Convious Pricer is our smart pricing algorithm. It uses data and machine learning (AI) in order to calculate the optimal ticket price. This optimal price is based on the specific venue goal and depending on the changing context of the world.
The goal of Convious Pricer is to offer different price options for your tickets and target different audiences. In the end, it's pretty simple.
If you can dynamically adjust your ticket prices and respond to changing conditions in real-time, you will be able to convince more people to buy!
Further, in times when venues need to control visitor flow, it is important to steer demand in a way that allows visitors to spread among time slots or days of the week. No surprise: the Convious Pricer does precisely that!
Convious Pricer Version 2 Update - February 20th 2023
Just as with our entire range of offerings, we are continously working on optimzing the heart of our eCom functionalities. Which is why we are proudly bringing to you the second version of the Convious Pricer.
How the new update gets you ready for your 2023 season
- Benefit from more precision of the settings determining your prices. The more precision, the better your prices match the real-world circumstances and the better you control to shape your prices according to your needs.
- This automatically comes with more transparency on the impact your settings have
- Utilize additional fine-tuning opportunities with new settings to match your circumstances.
What won’t change:
Your core strategies won’t change. You will continue to choose from either optimizing for revenue, optimizing for max sold products or optimizing for even visitor distribution. Additionally, we are adding an advanced riule-based strategy - you can find more about that here.
What this means for your prices
Just as changing demand impacts your prices, by making the price-determining factors more accurate, your prices will change for the better. For example, the impact of popular weekdays is now more isolated from other settings. This precision allows it to be more impactful on its own than before when depending on a series of settings working together to achieve a goal.
To summarize: If you can dynamically adjust your ticket prices and respond to changing conditions in real-time, you will be able to convince more people to buy!
Learn more about the V2 settings here - Please be aware that this release will be visible in your Control panel from February 20th onwards.
How does Pricer work?
By itself, the pricer's calculation is based on 2 main factors: Demand and Urgency.
Demand is the popularity of your product. And the demand is never the same:
It is sensitive to many factors, like day & time, weather conditions, price, events, advertising campaigns, social influence, etc.
Urgency is the purchase intent, how severe your website visitors are about buying and badly they want it. Urgency is calculated based on the current web traffic: distribution and browsing patterns, date & time, weather conditions, and historical data.
However, next to the fully automated pricer, you can also enforce rules it listens to that describe and mimic your particular circumstances to make your prices even more accurate.
- Responds in real-time to changes in demand and market conditions
- Combines web data with total sales, inventory, and external data (weather, holidays, traffic, etc.)
- Drives revenue, higher margins, and customer loyalty
- Automatically recommends a seller's best response
- Enables visitor distribution to be steering demand
- Encouragement of early bookings - allowing you to allocate your resources more efficiently
- Integration with your Pricing Settings
- Real-time Analytics & Monitoring
- Different pricing models: RTP, NYOP, dynamic pricing
- Price personalization
- Standalone API
Curious about more details on the Convious Pricer?
Read more about how to update prices from your Partner Dashboard.