Dynamic Pricing changes every day; that is the beauty of it. But sometimes, you might want to see some uniformity in your prices while still staying competitive with the market factors. If that is the case, then rounding and smoothing can be the customizations that you are looking for.
These settings can be found under Customizations > Advanced Customizations.
All the prices are rounded, so they always end with the number you choose from the available options.
Case 1: If you wish to round off the last digit, you can have it be either 0, 9, 4 or 9, or 0 or 5, depending on your selection. For example, the nightly recommended price comes to be 711, and the rounded-off price would be 710. If the nightly recommended price is 711, it'll be 709 (if you choose 4 or 9 just like in the screenshot below) and 710 (if you choose 0 or 5), and so on and so forth.
Case 2: If you wish to round off the last 2 digits, 3 digits, or 4 digits, you can have them all end in zero.
Case 3: If you wish to round off the last 5 digits, you can have them either end in 00000 or 50000.
IMPORTANT: Please be mindful that the final rates you see on your calendar will still 'respect' (or not bypass) the Minimum and Maximum prices set for any listing. This means that you may see some rates that do not end up as expected based on your desired rounding number. For example, if you set a rounding factor of 4 or 9 (last digit) but have your minimum rate at 100, a nightly rate of 99 will show a final price of 100.
Using price smoothing, you can make your prices the same for all the days of the week or the same for weekdays and weekends. This could be useful when you have longer stays, or when you publish the prices on your website and wish to have uniformity, while still staying dynamic.
Case 1: In this scenario, there would be a constant price for all days of the week obtained by the average prices for each day of the week. Depending on your selection, the week could start on Friday, Saturday, or Sunday night
This is especially useful if you usually have 7 nights or longer minimum stays.
In the case of "Sunday to Thursday and Friday to Saturday," weekdays and weekends are treated separately, but the same averaging logic is applied.
Meaning the weekdays would have the same prices, and the weekend would have the same prices.
This option is for you if you usually have shorter stays and want to price your weekends higher.
2023-02 ( February) : 11 new features for Refined Recommendations, Actionable Data and Faster Execution
Hello , This month, we are thrilled to share with you another series of industry-leading updates, already available in your PriceLabs account, and at no additional cost to you. With these updates, it's never been easier to get relevant pricing ...
Extra Person Fee
In PriceLabs, one of the automation goals is to simplify and speed up the process of your pricing and revenue management tasks. One way to do this is by setting up rules like Extra Person Fee. What is an "Extra Person Fee"? In the hotel and rental ...
Using PriceLabs for Hotels
Initially, PriceLabs has primarily served the Short-Term Rental Industry. However, we have expanded our product to cater to Hotels as well, offering a comprehensive solution to automate pricing and minimum stay requirements. If you're a Hotel manager ...
How Are the Price Recommendations Calculated?
Our algorithm integrates multiple factors, customizable inputs, and controllable settings, alongside data-driven analytics, to deliver enhanced results. When you review prices for a listing for the first time - You must first set your Base Price of ...
How to Integrate PriceLabs with Vrbo
If your VRBO is already connected to a PMS or Channel Manager, you will need to connect your PMS or Channel Manager to PriceLabs instead. The data flow will then be PriceLabs => PMS/Channel Manager => VRBO. When syncing with Vrbo or any of the other ...