As a car owner on GoMore, utilising dynamic pricing can significantly enhance your ability to attract bookings and increase earnings. This feature automatically adjusts the daily rate of your car based on market demand, ensuring that your vehicle remains competitively priced throughout different times of the year. Here is what you need to know about dynamic pricing and how to activate it for your car.
Dynamic pricing is a strategy where the rental price of your car is adjusted automatically in response to demand fluctuations in the market. This ensures your offering is attractively priced to maximise both your bookings and income potential.
Demand-based pricing: We adjust the daily price of your vehicle up or down depending on the current demand for rental cars. These adjustments typically range from 0-15%.
Calendar segmentation: The pricing calendar is divided into high season and low season and further segmented into weekdays, weekends, and holidays. For example, during peak periods like school holidays or Christmas, prices may be higher due to increased demand.
Continuous optimization: The dynamic pricing model is continually updated based on our comprehensive analysis of the car rental market, ensuring that your car remains competitively priced.
Increased bookings: By lowering prices when demand is weak, your car becomes more attractive to potential renters, increasing the likelihood of bookings.
Higher earnings: Conversely, by increasing prices during periods of high demand, you maximise your revenue potential per rental.
Market responsiveness: This pricing strategy keeps you competitive without the need for constant manual adjustments, adapting to market conditions in real time.
To enable or adjust dynamic pricing for your vehicle, follow these steps:
Navigate to your profile: Log into your GoMore account and go to the "Your Cars" section.
Manage your car: Select the car you want to adjust and go to "Manage Car > Price."
Enable/adjust dynamic pricing: Here, you can enable dynamic pricing or make adjustments to how it is applied to your car. While you can set your own rates, following the suggested rates based on our market analysis is recommended for optimal performance.
While dynamic pricing offers numerous advantages, it is important to remain informed about the general pricing trends in your area and adjust your base rates if necessary to ensure they align with your financial goals and the realities of the local market.
Dynamic pricing is a powerful tool that can help you navigate the complexities of the rental market efficiently. By allowing GoMore to adjust your rental prices based on demand, you not only increase your car’s competitiveness but also enhance your ability to earn more from your rental business. Embrace dynamic pricing and watch your bookings grow!
Where will you be using GoMore?
