App Update: Discount selection for Omnibus Pricing App

Elina Kotamäki — Thu, 28 Mar 2024 12:27:48 +0000

After closely listening to your valuable feedback, we’re introducing an eagerly awaited update to the Omnibus Pricing App: the bespoke discount selection feature. This enhancement is not just an addition; it’s a game-changer in how you determine your products’ lowest prior price.

Why do you need discount selection?

Traditionally, our app has diligently included all Shopify discounts in the calculation of your product’s lowest 30-day prior price. This encompasses both discount codes and automatic discounts that are available to every customer within a specific timeframe. However, aligning with the EU directive that only advertised and universally accessible discounts should factor into such calculations, we spotted a nuanced challenge. Essentially, a discount could technically be available to all but if it wasn’t actively marketed to everyone, should it influence your pricing strategy?

When to use it and how?

This is where our latest feature steps in. Now, within the Omnibus Pricing App settings, you’ll find a new section dedicated to customizing which discounts should be considered in your calculations.
Imagine you’re using a loyalty app that churns out numerous discount codes, yet only a select few are promoted to all customers. With the new “Include selected discounts” option, you can now cherry-pick the discounts that truly matter. The result? Only your selected discounts will impact the calculations, ensuring both precision and adherence to regulatory guidelines.

Important Considerations

The first consideration is naturally most critical. If you “clean” your pricing history by excluding real discounts, you might be violating the EU directive.
The second aspect is less critical but important to remember. Newly introduced discounts will not automatically find their way into your settings. Should you opt to include or exclude certain discounts from the calculation process, it’s essential to manually update your settings within the Omnibus Pricing App each time you introduce new discounts.

We're Here to Listen

Your insights and feedback are the backbone of our continuous improvement. Have questions about the new feature or thoughts on how we can further enhance your experience? Don’t hesitate to reach out in the customer chat. We’re all ears and here to support you every step of the way.

What is the Omnibus Pricing app?

We keep an eye on the lowest prices for 30 days and dynamically show them on your website. Show off your discounted pricing with confidence!

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Dynamic ABC Analysis: Powering Your Product Portfolio Management

Tomi Grönfors — Thu, 01 Jun 2023 06:26:04 +0000

In the constantly evolving world of e-commerce, effectively managing your product portfolio can be a challenge. Let alone to understand what products bring in the value and how that changes over time. ABC analysis is a handy tool, yet it often takes a lot of resources or manual work. We at Sniffie are on a path to make pricing simple for e-commerce, and to help you with that we released a new feature: Dynamic ABC analysis.

Dynamic ABC analysis

At its core, the Dynamic ABC Analysis feature is a pioneering AI algorithm that recalculates your product portfolio into ABC groups based on three key parameters: revenue, profit, and volume. Designed to streamline filtering, pricing analytics and dashboards, and dynamic pricing workflows, this feature is a game-changer for businesses looking to boost their pricing efficiency and profitability.

A Deeper Dive into Dynamic ABC Analysis

Dynamic ABC Analysis takes the traditional ABC inventory categorization and adds a new layer of intelligence to it. Earlier on your ABC classifications were updated maybe quarterly and were mainly done manually in Excel. With the help of AI, we generated a Dynamic ABC Analysis that is reliable, quick and dynamic. For a quick refresher, ABC classification is a method of sorting inventory into three categories:

Class A represents about 20% of the products, which are the highest profit contributors.
Class B signifies the next 30% of products with moderate profitability.
Class C encompasses the remaining 50%, usually the least profitable products.

However, Dynamic ABC Analysis goes one step further by dividing each category into three subcategories. For instance, class A products are further divided into subcategories

A1 (the best 0%-6.7%),
A2 (the following 6.7%-13.4%), and
A3 (the rest of A1 representing 13.4%-20%),

providing a more granular view of your product portfolio’s profitability.

Why machine learning and AI are the future of product pricing?

AI is a buzzword like no other. We sat down, wrote all we know about it and let you be the judge. Here is a seriously indepth 50-page insights on how to use artificial intelligence in pricing. Hope you find it useful!

