About Hyper Local Pulse (New Algorithm) and FAQ
Tell me more about Hyper Local Pulse? (FAQs)
Why is Hyper Local Pulse better?
Hyper Local Pulse is a superior version of our existing algorithm. It uses cutting-edge techniques to do demand forecasting and elasticity estimation at a hyper local level to price your listing. Interested in learning how the algorithm works? Click here for an algo deep dive.
How will algorithm impact my pricing?
With Hyper Local Pulse, we expect better fluctuations in pricing and better demand forecasting. Specifically, you will see improvements in the following aspects -
- Seasonality fluctuations (it's also hyper local now)
- Day of week fluctuations
- Event Pricing
- Holiday Pricing
- Market Driven Defaults (for Last Minute Prices and Far Out Prices customizations)
Here is an overview of HLP along with some other latest product releases. You can also attend our webinars to learn more about Hyper Local Pulse.Tell me more about Market Driven Defaults?
- With Hyper Local Pulse, your listing will have industry first market driven defaults for Last Minute Prices and Far Out Prices (another benefit of switching to HLP!)
- Please note that Market Driven defaults are NOT available if your listing is on Old Algorithm.
- The defaults are updated every day, the same way we update your prices everyday.
- We track changes in market occupancy for a given day, to estimate the pace and the change in pace of bookings over time.
Will the updated seasonality fluctuations drastically impact my prices?
The prices in HLP are based on Forecasted Occupancy. If the algorithm predicts lower occupancy than last year (lets say because of increase in supply of listings in your hyper local market), then the prices could be lower than last year.
However, you can play with our new Seasonality Customization to make it more aggressive (higher prices in high season, lower prices in low season) or conservative.
How do I know which algorithm (Old or Hyper Local Pulse) I am on?
Steps to check Algorithm Version on Pricing Dashboard
- Navigate to Dynamic Pricing > Pricing Dashboard
- Click the "Row/Column Visibility" option
- Tick the checkbox for "Algorithm Version"
- You will start seeing a column "Algorithm Version" on your dashboard corresponding to every listing
The Algorithm Version column is as of last Save & Refresh. What that means is if you changed any customization at Group or Account level, you'll have to Save & Refresh the listing and the page before seeing updated changes.
Steps to check Algorithm Version on Multi Calendar
- Navigate to Dynamic Pricing > Multi Calendar
- Click the "Row/Column Visibility" option
- Tick the checkbox for "Algorithm Version"
- You will start seeing a column "Algorithm Version" on Multi Calendar corresponding to every listing
Steps to check Algorithm Version at a Group / Sub Group / PMS level
- In Pricing Dashboard or Multi Calendar, click on "Filter Listings"
- Click "Add Filter" then select your preferred filter (Group, Sub Group, or PMS)
- Select the corresponding Group, Sub Group, or PMS
- Click on "Show Listings"
- Now you can follow steps in the section above to see Algorithm Version column
Filter listings on Pricing Dashboard or Multi Calendar
When will I get to try Hyper Local Pulse algorithm?
π The users who created PriceLabs account after July 6, 2023 are already on Hyper Local Pulse.
ome of the existing users have been migrated to Hyper Local Pulse after evaluation by our data science team. These users have already been informed of the same via email and/or in-product.
π Our team is working on migrating the rest of the users. Since pricing is extremely critical, we want to carry out the migration in a smooth manner and ensure there are minimum disruptions to your operations. Depending on your previous settings, you may need to make some changes to migrate to HLP and we want to make this seamless. Starting mid-September'23, we will reach out to you over next 3 months (via email and in-product) with steps to move to Hyper Local Pulse.
ο»Ώπ If you would like to migrate to Hyper Local Pulse algorithm ahead of migration schedule, please email us at support@pricelabs.co and we will try to accommodate your request to move to HLP.
I received the email to move to Hyper Local Pulse, what do I do now?
- Follow the personalized instructions given in the email to move to Hyper Local Pulse.
- You can also find similar information in our support article Moving to Hyper Local Pulse to move to new algorithm.
- If you face any challenges, please reach out to us at support@pricelabs.co.
Where do I see the option to move to Hyper Local Pulse algorithm?
Follow the instructions in our support article Moving to Hyper Local Pulse to move to new algorithm. If you face any challenges, please reach out to us at support@pricelabs.co.
Do I have to migrate to the new algorithm?
We believe the new algorithm would yield better results for you in the long run as it adapts to your local market's behavior more accurately. Our experiments show that the new algorithm improves revenues by 9% on top of what the old algorithm already did. Moreover, if your are on HLP, your listings will also get our industry first Market Driven default for Last Minute and Far Out Prices.
That said, the decision on which algorithm to use is yours. We will provide you with the tools to help migrate to the new algorithm. As you evaluate, if you are facing any issues - we recommend ensuring that you have done the basic PriceLabs training and followed migration instructions. If you still have questions or feedback on the new algorithm, please do email us at support@pricelabs.co. Our team will be happy to assist you!
Can I still customize settings with Hyper Local Pulse (new algorithm)?
Absolutely! While our new algorithm is designed to reduce the need for frequent adjustments, we want you to remain in control. You can still use all the available customizations and override options just like before.
How can I share my feedback or concerns about Hyper Local Pulse (new algorithm)?
We value your insights! Please email us at support@pricelabs.co to share your experiences, feedback, or any issues you are facing. We are dedicated to continuous improvement.
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