Pace brings you not only one awesome, new feature this week - but two!
A feature that hoteliers have been hinting at, and after thorough data science work we are thrilled to bring:
The industry so far as a whole either used fixed price jumps between inventories - or the polar opposite with demand-based open pricing. Leading to Hoteliers being challenged with either losing out on revenue due to rigid price structures or giving into the possibility of product offerings being inconsistent with their branding and strategy.
This ends today with a true paradigm shift.
At Pace, we are firm believers in demand-based pricing at the most granular level, as it has the power to capture demand irrespective of rigid pricing hierarchies. However, we acknowledge that a hotelier sometimes wants to ensure that certain hierarchies between inventories are retained to be in-line with the property’s branding and meet customer expectations.
We didn’t want a solution using business rules that would be inefficient 80% of the time. We challenged our science team to come up with a solution that uniquely picks the right strategy for each night for the next 365 days.
This is where Inventory Hierarchies comes in.
With Inventory Hierarchies, all you need to do as a hotelier is to provide a hierarchy of your inventories and a minimum price buffer you would like to retain between them. Our algorithm handles the rest, acknowledging these hierarchies and maximising RevPAR across your full inventory by simulating demand for countless pricing scenarios.
Open Pricing can initially be intimidating for some, so we believe adding Hierarchies will help customers feel more comfortable with our world-leading pricing recommendations.
Inventory Hierarchies will be exclusively available to our Autopilot customers from December onwards. To find out more about Autopilot, get in touch with our sales & success team to discuss your options.
If you just cannot wait to get your hands on this, get in touch and signup your property below to get access to this amazing, new feature. Be quick, there will only be a few pilots!