Dynamic Pricing allows for the creation of a pricing structure that takes into account the remaining units available for booking per product, rather than focusing solely on the booking type. It is important to take into consideration the number of units assigned to each product, as products with only one unit will not be influenced by dynamic pricing.
Setup Dynamic Prices
Certain prerequisites must be met before implementing Dynamic Pricing:
The product must have Advanced Pricing enabled and a Rate Plan selected.
To enable advanced pricing, navigate to the Booking Setup section of the product page.
Activate the bullet toggle to enable advanced pricing, allowing the selection of a Rate Plan in the Advanced Pricing & Constraints section. This feature may already be activated during the site's creation.
The Rate Plan must specify a Minimum and Maximum Units Available.
Within the Rate Plan in the product's Advanced Pricing & Constraints section, there will be fields for Minimum Units Available and Maximum Units Available. Adjacent to these fields is an icon for mass configuration of the minimum and maximum units available, streamlining the process instead of manually inputting values for each day.
Dynamic Pricing may necessitate a significant revamp of your marina's booking system in certain situations. These scenarios encompass, but are not restricted to:
Instances where only one unit is assigned to booking products. It's important to note that Dynamic Pricing operates on a per-product basis rather than per booking type.
Products lacking an advanced pricing rate plan.
Create Dynamic Prices
Dynamic prices are set up individually for each product within the module (Booking, Campground, or Marina) → Products section.
Choose the product for which you want to establish dynamic pricing.
Within the product setup page, access Booking Setup using the sidebar.
Navigate to the Dynamic Prices section further down the page to construct the dynamic pricing framework.
Field | Function |
Add New | Generates a new dynamic price point. |
Price Point | Represents the occupancy percentage required to trigger a price increase by the specified Amount. This percentage pertains solely to the units associated with this product. |
Amount | Indicates the increment in price once the Price Point threshold is reached. |
Type | Specifies whether the increment is a percentage or a fixed rate. |
Actions | Allows removal of the price point. |
It is crucial to understand that Dynamic Pricing does not accumulate amounts for multiple Price Points. To illustrate, suppose a Dynamic Price Structure specifies a Price Point at 50% occupancy with a 5% increase in the Amount. In this scenario, the rate will increase by 5%. Following this, if the same structure introduces another Price Point at 75% occupancy with a 10% increase, the rate will only increase by 10%, rather than a combined 15%.