What Is Dynamic Pricing?
Dynamic pricing lets you automatically adjust your rates based on booking demand. It lets you bump rates up or down based on how popular resources are at the time customers try to book them. You can also tweak booking rates when customers book resources at the last minute.
For example, you can increase booking rates by 25% when customers book resources less than 3 hours before the booking starts to discourage last-minute bookings.
Another example would be reducing booking rates by 15% during low-demand times to encourage customers to book them.
You can define dynamic pricing for all resources in your space in one go via Settings > Bookings and calendar settings on the Admin Panel.
You can also define rate-specific dynamic pricing that only applies to resources using specific rates.
If you define both types of dynamic pricing, Nexudus will always apply the rate-specific dynamic pricing over the general one.
How Dynamic Pricing Works
Dynamic pricing can apply in 3 different scenarios:
- Projected demand based on Trends
- Last minute bookings
- Remaining availability
Each dynamic pricing option lets you increase or reduce the applicable booking rate based on a set of parameters. You can define resource pricing at the space level to adjust all the rates of all resources in your space. You can also fine-tune this general setup and define rate-specific dynamic pricing. Each rate-specific dynamic pricing applies to all resources using that rate.
Projected demand
This dynamic pricing option lets you adjust booking prices based on customer demand. You can adjust booking rates based on three demand periods:
- High demand
- Average demand
- Low demand
Each demand period can be reduced or increased by a certain rate that will increase or reduce the price of a booking based on that rate.
For example, if a resource is priced at $50 per hour, and you define a 10% increase during high demand periods, a customer booking this resource during a high demand period will automatically be charged $55 per hour.
For more details, check out Defining Dynamic Pricing.
Last-minute bookings
This dynamic pricing option lets you tweak booking rates when customers book a resource at the last minute.
You can define a gradual change, meaning the booking price gradually adjusts up to a certain percentage over a selected duration.
For example, increase a booking's price up to 20% if the customer books the resource within 3 hours of the booking start time.
You can also define a fixed change, meaning the booking price is adjusted by a certain percentage over a selected duration.
For example, increase booking prices by 20% if customers book within 3 hours of the booking start time.
For more details, check out Defining Dynamic Pricing.
Remaining availability
This dynamic pricing option tweaks booking rates based on how booked a resource is for the current day. It is based on the amount of time where the resource isn't booked for the current day.
For example, a resource is available to book from 9 to 5 or 10 hours on any given day. You can make sure that if customers have already booked over 5 hours out of the 10 hours
FAQ
Can I see how much was added/deducted from a booking through dynamic pricing?
Yes, bookings charged using dynamic pricing include a Dynamic Adj. line that lets admins know the value of the price adjustment.
If I have a general dynamic pricing and multiple rate-specific dynamic pricings set up, will my customers be charged the two rates?
No, if you have a general and a rate-specific dynamic pricing set up, we'll always use the resource-specific pricing.