In order to optimize last minute reservations or early bookings, you can apply this basic Revenue Management action to your prices general setup.
How do I configure the Basic Rules for Dynamic Pricing?
1) Access Catalog > Seasons and Events > "+ Period" button;
2) Select the "Add Dynamic Pricing Rule" option;
3) Fill in the requested information on the screen;
4) Don’t forget to enable and save the settings you have made.
Rule Name - Information for internal organization of your system. You can register the name you want in the system translation database.
Period - You can set the settings related to the period of your Basic Rule.
1) Set how many days in relation to the current one the action should be applied. It is important to note that the distance between the current day and the beginning of the rule will always be updated as the days go by.
2) Define the extension of the Basic Pricing Rule. That is, for how many days the action will last in relation to the beginning.
Practical example: For Reservations made between 90 and 120 days in advance, apply 10% discount on the tariffs:
In this case, the user must enter the value "90" in the field "days from today" and in the "duration" field the value "30".
Pricing Rule - It defines if the system should apply a discount or an increase on the prices in force.
Where do I register the name of the Pricing Rules?
The registration of the name of the Rule can be done from "Catalog> Auxileries > Translations", category "Rules of Dynamic Pricing".
Will the Basic Rule of Dynamic Pricing change my registered offers?
No. The Basic Rule of Dynamic Pricing will only be applied on the values registered in Seasons or Events. Promotions are up one level in the system's prices hierarchy.
Is this configuration transmitted to the sales channels that integrate prices?
Yes. Because it represents a Pricing Rule for Seasons or Events, the system will apply the Rule in the current tariff, and with that, there is the transmission to the channels.
The system applies the rule, and then, if you work with price fixes and / or extensions for external connections, the system applies the settings.
Original price - $ 150,00 Rule for 10% discount = The price will be originally as $ 135,00
Assuming that there is a correction of 8%, multiplying $135.00 x 1.08 would reach the final value of $145.80.
Can I edit or delete the Basic Pricing Rules I've already created?
Yes. Just go to "Catalog > Seasons and Events", locate the Rule in question on the timeline and click. With this, you can either edit the settings or deactivate or delete the Rule.