90% of the pricing decisions depend on intuition and spreadsheets

CHALLENGES

Pricing managers face multiple challenges

Many decisions are driven mostly by intuition

It is often difficult for pricing managers to single-handedly evaluate everchanging market circumstances and customer behaviour. Setting optimal prices for new products and adjusting prices for current products when markets shift require pricing managers to rely greatly on their intuition. However, intuition alone may not be the best strategy for pricing optimisation.
‍Read More.
Pricing managers could benefit greatly from combining their expertise with valuable market data in order to make informed decisions.

SYMSON brings together scientific research, data science and software engineering to automate and optimise pricing. SYMSON's unparalleled, fully transparent, smart algorithms help complement your valuable expertise with accurate data and perfect your pricing process. Collapse...

Hard to take into account all factors of the pricing process

Once you begin supplementing your decision making with data, having to take into account a wide array of market factors such as competition, price sensitivity, internal KPIs, rising costs, product popularity, etc., might feel overwhelming. SYMSON makes it easy to evaluate these drivers and data points, provides recommendations, and lets you combine multiple strategies to find the best course of action.

Data science and AI processes lack transparency

It is difficult to justify putting your trust into something you cannot fully understand. Current AI and ML systems lack transparency, and so their method of operation is not fully apparent. While these algorithms can process copious amounts of data and bring you accurate results, not being able to monitor, understand, and therefore adjust their functionalities severely hinders their usefulness and adaptability.
Read More.
For this reason, SYMSON focuses on Hyperlearning™, explaining the logic behind the pricing algorithm so that the user gains a deeper understanding of the outcomes and the processes leading to them.Collapse...

Lack of insight into product performance and price sensitivity

Understanding the price sensitivity of a particular product is crucial to developing and maintaining an effective pricing strategy. Consumers are seldom willing to pay more when a lower-priced alternative is available, so being informed on the price elasticity of demand is paramount to appreciating price sensitivity.
Read More.
SYMSON provides an easy way to monitor price elasticity, as well as valuable insights into the price sensitivity of all products in your assortment. With SYMSON, you can always set the perfect price and optimise your profit.Collapse...