As you know with Pace, we can optimise your inventory at the most granular inventory type level and give you the best pricing recommendations based on the demand for that inventory. However, in some cases, this becomes difficult due to the lack of data points (small physical capacities) or simply Revenue & Brand Strategies (price discrimination across inventories). For these cases, we introduced Inventory Groups.
What should be grouped into an Inventory Group?
As mentioned above, at Pace we believe you can achieve the greatest revenue performance when you allow prices for your inventories to be managed independently. This way each room night is optimised based on its performance.
However, if there are certain inventory types with either a very low physical capacity (e.g. a set of suites, a unique room which only exists once...) or there are some inventory types which you don't want to discriminate on price (e.g. a Bed in a Mixed 6-Bed Dorm and Bed in a Female 6-Bed Dorm) Inventory Groups enabled you to make use of Pace's Pricing whilst considering these constraints.
What impact do Inventory Groups have on Pace's pricing?
Once you selected a set of inventory types you would like to group together, Pace will now analyse all inventories within the group as one collective. Which means: demand patterns across seasons or DOWs will be analysed collectively, forecasts will be produced for the whole group and prices will be applied in a consistent way across the group.
This will also change how we will display your inventories on the Actions Table. You will now see the Inventory Group displayed on the table and the assigned inventory groups will display as "Children" with their fixed pricing structure. To find out more how you can interact with Inventory Group Prices on the Actions Table, check out our article here.
How to set things up?
We will usually agree on a certain setup during the onboarding. However, if you'd like to change this, you can easily do so from the Actions tab/Strategic Controls/Inventory Setup.
You can find detailed instructions on how to set up an inventory group from this article. You can also find out how to change the configuration & price supplements of an existing group.