{"id":27419,"date":"2024-07-22T18:11:12","date_gmt":"2024-07-22T17:11:12","guid":{"rendered":"https:\/\/turo.com\/blog\/uk\/?p=27419"},"modified":"2024-07-22T18:11:13","modified_gmt":"2024-07-22T17:11:13","slug":"introducing-dynamic-pricing-to-help-maximise-your-earnings","status":"publish","type":"post","link":"https:\/\/turo.com\/blog\/uk\/news\/introducing-dynamic-pricing-to-help-maximise-your-earnings\/","title":{"rendered":"Introducing dynamic pricing to help maximise your earnings"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">From the 3rd of September, it will be easier for all Turo hosts to price vehicles competitively to maximise earnings, thanks to dynamic pricing, a new algorithm designed by our data scientists.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Until now, your listings had a static recommended price for you to consider. We&#8217;ve listened to your feedback that this tool doesn\u2019t always accurately reflect your market dynamics or adjust to weekly demand, including weekends.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Once dynamic pricing has launched, all hosts will see prices updated to the dynamic pricing recommendations tailored to each vehicle. Rest assured, hosts are still in control. While dynamic pricing will suggest the default price, hosts can adjust prices using the calendar in the \u201cTrips\u201d tab to fit individual utilisation goals.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>How dynamic pricing works<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Dynamic pricing is a new, sophisticated pricing algorithm that is updated daily based on the latest supply and demand data, to give the best possible pricing recommendations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dynamic pricing uses current market data to try and calculate the best price for a car on a given day, maximising earnings by finding the optimal price. This price is based on the vehicle\u2019s price and the probability it will be booked. The goal is to find the sweet spot where the price is as high as possible while the vehicle is still likely to be booked.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Dynamic pricing considers the following information:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Your vehicle\u2019s make, model, fair market value, and other car-related factors.<\/li>\n\n\n\n<li>Past booked prices and utilisation for your vehicle and similar vehicles.<\/li>\n\n\n\n<li>Supply and demand forecasts for your local market, factoring in daily demand patterns and seasonal trends.<\/li>\n\n\n\n<li>Other proprietary factors.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>You\u2019re in control<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">You can always change prices set by dynamic pricing. If you think the price should be different based on your local market knowledge or utilisation goals, you can easily change it for a specific day or as many days as you want in the calendar in the \u201cTrips\u201d tab.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For example, if there\u2019s a special event in your location that you think will increase demand but dynamic pricing hasn\u2019t recommended higher prices, you can change your prices to what you think is more appropriate during the event.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This kind of fine-tuning, changing specific prices, is a little bit like Tesla\u2019s self-driving technology. The car does most of the work for you, but you still need to keep your hands on the wheel.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Look ahead with the new \u201cFuture prices\u201d chart<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">To provide you with a better overview of how dynamic pricing fluctuates over time, look out for the launch of the new \u201cFuture prices\u201d chart, which will show the dynamic pricing for the next 90 days. Prices are updated daily, and you\u2019ll see how dynamic pricing changes over time and how it compares to any custom prices you\u2019ve set, offering useful pricing insights.