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 the customer's willingness to pay.
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 capacity limits, it is important to control and 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!
How does Pricer work?
Pricer's calculation is based on 3 main factors: Demand, Supply, and Urgency.
Supply is your inventory.
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.
On top of that, the algorithm is working to meet your venue's goal.
Be it maximizing your online revenue, controlling your visitors' spread, or reaching the desired average ticket price.
- 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