Digonex CEO Greg Loewen gave an interview to Ticketing Business News in which he explained that dynamic pricing isn’t all about higher prices:
Dynamic pricing can have a transformative impact on revenues according to Loewen, who also noted that there can be an immediate lift of between 5% and 20%.
“At the same time, dynamic pricing can also enhance community accessibility/affordability,” he said. “Dynamic pricing isn’t exclusively about increasing prices; often the optimal price is a lower price. For our performing arts clients, we can design our solutions to pivot from maximising revenue to optimising capacity utilisation on a performance-by-performance basis.
“For our attractions clients, dynamic pricing can help to shift attendance from peak to off-peak periods which helps to improve guest satisfaction. Dynamic pricing can also motivate guests to buy their tickets further in advance which helps with operational and staff planning. In addition, because we’re gathering data and monitoring consumer responses to price changes every day, our solutions can help clients identify changes in the market sooner and respond accordingly.”
Loewen also says that the practice of dynamic pricing is spreading globally:
“In the attractions sector, the practice of dynamic pricing is newer but we’re seeing adoption in the North American market spread rapidly and seeing increased interest in the UK, Europe, Middle East and Asian markets,” said Loewen.
Read the full article, “Dynamic Pricing with Digonex” at Ticketing Business News.