Read more about the journey of our customer: the difficulties they faced, the way we approached them and the results that followed.
INDI is a webshop with more than 450,000 products. They offer premium brand products in every industry and category. INDI stands out in the market through quick deliveries, an extensive product assortment, and great customer service. Across their head office in Groningen and their warehouse in Varsseveld, they work with more than 30 specialists to become the most customer-friendly company in the Netherlands.
SYMSON believed that intelligent pricing would greatly benefit INDI. On one hand, automated pricing would help relieve the amount of manual work and mitigate the risks associated with it (e.g. input error, decisional shortcomings, ineffective or time-consuming practices). On the other hand, augmenting the expertise of the pricing manager with pricing optimisation strategies would provide a more accurate, holistic approach to pricing. Less error-prone and tedious work, paired with clear pricing optimisation strategies would eventually increase margins, ensuring INDI stays competitive in the future.
SYMSON provided INDI with several undeniable advantages:
The SYMSON team kicked the project off with a brainstorm in which the current and future pricing strategies of the company were discussed. Three pricing strategies were defined:
The SYMSON team started with analysing the market, keeping track of the competitors and automating the process. The competitor pricing strategy was implemented to get more insights into the competitors and have the right response to them. A competitive pricing model allowed the business to regulate positioning in relation to competitors, reducing the chance of losing market share. Moreover, the cost-plus pricing model was used to determine a price that ensures each product is sold for a profit. The elasticity of the products was also defined, in order to ensure a good balance between maximising profit and retaining customer satisfaction.
The results are based on the criteria below:
The customer was satisfied with SYMSON and the overall progress. The chosen modules are running smoothly, and the pricing manager is now successfully working with the all-in-one pricing management system by SYMSON. Overall, the company suffers from less manual errors, as all pricing processes are automated. The pricing potential of the company was unlocked via a well-structured and effective pricing strategy., which led to a significant boost in margins.
To sum up, pricing is a particularly powerful tool for wholesale businesses. The pricing environment provides access to a plethora of data and data streams – fantastic for some of the data hungry algorithms in SYMSON. In the case of this customer, a combination of quality data, powerful technology, and a strong project team produced the accurate results that the client needed to succeed.
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