we shifted away from retail-only sales to eCommerce sales”
See case study