Last Minute Prices
You can use this customization to fine-tune your prices for last-minute dates.
If you want PriceLabs industry first Market Driven Discounts, please move your listings to Hyper Local Pulse (new algorithm).
Listing Level
PriceLabs Determined
- If your listing is on Old Algorithm: By default, we apply a gradual 30% last-minute discount over the next 15 days from the current day.
- If your listing is on Hyper Local Pulse: You will have Market Driven Defaults! 🎉 The numbers will change for your everyday as we observe the market trends to maximize revenue. An example of the same can be seen in the screenshot below.Note that for market driven last minute discounts, the discount will not be applied beyond 60 days (maximum limit), and maximum discount is capped at 40%.
Customize
There are 4 options available (5 if your listing is on Hyper Local Pulse) if you want to apply your own customization for either discounts or premiums:
- % Flat: For example, if you set a 25% flat discount within 5 days, then a flat 25% discount will be applied to days 0 through 5, where day 0 is the present day.
- % Gradual: If you set a 35% gradual discount within 7 days, then for a date that is 7 nights away, the discount will be 0% and every day that it gets closer, we keep adding a 5% (=35/7) discount such that on day 0 the discount becomes 35%. This results in a more gradual discounting rather than a step change.
- Fixed: If you set 70 USD (or the currency your listing is priced in) within 10 days, then we'll set the prices to 70 for days 0 through 10.
- None: If you do not wish to apply the default Last minute discounts to your listings, keep it at 0.
- Market Driven [if listing is on HLP]: This is the same as default setting if your listing is on Hyper Local Pulse algorithm.
Group/Account Level
PriceLabs Determined
If at group or account level, the toggle is turned off, then (as shown below)
- If your listing is on Hyper Local Pulse, Market Driven defaults will be applied
- If your listing is on Old Algorithm, regular defaults (gradual 30% last-minute discount over the next 15 days from the current day) will be applied
Customize
The options are same as listing level customization options except for Market Driven.
If you want to use market driven for your listing, then use "Market Driven" option in the drop-down at listing level. Make sure the listing is on Hyper Local Pulse.
The maximum number of days you can set for custom settings is 90 days out.
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