Convious, a leading eCommerce platform for the leisure industry, has unveiled two algorithm updates to its real-time pricing strategy, in response to new trends in purchasing behaviour across leisure industry destinations. These are intended to make sure that operators are getting the most out of their bookings, to encourage planning ahead for revenue visibility, and to increase revenue from last-minute bookings.
Convious’s new Global Pricing strategies will reward customers for two sorts of behaviour: making early bird purchases and being the first to make a purchase on a specific date.
Rewarding early birds & those who buy first
The Early Bird pricing mechanism encourages customers to reserve in advance, with the cost increasing after a predetermined number of days. The further into the future the visit is being planned, the lower the price.
The goal of this strategy is to increase the number of early reservations in order to secure income in advance. This is particularly useful for pre-season sales, facilitating long-term planning and ensuring that operators enter the season with a higher level of cash flow predictability.
The Buy First, Pay Less strategy rewards customers for being among the first to purchase for a specific date. Under this approach, the price goes up with each predetermined number of tickets sold, no matter when the tickets are purchased or how much time passes before the visit.
This is a good way to boost reservations for quieter days, increase revenue from busier times, and facilitate improved operational planning.
Dovile Noreike, data scientist at Convious, says:
“For both pricing models, each operator defines the steps and time frame in which the price increases, using the Convious AI to analytically inform these decisions based on the trends and buying habits of their unique audience, defined objectives and information about what parameters affect visitation at the type of venue, such as weather and time of day.
“We’ve identified three core strategies to inform which algorithm will be most effective: optimising revenue, increasing maximum tickets sold and delivering even visitor distribution. Our algorithms are continually learning and evolving to deliver the best results, reducing manual work for operators and ensuring better experiences for guests.”
Convious recently upgraded ticketing for Bavaria Filmstadt, a leading studio tour attraction in Germany.
