US: Dynamic pricing and revenue management solution provider, PriceLabs, has unveiled what it is calling “its most significant upgrade ever” – the breakthrough release.
Fuelled by cutting-edge data science and user feedback, the release marks a pivotal moment for the company, its suite of products, and its community of users. PriceLabs says that it represents “a giant leap for hosts, property managers and revenue management teams”.
Anurag Verma, president and co-founder of PriceLabs, said: “With the breakthrough release, we’re delivering unparalleled pricing precision, streamlining operations, and providing performance metrics for faster decisions. This major upgrade showcases our relentless innovation pace. With solutions focussed on intelligence and customisability, PriceLabs caters to a wide range of property managers from one to 10,000 properties.”
Spotlight: The Hyper Local Pulse Algorithm
The hyper local pulse [HLP] algorithm is at the core of the breakthrough release. Within three months of using HLP, new PriceLabs users reported experiencing an average 26 per cent boost in RevPar [Revenue per available night].
HLP delivers:
- Hyper-local relevance: Tap into hyper-local comp-sets for seasonality and weekday pricing, enhancing accuracy and relevance
- Improved event and holiday pricing: PriceLabs analyses previous pacing, early demand signals, competitor cues and hotel rates along with a holiday calendar
- Rapid market adaptability: Adapt fast to market changes, maximising event, daily, and seasonal revenue.
- Time-saving: Minimise manual pricing adjustments
Jon Supranowicz of vacation rental management company Grand Welcome said: “The hyper local pulse algorithm has reshaped our pricing strategy. Its daily tuning to market movements is unmatched. With our vision to expand into over 70 markets by the end of 2023, we anticipate a significant reduction in setup time and smarter resource allocation.”
A few other highlights of the breakthrough release include:
- Performance metrics: Choose from over 40 metrics to dive deep into the performance of a portfolio. Make decisions that count.
- Smart presets: Navigate PriceLabs with a tailored touch. Smart presets offers guidance for every business type: short-term, mid-term, or multi-unit rentals.
- Desktop app: Work faster when managing changes in large portfolios by working directly on your computer
- Team management: Assign listings with ease. Efficiently track changes.