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"784\" src=\"https:\/\/turo.com\/blog\/uk\/wp-content\/uploads\/sites\/2\/2024\/07\/06_Future_prices_chart-1024x784.png\" alt=\"Future prices in the Turo app\" class=\"wp-image-27452\" srcset=\"https:\/\/turo.com\/blog\/uk\/wp-content\/uploads\/sites\/2\/2024\/07\/06_Future_prices_chart-1024x784.png 1024w, https:\/\/turo.com\/blog\/uk\/wp-content\/uploads\/sites\/2\/2024\/07\/06_Future_prices_chart-300x230.png 300w, https:\/\/turo.com\/blog\/uk\/wp-content\/uploads\/sites\/2\/2024\/07\/06_Future_prices_chart-768x588.png 768w, https:\/\/turo.com\/blog\/uk\/wp-content\/uploads\/sites\/2\/2024\/07\/06_Future_prices_chart.png 1176w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<div style=\"height:1px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Why we&#8217;re introducing dynamic pricing<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Until now, you were presented with a single static price for your listing, which didn\u2019t fluctuate with seasonal or daily demand patterns. Keeping the same price year-round can prevent hosts from maximising earnings because of under- or overpricing. Let\u2019s go through the scenarios to understand more.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Hosts who underprice can miss out on earnings&nbsp;&nbsp;<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">In some pockets of the UK, hosts list vehicles to be competitively priced against comparable cars. Sometimes,<strong>&nbsp; <\/strong>this<strong> <\/strong>causes<strong> <\/strong>widespread underpricing and<em> <\/em>has a negative impact on all hosts in that market. This race to the bottom is problematic since hosts in these markets are collectively leaving money on the table.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Hosts who overprice can miss out on bookings<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">When hosts set their own prices, there can be a tendency to set prices too high, which leads to missing out on bookings and earning less every month.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dynamic pricing addresses both of these problems since it requires hosts to be more thoughtful about when they adjust their prices up or down. Because dynamic pricing sets recommended prices as the default, it\u2019ll help all hosts better maximise their earnings while hitting their optimal utilisation rate.<\/p>\n\n\n\n<div style=\"background-color: #F7F2E9;padding: 30px 38px\">\n    <p style=\"margin-bottom: 10px\"><b>The need-to-knows about dynamic pricing<\/b><\/p>\n    <ul style=\"margin-top: 20px\">\n        <li>Dynamic pricing sets the default prices for all hosts, requiring hosts to be more thoughtful about when to change prices and avoid leaving money on the table.<\/li>\n        <li>Hosts remain in control and can still change prices using their calendar.<\/li>\n        <li>The update includes more tools, like the \u201cFuture prices\u201d chart, in addition to booked price trends to help hosts make well-informed pricing decisions.<\/li>\n        <li>Prices automatically adjust to reflect market dynamics, meaning your vehicles will be able to earn even more if there&#8217;s higher demand.<\/li>\n        <li>The algorithm uses new vehicle catalogue data with more accurate vehicle information, including make, model, fair market value and more, so pricing recommendations are as accurate as possible.<\/li>\n        <li>The data is updated daily, ensuring it\u2019s responsive and up to date.<\/li>\n    <\/ul>\n<\/div>\n\n\n\n<div style=\"height:8px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>What will dynamic pricing look like?<\/strong><\/h3>\n\n\n\n<div style=\"height:23px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"560\" height=\"900\" src=\"http:\/\/turo.com\/blog\/uk\/wp-content\/uploads\/sites\/2\/2024\/07\/02_Dynamic_pricing.png\" alt=\"Pricing &amp; discounts in app view\" class=\"wp-image-27453\" style=\"width:416px;height:auto\" srcset=\"https:\/\/turo.com\/blog\/uk\/wp-content\/uploads\/sites\/2\/2024\/07\/02_Dynamic_pricing.png 560w, https:\/\/turo.com\/blog\/uk\/wp-content\/uploads\/sites\/2\/2024\/07\/02_Dynamic_pricing-187x300.png 187w\" sizes=\"auto, (max-width: 560px) 100vw, 560px\" \/><figcaption class=\"wp-element-caption\">Your view in Pricing &amp; discounts will change<\/figcaption><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"560\" height=\"900\" src=\"http:\/\/turo.com\/blog\/uk\/wp-content\/uploads\/sites\/2\/2024\/07\/view-trips.png\" alt=\"Dynamic pricing in the calendar\" class=\"wp-image-27456\" srcset=\"https:\/\/turo.com\/blog\/uk\/wp-content\/uploads\/sites\/2\/2024\/07\/view-trips.png 