What is Dynamic Pricing and how can it be created?

The Dynamic Pricing module offers automation of prices based on occupancy rules configured in the system.

How to set up Dynamic Pricing?

1. Access your property dashboard: Click "Go to Dashboard" on the Hotel Dashboard to reach the desired property.
2. Navigate to Revenue Management: Under "more apps," select Revenue Management.
3. Select Dynamic Pricing rule: Within the Revenue Management section, choose "Dynamic Pricing > Rule" from the options on the left.
4. Add a new Dynamic Pricing rule: Click on "Add Dynamic Pricing rule."
5. Name your rule: Assign a name to the rule, such as 'Occupancy 1 to 20 Percentage Rule' (Avoid using the percentage symbol).
6. Define the rule: Specify the occupancy percentage and how prices should adjust (increase or decrease) by a percentage or INR value. Example: Increase the value by 10% if occupancy is between 1% and 20%.
7. Apply the rule: Apply the rule to all room types within the property.
8. Save the details: Once done, save the details.

How to execute the created rule?

On the main page of Dynamic Pricing rules, you'll see all the rules created. Each specific rule will display options such as Calendar, Edit Rule, Run Rule, and Disable Rule. Click on each rule to run it. Once the rule is successfully executed, the system will display a notification.

How does Dynamic Pricing function?

When a new Dynamic Pricing rule is created and executed, the system reflects the rates on the inventory calendar based on the appropriate property occupancy matching the set dynamic rule.

If rates are manually set using the bulk operation after the Dynamic rule is executed, the system overrides the prices and displays the rates set from "Set Pricing." If the dynamic rule is rerun, the system will only consider the price change when the next occupancy percentage aligns with the next dynamic rule. This is because the current rule was initially executed before being overridden.

Note: Updates from 'Set Pricing' or the application of a rate template will override the Dynamic Pricing rule