www.parkworld-online.com
Ticketing, Access & Control
Real talk
Empowering attractions with real-time pricing Povey explains: “Real-time pricing offers many benefits for attractions. This is why major brands in the experience economy, like Disney, have been using real-time pricing models for years. This pricing model was once only possible for huge corporations with vast IT budgets and resources. Modern technology now makes it easy for attractions of all sizes to benefit from real-time pricing and the enhancement it can make to the visitor experience.”
Some of these benefits include: Increased profitability - real-time pricing helps you maximise profitability by ensuring your ticket prices always reflect current conditions. It offers the prices that are most likely to appeal to visitors, considering all the factors related to their chosen date.
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n today’s fast-paced digital world, attractions are constantly seeking innovative ways to enhance customer experiences and boost their bottom line. One such game-changer is real-time pricing, a dynamic pricing strategy that adapts prices based on various factors in real-time. We explored the science of real-time pricing with leading app innovator Convious - a leading technology company in the experience economy that specialises in optimising revenue and visitor satisfaction through its dynamic pricing solutions.
Demystifying real-time pricing Real-time pricing is a data-driven approach that calculates prices based on market conditions, customer behaviour, demand patterns, and other relevant factors. Traditional static pricing models often fail to capture the intricacies of supply and demand fluctuations, leading to missed revenue opportunities and suboptimal customer experiences. “Real-time pricing addresses these limitations by leveraging advanced algorithms and machine learning techniques to analyse vast amounts of data and make instant pricing decisions” says Andy Povey, managing director, UK & Ireland, Convious.
These factors could be based on: • Business preferences and model: What are the highest and lowest ticket prices you want to offer? Do you want to offer lower ticket prices during the school holidays?
• Seasonality: Is the date during peak or off-peak season? • Historical data: How many tickets did you sell on this date in past years? • Weather: Is there a chance of poor weather which might result in you selling fewer last-minute tickets that day?
• Traffic on your online ticket shop: Are you currently experiencing higher levels of traffic?
JUNE 2023
Better crowd spread and resource planning - attractions can offer more attractive prices to entice visitors to buy tickets for dates or times they may not have considered otherwise. As a result, you are able to plan resources (i.e staffing, inventory) accordingly.
Enhanced visitor experience - as ticket sales are spread more evenly, you reduce overcrowding and enable visitors to have a better time on the day of their visit. Staff and inventory levels are also better planned for each visit.
Consumer transparency - when visitors are presented with real-time pricing, it empowers them with the freedom to make informed decisions based on accurate and up-to-date information. This level of transparency allows visitors to evaluate their options, compare prices, and choose the best value for their needs, ultimately enhancing their overall experience and satisfaction.
Increased conversion rate - attractions experience a boost in conversion when switching to real-time pricing. Your ticket shop automatically offers customers prices that are more likely to appeal to them for periods where you still have unsold tickets.
Real-time pricing has revolutionised the way businesses approach pricing strategies. With Convious at the forefront of this transformation, attractions can harness the power of advanced algorithms and machine learning to optimise revenue, enhance visitor experiences, and gain a competitive advantage. By embracing real-time pricing, attractions can achieve the delicate balance between pricing optimisation and customer satisfaction, ensuring long- term success in today’s dynamic marketplace. Scan the QR code to download the Convious white paper on dynamic pricing.
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