Introduction
Dynamic Pricing enables you to adjust space rates for specific dates or date ranges, allowing you to respond to demand, seasonality, and special events.
Dynamic Pricing enables you to adjust space rates for specific future date ranges. This allows you to respond to demand, seasonality, and special events.
Steps to Apply Dynamic Pricing
1. Accessing Dynamic Pricing
Navigate to the Location Live platform and log in using your Location Provider account.
Once logged in, you will land on the Overview.
On the left-hand menu, click Listings, then select Dynamic Pricing.
2. Setting Up a Pricing Adjustment
Click the green "Create Dynamic Pricing" button in the top right-hand corner.
Select the location you want to apply dynamic pricing to from the drop-down menu.
Select the space you want to adjust pricing for from the drop-down menu.
To apply the same adjustment to all spaces, click "All Spaces".
Under Pricing Adjustment Period, enter the date range for which you want the pricing adjustment or seasonal pricing to apply.
Choose whether you would like the price to increase or decrease.
The current pricing for your selected space will be displayed.
Enter the percentage adjustment in the Adjustment column (e.g., entering 25% will automatically update the adjusted price in the Dynamic Price column).
To apply the same price adjustment to your entire rate card, use the Bulk Adjustment Tool:
Enter the percentage increase or decrease.
Click "Apply to all rows" to apply the adjustment across all pricing.
If applying the adjustment to All Spaces, you can preview price adjustments from any space by selecting it from the "Select Illustrative Space" drop-down menu.
To set a minimum number of days that must be booked for dynamic pricing to apply, enter this in the designated field below your preview.
3. Reviewing and Modifying Dynamic Pricing Adjustments
All active adjustments will appear in the Active tab, where you can see a summary of the adjustments applied.
Click "Edit" to modify an existing dynamic pricing adjustment.
To delete a dynamic pricing adjustment:
Click the three dots next to the "Edit" button.
Select "Delete".
FAQs
Q: Can I apply different price changes for different spaces?
A: Yes, you can apply pricing adjustments to all spaces at a location or just specific spaces.
Q: How far in advance can I set dynamic pricing?
A: You can apply pricing adjustments for any future date to plan for peak and off-peak seasons.
Q: Can I override a dynamic pricing adjustment?
A: Yes, you can manually edit or remove a pricing adjustment at any time.
Q: How often should I review my dynamic pricing settings?
A: Regular reviews are recommended, especially before peak seasons or major events, to ensure pricing remains competitive.
Q: Can I have overlapping dynamic pricing periods on a single space?
A: No, Dynamic pricing periods cannot overlap. The price calculations for a set of dates are based on the applicable rate card on the start date of the booking. If dynamic pricing applies to that day, then that is the pricing that will be used for the calculation. If there is no dynamic pricing applicable on that day, the standard rate card will be used.