Release Details

Product: Bookings - EQ1

Release Date: Monday 14th October 2024

Summary: A new feature in Equiem One allowing you to create discounts/dynamic pricing for early bookings or for bookings placed on certain times and days of the week

Overview

Dynamic Pricing/Discounts

Background

Resources can be configured with different rates (e.g. hourly, half-day, full-day, and weekend rates), allowing for more attractive pricing for longer bookings. However, these rates are static, and there was no way to offer dynamic pricing based on the day of the week or time of day. Pricing often fluctuates based on seasonal demand, but adjusting resource rates manually to reflect these changes has been time-consuming. Additionally, offering discounts for early bookings was previously not possible, even though it could benefit the bookings team by providing more time to plan ahead.

It's also evident that certain times of the week or day experience fewer bookings as per the heat map below:

Open

Making the price more attractive during these off-peak periods could help maximise resource utilisation.

With the new feature, you can now create an unlimited number of discounts in two formats: Early Booking and Periodic. Read on to learn how these options work and the benefits they offer.

Discount Formats

Periodic

As it illustrates below, the Periodic discount is A discount for making a booking on certain days of the week between a specific date or time period.

Open

A Periodic discount consists of the following configuration fields:

• Title

  • This is the name of the discount both shown in the discounts table and to the user when making a booking

• Start date

  • The date at which point the discount becomes active

• End date

  • The date at which point the discount expires

• Start time

  • An optional start time at which point the discount applies

• End time

  • An optional end time at which point the discount no longer applies

• Availability days

  • Days of the week in which the discount applies

• Percentage amount

  • The % discount applied

• Resources

  • The resources in which the discount applies to. You can only assign resources which belong to your company

Early Booking

As it illustrates below, the Early Booking discount is A discount for making a booking a certain number of days in advance.

An Early Booking discount consists of the following configuration fields:

• Title

  • This is the name of the discount both shown in the discounts table and to the user when making a booking

• Start date

  • The date at which point the discount becomes active

• End date

  • The date at which point the discount expires

• Number of days before the booking to apply

  • A value in days, before the booking date, in which the discount applies

• Percentage amount

  • The % discount applied

• Resources

  • The resources in which the discount applies to. You can only assign resources which belong to your company

Accessing Discounts

Navigate to the Settings page:

Then select the Discounts tab:

You’ll then be presented with a table of existing discounts and can create a new discount from here via the ADD NEW DISCOUNT button in the top right corner:

Creating Discounts

Simply select the ADD NEW DISCOUNT button and then select the particular type of discount you want to create. Configure all of the settings and select SAVE.

Your discount will then appear in the discounts table.

Managing Discounts

The state of the discount (i.e. Active , Expired etc) determines what you can manage. Refer to this section for the different statuses.

Select the operations icon at the far right of the row for the particular discount you need to manage and you’ll be presented with a variety of options:

The following options are:

• Details

  • This provides an overview of the discount setup without having to go into the edit form:
    
    

• History

  • This shows the configuration history of the discount and who modified it:
    
    
    

• Edit

  • This will take you into the form to modify parts of the discount. All parts of the discount can be modified apart from the type of discount.
    
    

• Delete

  • If you choose to delete a discount you will be prompted with this confirmation modal:
    
    

Editing Discounts

A discount can be edited in the following states:

• Active

• Upcoming

• Expired

Discounts History

The discount history will show you any modifications made to the discount by the bookings team.

Deleting Discounts

A discount can be deleted if it hasn’t been used but also if it has been used for bookings. In the instance that the discount hasn’t been used, the discount will be deleted entirely and removed from the discounts table. If the discount has had usage, it will show as Deleted but remain in the discounts table for reference. Once a discount has been deleted, it can’t be reinstated.

Discount Status

A discount can be in one of four states:

• Upcoming

  • This is an active discount which has a start date in the future

• Active

  • The discount is active i.e. the current date is between the discounts start and end date

• Expired

  • The discount has passed the end date and it’s no longer active

    • It can be reactivated simply by editing the end date to a date in the future

• Deleted

  • The discount is no longer needed and has been deleted

    • If the discount had no usage, it will no longer show up in the table of discounts

    • If the discount had usage, it will remain in the table of discounts as a reference

Business Rules

It’s important to note the following business rules which apply to discounts.

Accessing Discounts as an End User

When Viewing Resources

If a discount has been applied to a resource you will see a discount tag/icon overlayed on the resource image as per the below examples:

When Booking a Resource

If you select a resource which has a discount, the available discounts will be shown in the side panel as per the below examples.

Single Discount

If only one discount applies to the resource it will be shown as follows when making a booking:

Multiple Discounts

If more than one discount applies to the resource it will be shown as follows when making a booking:

Recognising Discounts Applied to Bookings

As the Host

During the Booking

The discounts applied to the booking are shown in the final step before payment is made as per the below example:

On Emails

Email confirmations also include the discounts as per the below example:

Viewing a Booking

When viewing an upcoming, or past booking, the Host can also see the discounts applied as per the below example:

As an Admin

On Emails

Members of the booking team also see discounts applied to bookings the same as they appear to the Host.

Viewing a Booking

Members of the booking team will see discounts applied to the booking when viewing it via the Bookings management tab:

Via the Reconciliation Report

When exporting the reconciliation report via the Reconciliation report tab:

There are 3 new columns on the csv extract:

• Discount name

• Discount percentage (Total)

• Discount amount (Total)

Reporting

For now, refer to this section which outlines how you can determine discounts being used against bookings.

FAQs