But experts say dynamic pricing can help improve customer experience if done well.
Theme park Kidzania limits capacity and applies dynamic pricing to tickets. The ticketing process for Icelandic singer Laufey's sold-out show on Sept 4 also adopted dynamic pricing.
According to KidZania Singapore’s website, dynamic pricing is applied for tickets to the theme park. This means that prices fluctuate based on real-time supply and demand, a strategy commonly used for flight tickets and private-hire rides such as Grab. The new pricing system did not faze some parents, such as Mrs Krystal Wee, who took her son, niece and nephew to the theme park on June 4. Her online bill came up to $389.70 excluding tax, with each child ticket costing $108.
Ms Sophia Heng, 42, has taken her nine-year-old daughter and 10-year-old son to KidZania twice – on May 18 and 30 – since its reopening. Dynamic pricing in industries apart from transportation is not new. In 2011, concert giant Ticketmaster announced that it would look at ways to allow promoters to adjust prices according to demand.Laufey’s upcoming sold-out show at the Singapore Expo on Sept 4,from April 24 to June 9, and local comedian Kumar’s upcoming show, Kumar Uncut, made use of, or will use, dynamic pricing.
Dynamic pricing for ticketing was adopted for the musical Hamilton, which ran at Marina Bay Sands from April 24 to June 9. PHOTO: SCREENGRAB FROM MARINA BAY SANDS WEBSITE Lowering the prices along with demand will also increase the revenue of a business while satisfying customers, said Associate Professor Hu Zhenyu of NUS Business School.
The ticketing process for Icelandic singer Laufey’s sold-out show on Sept 4 also relied on dynamic pricing, according to Live Nation’s website on June 26. PHOTO: SCREENGRAB FROM LIVENATION.SG “This model also fosters loyalty and repeat visits, ensuring a steady stream of visitors while maintaining manageable crowd levels, thereby enhancing the overall visitor experience,” he said.
“Companies should provide consumers with upfront information regarding event tickets, such as price, availability and easy-to-understand terms and conditions,” he said.In February, American fast-food chain Wendy’s announced that it was planning to test dynamic pricing in the US in 2025, with its menu items differing in price depending on the time of day.
The strategy works best when resources, such as the capacity of a venue, are allocated over time, and customers value the products or services differently, said Prof Hu.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Taiwan universities listed as Nvidia’s collaborators see surge in interest from studentsNvidia's chief executive Jensen Huang has stirred a craze during his recent fortnight stay in Taiwan.
Read more »
Jobless claims surge, signalling slowdown in labour marketLatest Breaking News
Read more »
Israel hits Gaza as tensions surge on Lebanon borderGAZA STRIP: Israeli strikes hit Gaza on Friday (Jun 13) as truce talks with Hamas militants failed to progress and tensions surged on Israel's northern border with Lebanon. Witnesses reported the strikes in various parts of the Gaza Strip in the morning, particularly the centre.
Read more »
Malfunctioning surge arrestor cause of North-South Line disruption on June 3LTA also said it will work with the operators to strengthen their response to future disruptions.
Read more »
Malfunctioning surge arrestor among reasons that led to North-South Line disruption on June 3LTA also said it will work with the operators to strengthen their response to future disruptions.
Read more »
Surge arrester failed to work when lightning struck, causing North-South Line disruption: LTA"We will also review the provision for public transport operators to maintain a larger fleet of standby buses which could be activated as bridging buses during a rail disruption," said the Land Transport Authority.
Read more »