How to use Dynamic ABC Analysis in different pricing workflows

Let’s explore how this innovative new feature can supercharge your operations across three key areas:

1. Filtering

Using Sniffie’s global filters, you can streamline your product catalog by selecting specific ABC categories. This means you can focus solely on for example ‘A1’ products, if desired, allowing you to zero in on the products that matter most. Further refine your filtering by incorporating other parameters such as revenue, category, or AI insights, creating a tailored pricing or analytics workflow.

2. Analytics and dashboard

Sniffie’s pricing dashboards incorporate Dynamic ABC Analysis, enabling you to create widgets and compare crucial aspects like revenue, profit, or volume development across different ABC categories. This provides rich, comparative insights to guide your strategic decision-making.

3. Automate your pricing strategies

Harness Dynamic ABC Analysis to shape your pricing strategies. By creating filters that utilize this feature, you can trigger automatic pricing changes based on a product’s category. For instance, if an ‘A1’ product’s volume is lower than expected, workflows could automatically adjust the price to stimulate sales.

A Tool for Every Team

The versatility of Dynamic ABC Analysis extends its utility across various teams within an organization. Whether you’re part of the pricing, category management, or supply chain team, this feature can provide essential insights into how product performance and pricing influence your daily operations.

In conclusion, Sniffie’s Dynamic ABC Analysis feature offers a powerful, sophisticated way of optimizing your product portfolio management. By providing real-time, AI-driven classification based on revenue, profit, and volume, this tool not only simplifies operations but also empowers businesses to make data-driven decisions that drive profitability. Welcome to the future of e-commerce – it’s as dynamic as your business needs to be.

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How to unleash pricing automation with comparison filters

Jonas Timonen — Wed, 31 May 2023 10:25:37 +0000

In an increasingly competitive marketplace, making data-driven decisions is more important than ever. Understanding this critical need, we at Sniffie are thrilled to announce our latest automation feature called the Comparison Filter. This powerful addition to our automation toolkit has been meticulously designed to ensure you can manage and strategize your product pricing and inventory more efficiently than ever before.

The Comparison Filter: A Tool for Optimal Pricing against targets

The Comparison Filter is a game-changer. It allows you to compare one numeric value to another, acting as a robust tool for both filtering and creating strategies that ignite, when something happens. By providing a comprehensive view of key metrics, this feature is designed to enable smarter decision-making and automation in even the most complex scenarios.

Don’t Have Pricing Automation with Filters Enabled Yet?

In case case you do not have pricing automation with filters enabled yet, you are for example focusing purely on price monitoring you can still use this feature to analyze your product catalog.

Down below we’ll go through why we strongly recommend to leverage pricing automation together with filters.

Making Strategic Pricing Decisions automatically: A Walkthrough

Here’s an example of the Comparison Filter in action:

Let’s start with a simple example. You wish to compare your product prices recommended retail price (RRP). You can easily add a filter with the ruleset “price greater than RRP.” This straightforward approach can help you quickly identify products that are priced above your desired threshold, thereby helping you maintain competitiveness and profitability.

But that’s not all! The Comparison Filter also opens up new vistas for strategic pricing. For instance, let’s say you want to maintain optimal inventory levels all the time. Using the Comparison Filter, you can create a strategy that ensures this.

Simply set up a rule in the filter that “stock is greater than desired stock.” This allows you to automatically identify any items that exceed your ideal inventory level. To adjust, you can then create automatic pricing strategies with this filtering, designed to increase sales velocity for those specific products.

Once the inventory dips below the desired stock level, the product’s price automatically reverts back to its original point before the pricing actions. This ensures a balance between maintaining healthy inventory levels and securing optimal profit margins.

Revolutionizing Pricing Automation

The ability to automate these strategies makes the Comparison Filter an incredibly powerful tool. It eliminates the tedious manual effort of tracking pricing and stock levels, freeing up your time for more strategic endeavors.

Imagine no longer needing to manually check your prices, page views or stock levels constantly. With the Comparison Filter, you can set your parameters and let the system handle the rest. It’s a more efficient, effective way to manage your inventory and pricing, even in the most challenging circumstances.

