Sniffie's Pricing Matrix looks and feels a lot like our other module, Price Matrix. However, the Pricing Matrix contains one key difference when compared to Price Matrix; You can price your products with it!

This article will cover only the features specific to Pricing Matrix. We highly recommend you read our article about Price Matrix before proceeding with this one.

This article contains information on:

  1. Anatomy of Pricing Matrix cell

  2. Manual pricing

  3. Observing and accepting price suggestions

  4. Run manual repricing

  5. Price analytics and indicators

  6. Custom price information

  7. Price simulator

  8. Adding products to pricing strategy

Anatomy of Pricing Matrix cell

Pricing Matrix cell can contain a lot of different data, if you wish so. By default, only the current price is visible alongside with icons demonstrating if the product belongs to an active pricing strategy, campaign or if it has a pending price suggestion (Also the default Price Matrix indicators are shown.

default pricing cell layout

Default look of the Pricing Matrix -cell

However, you can toggle on some additional information to the Pricing Matrix cell if you want:

  1. Click on the "Matrix" -icon on the upper right corner of the matrix

    cell layout options icon
  2. Select what additional information you wish to see

    cell layout options

  3. The additional information is now visible on the pricing matrix cell

    additional information pricing cell

Manual pricing

It is also possible to manually reprice products in Pricing Matrix by clicking the desired product's cell. This will open up the row and you will be able to enter the new price for this product.

manual pricing cell

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 for manual price changes.
Easily review and accept price suggestions for single or multiple products with one click by applying suggestions as manual price changes.

accept suggestions

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"

run manual repricing

After that you're asked to input some information related to these price changes like when you wish that these prices go live. You can also save these prices for someone else to accept, for example if your organization is following a four-eye principle, by clicking "Confirm price changes manually". She'll then receive these price changes as suggestions in her 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!

run repricing settings

Price analytics and indicators

Sniffie will provide you with some additional information regarding the new price you've set. You can see this information when you click your webshop's own pricing cell.

The information is separated to two different kinds: Indicators of when a certain condition is fulfilled (or not), and some numeral data like 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:

  1. Margin target achieved

  2. Customers are likely to notice this price change

  3. The price change is not too drastic

  4. Price change is above market minimum price

  5. Price change is above market maximum

  6. Price is psychologically appealing (ends with .*5, .*0 or .*9 )

new price indicators

Custom price information

Custom columns can now be assigned data types in account settings. When displaying custom columns in Pricing Matrix, data will be displayed accordingly and we only compare prices with other prices (If column type is set to numeral in account settings, Pricing Matrix will not calculate the difference).

custom price column

Price simulator

You can see the forecasted effect of your new price change by opening the "Price simulator" by clicking on its icon on the cell.

open price simulator

You can test new prices for your product and see the forecasted effect of your price change live on the graphs. If you know that your costs are going to change in the future, fill in the information and see what would be the new optimal price point with 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. You can read more about it here.

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