Dynamic Pricing
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From missing out on increased revenue to losing operational efficiency and even customers due to poor customer experiences, many accommodation, parking, travel, and retail vendors and service providers are painfully aware of demand fluctuations. Most companies won’t realize a demand surge is taking place until 30-50% of availability or stock has been snapped up.
Businesses from these industries often use PredictHQ data to fuel their sales forecasts, dynamic pricing, and business operations in advance. We have created guides for our most common use cases. We’ll start with using PredictHQ data for dynamic pricing examples by industry:
No code: Use PredictHQ's WebApp, to unlock demand data weeks and months in advance to inform your manual pricing updates. about Event Trends.
Business Intelligence (BI) tools: Integrate PredictHQ data with your Power BI or Tableau (or other analytics tool) dynamic pricing workflows. See the and .
Load event data to your warehouse: Take PredictHQ API data and load it into a data warehouse. .
Machine learning models: Automatically and dynamically update your pricing by integrating PredictHQ data directly into your demand forecasting models. .
Quick for leisure and travel:
No code: Use PredictHQ's WebApp, to unlock demand data weeks and months in advance to inform your manual pricing updates. about Event Trends.
Business Intelligence (BI) tools: Integrate PredictHQ data with your Power BI (or other analytics tool) dynamic pricing workflows. See the and .
Load event data to your warehouse: Take PredictHQ API data and load it into a data warehouse. .
Machine learning models: Automatically and dynamically update your pricing by integrating PredictHQ data directly into your demand forecasting models.
Quick for retail:
Integrating event-based ML features into forecasting models is essential for accurate demand predictions to improve your dynamic pricing. When you are considering updating a demand forecast you need to figure out which event-based machine learning features to add to your forecast. You can analyze your locations using . , such as the number of units sold per day, and identified for your specific location.
Retrieve the identified features using the and incorporate them into your forecasting model by following the .
A London-based retailer used to evaluate the impact of events on their sales. They discovered that concerts (phq_attendance_concerts), sports (phq_attendance_sports), festivals (phq_attendance_festivals), conferences (phq_attendance_conferences), public holidays (phq_rank_public_holidays), and observances (phq_rank_observances) significantly impacted their sales. The forecasting model was updated accordingly using the Features API, resulting in a substantial improvement in forecast accuracy. The new model shows better alignment between forecasted demand and actual sales, facilitating more effective dynamic pricing.
No code: Use PredictHQ's WebApp, to unlock demand data weeks and months in advance to inform your manual pricing updates. about Event Trends.
Business Intelligence (BI) tools: Integrate PredictHQ data with your Power BI (or other analytics tool) dynamic pricing workflows. See the and .
Load event data to your warehouse: Take PredictHQ API data and load it into a data warehouse. .
Machine learning models: Automatically and dynamically update your pricing by integrating PredictHQ data directly into your demand forecasting models.
Quick for transportation:
Quick for parking:
On days like February 24th—coinciding with events such as the , , the festival among others—demand surges create a "perfect storm". In response, operators increase parking rates to accommodate the expected full capacity. All event details are available in the spreadsheet and can be accessed by filtering down to specific days.
Learn how .