Introducing the minstay recommendation engine

2022-06 (June) : Introducing the minstay recommendation engine



This is Anurag from the PriceLabs team with an exciting announcement about something big:

We built a “Min Stay recommendation engine”! 🤯

The FIRST EVER in our the industry!

Read below or Register for a free webinar to learn about how this works.

Some back story, before we dive into the latest update.

We introduced our dynamic Min Stay customization in 2017, and it was an instant hit! ⚡ Minimum stay restrictions are a powerful way to improve your revenue and also reduce operational costs. See this customer story to see how Nord Collections decreased their operational cost.

Then, over the years, we gave you data via Market Dashboards (2020) or Portfolio Analytics (2021) to understand what the minimum stay restrictions should be for your property.

However, drawing insights from those graphs is not always easy (well, except for our star 💪data science team).

Our vision has always been to provide you with as much intelligence 🧠 as possible (along with human control), so we embarked on a journey to improve Min Stay customization.

Earlier this year, we made the Min Stay customization flexible and added major updates (Mar 2022 product updates).

Next we have ventured into adding “intelligence”.

With all the market length of stay trend data we have, our data science team came up with Min Stay recommendations are designed to maximize your revenue. 💰💰

Read more about how we come up with these recommendations.

But there are operational reasons that you should consider too! To adapt to your unique strategy and requirements, we have made these recommendations editable so that you can use it exactly as you’d like!

☑️Understand when you might benefit from having lower or higher min stay
☑️Accept all or some of our recommendations, and can edit them as you go
☑️See which months might benefit from having different min-stay settings

Put your listings on autopilot by using our Min Stay Recommendations and review them just once every month. Since trends in the market might not change drastically, we update this every couple of weeks.

The work here is not done! We are just getting started, so we welcome your feedback!

📚Other key changes

  1. Exclude weekends from orphan discounts: Under the Orphan Price Customizations in Dynamic Pricing, you can now exclude Weekends. Allows you to keep your orphan weekend prices high! 💰💰

  2. Improved Seasonal profiles: If you have used our custom seasonal profiles to define your seasons better, you had to represent the entire year - this can be cumbersome. We have changed this. You can set up your regular settings using the listing level base, min, and max, and then use seasonal profile only for specific seasons now.

  3. Pagination on the "Review Prices" page: Product performance is a key topic we are working on. This one is especially important for customers managing 200+ listings. The ‘Review Prices’ page now has pagination that prevents all the listings from loading together, saving a lot of valuable time.

  4. Date Specific Override (DSO) indication on the calendar: DSOs created at the account or group level, as of yesterday, could not be seen on the calendar and resulted in confusion. So, we have added a grey triangle in the right corner of the date cells. So when you have a date that has an override, you’ll see this grey color triangle popup. See this video on how to activate this setting.

  5. Escapia Integration: This is a big one. We chased the Escapia team for a long time, and they finally relented. We are excited to be an official partner with the Escapia PMS. We integrate with 60+ PMS; you can find the list here.

  6. FREE Portfolio Analytics with Icnea: If you are using Icnea as your PMS, you can now use our Portfolio Analytics.

    We’ll soon be enabling Portfolio Analytics with more PMSs. See the current list here.

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