At the core of our pricing process is the AI driven algorithm. This algorithm uses key internal and external data factors to ensure that you’re setting the best prices
At the core of our pricing process is the AI driven algorithm. This algorithm uses key internal and external data factors to ensure that you’re setting the best prices
The Second dimension is used to gather all you historical data to calculate the price-elasticy, kvi-products, and learn from the past.
The first dimension of the Algorithm takes relevant macro factors such as weather, economic situation, geographics into account.
The Third dimension can be configured to weight your product-market position, the competion, your customers and brand position.
Our Dream
Imagine humans taking charge of their businesses, with technology by their side. A world where technology could help companies by recommending more intelligent ways of working. A world where humans could work with smart data and give the algorithm feedback. Hence, creating a loop of learning where man and machine get smarter together! Watch our video about our dream
Our AI model takes into account several factors while calculating prices. This results in a more holistic overview while setting your price points.
These are factors outside the influence of your organisation. These factors are based on the PESTEL Analysis
Supply Chain Inventory
Economic Situation
Weather
Seasonality
Geographies
Holidays & Events
Energy Price
Traffic Jams
Political Regulations
These are factors outside the influence of your organisation:
Customer Classification
Margin
Customer Behaviour
Discounts
Promotion
Platform Costs
Assembly Costs
Transportation Costs
Commission Costs
Salary Costs
Location Store: eg. selling at train station versus grocery store
These are dimensions concerning different aspects of the product
Market Position
Brand Position
Quality of Product
Service Level
Customer Experience
Uniqueness Catalog
Private Label
Brand Value
Perceived Quality
Delivered Added Value
These are factors concerning your customers and their behaviour. These determine changes in your pricing strategy
Product Popularity
Key Value Items
Customer Segments
Buying Trends
Age
Price Change Acceptance
Customer Loyalty
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
SYMSON is part of a select list of international Al companies with great potential. "It is a great honor to be recognized, and because our product is continuously evolving with the needs of Dcustomers, innovation is at the forefront of our roadmap. We look forward to presenting ourselves to this jury of product Al experts", say Felix Janszen and Arian Oosthoek (founders of SYMSON).
It’s a great honor to be recognised. Our product is continuously evolving with the needs of customers, innovation is at the forefront of our roadmap.
Our pilot model used data inputs such as price elasticity, leading products (the most popular items i.e, key value items), seasonality, customer segmentation, cost price changes, and margin KPIs as business rules. The model was tested in a single product assortment in one of their countries of operation. The experiment was tested over one month for 50% of the transactions in this assortment. The AI driven prices resulted in a 22% higher margin compared to the previous gut-feeling driven prices. The evaluation of this methodology and the results gave us more ideas how to scale this up for other countries and for other companies.
Today our platform hosts pricing strategy builders by tracking these key components. The simplicity of SYMSON consists of several plug-and play algorithms that can be customised to your organisation. Our core model uses primary drivers such as margins, cost prices , price elasticity, key value items and seasonality and smart business rules can be customised to your industry with customised drivers. Simply connect your data sources to SYMSON and you can start building your own pricing strategy.
We believe the speed of learning is your competitive advantadge. Implementing AI is therefore not a one-time activity, but a process of continous improvement and learning from the model and the organisation. We are constantly learning from various industries and companies. With of the flexibility of our model, we can identify and include the relevant data sets that matter for your pricing With several learning loops we help you, the organisation, and the model make more acccurate predictions.
SYMSON started as a spin-off from the Erasmus University Rotterdam to translate scientific knowledge into practical solutions. We bring scientific models, data science and software engineering together in an AI platform where users can optimise prices. We work closely together with leading scientific researchers and pricing experts.
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