The Comparison Filter embodies our commitment at Sniffie to continuously innovate and provide tools that empower businesses to stay ahead in an ever-evolving market. With the Comparison Filter, you’re not just reacting to the market conditions; you’re proactively managing and strategizing for success.

Sniffie is proud to bring you a tool that transforms complex data into actionable insights. With the Comparison Filter, the power to make intelligent, data-driven decisions is literally at your fingertips. Experience it for yourself, and see how it can revolutionize your business strategies.

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Upcoming features highlighted

Tomi Grönfors — Mon, 30 May 2022 14:21:13 +0000

Highlight on new Sniffie features

We’ve truly transformed your pricing experience with our latest update. Firstly with the upcoming features, now in staging, you can effortlessly view and manage product data, explore your pricing workflows, and gain full ownership over the pricing landscape. Secondly you will be able to use demand-based pricing, see live results on dashboards and improve you ROI (return on investment) in pricing.

Highlighted features:

Improved data tables with new filtering
Specialized machine learning models for different use cases
Pricing dashboards
Pricing with live demand
Omnibus support for campaigns

1. Improved product data tables

When you are pricing a high number of products it is vital that you can quickly drill down to right products. Then select the right products and set those into pricing workflows immediately. Finally you can manage products in different workflows from the same view and make adjustments when needed.

The improved product data tables gives you a super easy access to any of your product related data from one simple view. With the product data tables you can control all your internal product data, product groups, campaigns, strategies, price changes and competitors. To make the use even simpler we updated our products filters. Filters that are simple, intuitive and include all columns from a one view.

Finally we separated product views so that your main view shows only your products. You can find competitors’ products from a separate view, if needed.

Quick pricing workflows from the catalogue

Align your pricing team and level-up your pricing profitability with new pricing workflows and dashboards. Set products immediately to different pricing workflows from the product catalogue. The options for different pricing workflows are:

One time price change with rules
Dynamic pricing strategies
Discount campaigns
Markdown campaigns
Profit optimization
Markdown optimization
Smart A/B testing

Finally all pricing workflows are equipped we premade settings to simplify the user experience. Just select the workflow and give the actions you want, and you are good to go.

Machine learning models with premade settings

We fine-tuned our machine learning models to include premade settings. That means you can use premade setups for different purposes. Run markdown campaigns or optimize product profitability just by selecting the workflow. All your products can also be put to automatic demand analyzer that works on the background.

By studying our customer usage we saw that there were certain settings that already gave the wanted end results. For more robust use cases, you are still able to modify our machine learning from simple settings.

Pricing and profitability dashboards

Sniffie is dedicated to make your pricing simple. When pricing your products, you also want to see how profitable it will be. The new pricing dashboards are the answer. You can create premade dashboards or generate personal dashboards with selected widgets to drill down into your profitability and pricing on any level you want. It is easy to get where you want when you know where you are going.

Pricing with live demand

Especially in times of high inflation, pricing matters. Price too high and you lose the volumes. Price too low and you make a loss. Knowing your market situation with the real insights on your actual demand is the key to success. Now you can quickly check what your demand is and how your competitors are positioned on the same view. This offers you an opportunity to plan prices before you make them. With all the data you really need. This feature is called price simulator, the name tells it all. We are including also a feature to set a bulk price change based on your demand during the summer, so your work comes even simpler.

Improved filtering

Improved filtering is also developed based on customer feedback. Easier handling means quicker results. Instead of having advanced filtering options you have now quick filters and a general filter for all your columns in your database. Very intuitive, understandable and the initial feedback has been a success!

Campaign tool updates

Running campaigns in EU area will change as EU’s new Omnibus Directive will set strict rules on new ways to show previous prices and comparison prices. These updates will be included in Sniffie’s new campaign tool update. The campaign module will automatically calculate the Omnibus prices and also include the discount codes needed. Your integration will immediately be updated with new compare at price, 30 day lowest price with all needed details.

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Recent product releases – Sniffie