Convious introduces new real-time pricing algorithms

March 2023

Convious, an attractions management platform specialist, has responded to new trends in purchasing behaviour across leisure industry by introducing an exciting new addition to its pricing suite: the Early Bird and Buy First, Pay Less strategies. These are designed to ensure that operators are maximising bookings, encouraging forward planning for revenue visibility and generating more income from last minute bookings. Designed specifically for conservative users and small venues with unclear visitor patterns, these models are a simple and effective way to implement real-time pricing from day one.

The new Global Pricing strategies from Convious are based around rewarding customers for two types of behaviour: early bird purchases and being the first to buy on a particular date. 

With the Early Bird models, businesses can offer exclusive discounts to their first customers, incentivizing them to make purchases before prices go up. This creates a sense of urgency and scarcity, driving customers to take action and make a purchase before the offer expires.

The Early Bird strategy is designed to secure revenues in advance by increasing the number of early bookings. This is particularly useful for pre-season sales to enable long term planning, ensuring operators are going into the season with an increased level of cash flow predictability. 

“We understand that some businesses are more risk-averse or have less predictable visit patterns,” said Convious Data Scientist Dovile Noreike. “The Early Bird Models are the perfect solution for these businesses, providing a straightforward and effective way to implement real-time pricing.”

The Buy First, Pay Less strategy rewards guests for being amongst the first to buy for a particular date. With this model, the price increases with every defined number of tickets sold, regardless of the time of purchase or the duration before the visit. 

The Early Bird Models offer businesses the flexibility to determine the duration and intervals for price increases, as well as the option to choose from different goals, such as optimizing for revenue, even visitor distribution, or maximum product sales.

This is a great way of increasing bookings for quieter days, generating more revenue from busier periods and enabling better operational planning. 

Dovile Noreike, data scientist at Convious explains: 

“Both pricing models allow operators to specify the duration and increments in which prices increase. These models are a small extension of our Real-Time Pricing (RTP) system, which is ideal for venues that wish to implement RTP from day one or small venues with uncertain visit patterns. They are also a suitable option for operators who prefer simple and straightforward pricing structures.”

“Our algorithms are continually learning and evolving to deliver the best results, reducing manual work for operators and ensuring better experiences for guests.” 

To learn more about the Early Bird Models and how they can benefit your business, get in contact with our team.