Sniffie's Pricing Matrix looks and feels a lot like our other module, Price Matrix. However, the key difference is that with Pricing Matrix you can price your products. Whereas Price Matrix is a static data table.
This article will cover only the features which are specific to Pricing Matrix. We highly recommend you read our article about Price Matrix before proceeding with this one.
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Anatomy of a Pricing Matrix cell
A Pricing Matrix cell can contain a lot of different data, and you can control the amount of information that a Pricing Matrix cell communicates. By default, only the current price is visible along with icons that communicate whether the product belongs to an active pricing strategy, a pricing campaign or if it has a pending price suggestion. The default Price Matrix indicators are shown.
Default look of the Pricing Matrix -cell
However, you can toggle on some additional information indicators in the Pricing Matrix cell if you desire. To do so, follow these steps:
Click on the Matrix icon on the upper right corner of the matrix
Select the additional information you wish to see in your Pricing Matrix cell.
The additional information is now visible in the Pricing Matrix cell
Manual pricing
It is also possible to manually reprice products in the Pricing Matrix from the desired product's cell. Clicking on the cell of any given product in the Pricing Matrix makes it editable, and you will be able to enter the new price for that product.
Observing and accepting price suggestions
Not yet ready for automatic price changes? This feature bridges the gap between manual and automatic pricing by providing tools for utilizing strategy-based price suggestions to execute manual price changes.
Easily review and accept price suggestions for single or multiple products with one click by applying suggestions as manual price changes.
Run manual repricing
Once you are done manually repricing your products, you'll want to accept the changes you've made and run the repricing. This is done by clicking the button on top of the Pricing Matrix labeled Run manual repricing.
After that you're asked to input some information related to your price changes, such as when you wish the new prices to go live. You can also save your price changes for someone else to review and accept. This is helpful if your organization follows a four-eye, or peer review principle. To save your price changes for review click on the Confirm price changes manually button. Your designated colleague will then receive those price changes as suggestions in their pending price confirmations.
You're also able to download these prices if you do not have an integration set up and you'd wish to push these prices manually to your own pricing system. Input your password and click Run repricing and you are done!
Price analytics and indicators
After adjusting a product’s price from the Pricing Matrix, Sniffie will provide you with some additional information regarding the new price you've set. You can see this information when you click your web-shop's own pricing cell.
There are two different kinds of information that we provide. The first is in the form of indicators which communicate if a certain condition is fulfilled (or not). The other is displayed as numerical data, such as profit and forecasts with the new price.
The visual indicators tell you if the new price you set meets certain conditions or not (green means that the condition is met and red that it is not). Below is an example of the indicators in use:
Margin target achieved
Customers are likely to notice this price change
The price change is not too drastic
Price change is above market minimum price
Price change is above market maximum
Price is psychologically appealing (ends with .*5, .*0 or .*9 )
Custom price information
Custom columns can now be assigned specific data types in your account settings. When using custom columns in the Pricing Matrix your data will be displayed accordingly and we only compare prices with other prices.
Note: If the column type is set to numerical in your account settings, Pricing Matrix will not calculate the difference.
Price simulator
You can see the forecasted effect of your new price change when opening the Price simulator by clicking on its icon on the cell.
With the price simulator you can test new prices for your product and see the forecasted effect of your price change live in graphs. If you know that your costs are going to change in the future, you add that information and see what the new optimal price point becomes with the new product costs.
Select competitors from the dropdown to include competitors' price data to the graphs.
Adding products to pricing strategy
You can also add products to a pricing strategy through Pricing Matrix, read more about how this can be done here.