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Convious introduces new real-time pricing algorithms
A
ttractions management platform specialist Convious has responded to new trends in purchasing behaviour across leisure industry destinations by unveiling two algorithm updates to its real-time pricing strategy. These are designed to ensure that operators are maximising bookings, encouraging forward planning for revenue visibility and generating more income from last minute bookings. 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. The Early Bird pricing algorithm rewards guests for purchasing in advance, with the price set to increase every specified number of days. The further into the future the visit is being planned, the lower the price.
This 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. 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. 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: “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.”
Betson Enterprises named Distributor of the Year
Betson Enterprises was recently recognized as AAMA’s 2022 Distributor of the Year, as voted on by the AAMA supplier membership during Amusement Expo 2023. This is the seventh time the company has received the award. Bob Geschine, president of Betson Enterprises, expressed his gratitude
for being awarded the Distributor of the Year by AAMA, stating, “We are honoured to receive this recognition. We thank our partner suppliers, loyal customers, and dedicated team at Betson for making 2022 a great year for us.” The acknowledgment reflects the company’s commitment to providing
high-quality products and services to their clients, which has earned them the recognition and trust of industry professionals. Betson Enterprises is proud to have received this esteemed award and is dedicated to maintaining its reputation as a top distributor in the years to come.
18
APRIL 2023
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