560w, https:\/\/turo.com\/blog\/uk\/wp-content\/uploads\/sites\/2\/2024\/07\/view-trips-187x300.png 187w\" sizes=\"auto, (max-width: 560px) 100vw, 560px\" \/><figcaption class=\"wp-element-caption\">Dynamic pricing and price adjustments will be viewed and managed on the calendar<\/figcaption><\/figure>\n<\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\">As part of this update, the individual vehicle calendars will be removed. To simplify host workflow, the calendar in the &#8220;Trips&#8221; tab will offer a centralised place to manage an entire portfolio, including viewing dynamic pricing and managing pricing, trips, and vehicle availability.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In addition to accessing dynamic pricing, the calendar in the &#8220;Trips&#8221; tab is your go-to spot for pricing tools like monthly booked price trends and the future prices chart, as well as trip info for each vehicle.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"560\" height=\"900\" src=\"http:\/\/turo.com\/blog\/uk\/wp-content\/uploads\/sites\/2\/2024\/07\/03_Car_calendar.png\" alt=\"The current calendar view\" class=\"wp-image-27462\" style=\"width:416px;height:auto\" srcset=\"https:\/\/turo.com\/blog\/uk\/wp-content\/uploads\/sites\/2\/2024\/07\/03_Car_calendar.png 560w, https:\/\/turo.com\/blog\/uk\/wp-content\/uploads\/sites\/2\/2024\/07\/03_Car_calendar-187x300.png 187w\" sizes=\"auto, (max-width: 560px) 100vw, 560px\" \/><figcaption class=\"wp-element-caption\">The vehicle calendar will be removed<\/figcaption><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"560\" height=\"900\" src=\"http:\/\/turo.com\/blog\/uk\/wp-content\/uploads\/sites\/2\/2024\/07\/04_Trips_calendar.png\" alt=\"The new calendar view\" class=\"wp-image-27461\" srcset=\"https:\/\/turo.com\/blog\/uk\/wp-content\/uploads\/sites\/2\/2024\/07\/04_Trips_calendar.png 560w, https:\/\/turo.com\/blog\/uk\/wp-content\/uploads\/sites\/2\/2024\/07\/04_Trips_calendar-187x300.png 187w\" sizes=\"auto, (max-width: 560px) 100vw, 560px\" \/><figcaption class=\"wp-element-caption\">Once these changes are implemented, view and manage prices in the calendar in the \u201cTrips\u201d tab<\/figcaption><\/figure>\n<\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Share your thoughts<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">We\u2019d love to hear your feedback on how you think these changes might impact you and what we can do to support you better. Please complete this short survey to share your thoughts on these changes.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-fe48e5de wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/form.typeform.com\/to\/wsiSEIID\" style=\"border-radius:8px\" target=\"_blank\" rel=\"noreferrer noopener\">Take the survey<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>From the 3rd of September, it will be easier for all Turo hosts to price vehicles competitively to maximise earnings, thanks to dynamic pricing, a new algorithm designed by our&#8230;<\/p>\n","protected":false},"author":2,"featured_media":27469,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[6],"class_list":["post-27419","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-uk"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/turo.com\/blog\/uk\/wp-json\/wp\/v2\/posts\/27419","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/turo.com\/blog\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/turo.com\/blog\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/turo.com\/blog\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/turo.com\/blog\/uk\/wp-json\/wp\/v2\/comments?post=27419"}],"version-history":[{"count":51,"href":"https:\/\/turo.com\/blog\/uk\/wp-json\/wp\/v2\/posts\/27419\/revisions"}],"predecessor-version":[{"id":27503,"href":"https:\/\/turo.com\/blog\/uk\/wp-json\/wp\/v2\/posts\/27419\/revisions\/27503"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/turo.com\/blog\/uk\/wp-json\/wp\/v2\/media\/27469"}],"wp:attachment":[{"href":"https:\/\/turo.com\/blog\/uk\/wp-json\/wp\/v2\/media?parent=27419"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/turo.com\/blog\/uk\/wp-json\/wp\/v2\/categories?post=27419"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/turo.com\/blog\/uk\/wp-json\/wp\/v2\/tags?post=27419"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}