Defining Dynamic Pricing

You can define a general dynamic pricing that applies to all resources in your space or define dynamic pricing for specific resource rates. You can also combine both options to have a general dynamic pricing that applies to most resource rates alongside dynamic pricing that only applies to a few specific resource rates.

Both general and rate-specific dynamic pricing are defined in a similar way.

General Dynamic Pricing

You can define a dynamic pricing at the space-level to apply the same dynamic rates across all resources. This dynamic adjustment automatically applies to all the rates available for each of your resources.

General dynamic pricing is ideal if you offer the same rates to members and contacts or if you want o adjust booking rates in the same way for every customer.

For example, you want to increase all resource booking rates by 10% during high demand times and reduce them by 20% during low demand times to boost bookings. In this scenario all members and contacts will be charged the applicable rate based on those adjustments.

1. Log in to dashboard.nexudus.com if you aren't already.

2. Click Settings > Bookings and calendar settings. 

3. Click on the Dynamic pricing tab.

4. Define the dynamic rates you want to apply during high, average and low demand times.

5. Select Gradual or Fixed if you want to dynamically adjust the price of last minute bookings.

6. Define the rate Adjustment you want to apply.

7. Define how long the adjustment should last prior to the booking start.

For example if you want to adjust booking rates for bookings made within 3 hours before their start, you should add 180.

8. Click Save settings.

Your dynamic pricing is now live. All new booking made from now will be adjusted based on the defined dynamic pricing.
If you have rate-specific dynamic pricing set up, Nexudus will use the applicable rate-specific adjustment rather than the general one.

Rates Dynamic Pricing

You can also define a custom dynamic pricing that only apply to resources using a specific rate. Rate-specific dynamic pricing always overrides any general dynamic pricing in place.

Rate-specific dynamic pricing is particularly useful if you offer different rates to members and contacts. This dynamic pricing allows you to offer different adjustmnents to each customer subset.

For example, you want members to pay the same price regardless of the demand but also want contacts to be charged 5% more during high demand times. In this scenario, you can edit the rates that only apply to contacts to adjust their booking rates and leave the members rates as they are.

1. Log in to dashboard.nexudus.com if you aren't already.

2. Click Inventory > Prices.

3. Click on the relevant rate.

4. Click on the Dynamic pricing tab.

5. Define the dynamic rates you want to apply during high, average and low demand times.

5. Select Gradual or Fixed if you want to dynamically adjust the price of last minute bookings.

6. Define the rate Adjustment you want to apply.

7. Define how long the adjustment should last prior to the booking start.

For example if you want to adjust booking rates for bookings made within 2 hours before their start, you should add 120.

8. Click Save settings.

Your rate-specific dynamic pricing is now live. Whenever customers book and the selected resource and this rate applies, they'll be charged accordingly.