Optimizing margin with setting the right prices in minutes

Optimize your pricing strategies with AI pricing so you never lose on margin again. SYMSON’s AI pricing automation tool works with smart algorithms and artificial intelligence to make your pricing more intelligent. Determining the optimum and ideal price has never been easier.

What is AI Pricing?

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Determining how much to charge for your product requires more consideration than just calculating your costs and adding a markup. Setting the price too high and you will lose valuable sales. Setting them too low and you will lose valuable revenues.

“How much the customer is willing to pay for the product has very little to do with cost and has very much to do with how much they value the product or service they’re buying,” says Eric Dolansky, Associate Professor of Marketing at Brock University in St. Catharines, Ont.

Traditional approaches of making pricing strategies and decisions are very labor-intensive, time-intensive and complex and are therefore often driven by hiring consultants or use of Excels which by no means provide all insights or advice on a large scale. SYMSON provides the technology and insights to make your company smarter, more flexible and more profitable by using your own data, experience and best practices.

Pricing situations in which SYMSON is used:

How do I make my pricing more intelligent by combining human expertise with AI insights?

At SYMSON we focus on Augmented Intelligence. This is a design pattern for a human-centered partnership model of people and artificial intelligence (AI) working together to enhance cognitive performance, including learning, decision making and new experiences. This means that SYMSON makes your entire organization more intelligent and data driven.

How can I increase the gross margin per customer?

With the SYMSON pricing application you can seamlessly execute the Key Value Item strategy by determining the leading products and Led products per (customer) group. With the price optimizations you can use different tactics to improve the total margin per customer

Read more about Key Value Items Pricing Strategy

How can I determine the price perception and willingness to pay?

The price perception can depend on the product, the sales channel, the customer group or the situation. Within SYMSON you can take all these factors into account, so that the optimal price and the willingness to pay / price elasticity can be calculated.

How do I automate my pricing?

For companies with many transactions, a large number of customers and thousands of price-product combinations, it is a labor-intensive, if not an impossible task to optimize all prices on margin.
With SYMSON you are capable of automated pricing through a combination of prediction algorithms, business rules and connections with the internal systems (APIs).

Uses multiple data sources.

To maintain a competitive and market relevant pricing strategy it is essential to require real-time input from multiple data sources. SYMSON accurate and sophisticated data-driven pricing software uses both internal and external data sources such as transaction data, product data, stock positions and competitive data and can seseamly integrate it with your systems.

With SYMSON intelligence you can make fast, accurate, data-driven decisions driven by advanced and sophisticated machine-learning algorithms.

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Why use SYMSON?

  • Get better prices than any human could calculate.
  • Better analytical decision making
  • Save your pricing team’s time on mundane tasks.
  • Customer analysis for personalised pricing
  • Real-time data to provide managers with daily forecasts

Frequently Asked Questions about SYMSON AI Software

Competitive Pricing only takes into account the position relative to the competition and usually lets the computer make the price decision itself. We believe that more factors influence the optimal price (seasonality, price elasticity, price perception and total basket value) and believe that you as a manager should be advised instead of the computer taking over the task.

We believe in the ultimate collaboration between man and machine. So our system is designed so that you still have full control. Our software gives you strategic advice and powerful insights, but the manager always makes the decision himself. For more information, you can read our vision on Augmented Intelligence.

Yes, with the development of our forecasting tool we take user friendliness very seriously. Our software is easy to use and easy to learn. If you have any questions, feel free to contact support.

This is of course a common question. SYMSON can be linked with all ERP systems such as SAP and Microsoft Dynamics or with web shops or PIM systems. Our integration experts will help you with this.

How it Works

Related Resources such as

Download the Ultimate Guide for Pricing in Post-Covid

The Coronavirus outbreak is a global humanitarian pandemic that has affected millions of people across the world. The world is not like it was that of last January. In this whitepaper we discuss the challenges in Pricing and how your organization can benefit from AI.