What is Hybrid Pricing?
Hybrid Pricing is a new dynamic pricing concept that enables Wheelhouse users to blend “data-driven” and “rule-based” strategies to customize their revenue approach.
While data-driven pricing has been core to Wheelhouse since our inception, rule-based pricing is a new functionality that we are layering in to give our users more control, if and when they want it.
How do rule-based, data-driven & Hybrid Pricing differ?
Rule-based pricing is fully customizable, allowing users to set their pricing strategy based on a series of fixed values and/or rules. When you set a rule-based pricing strategy, your prices won't fluctuate as market data shifts.
Data-driven pricing leverages real-time market data to optimize your pricing. While Wheelhouse provides a number of options for users to customize their data-driven strategies, pricing fluctuations based on changes in market data are core to this approach.
Hybrid Pricing allows you to seamlessly blend the two approaches across each of your settings, putting your revenue strategy fully in your control.
Who is rule-based and Hybrid Pricing designed for?
Rule-based pricing was designed for customers who prioritize control. We heard from many of you that it doesn't always make sense for you to use a purely data-driven approach. However, it was important for us to maintain and enhance all of the data-driven functionality our customers are used to.
Hybrid Pricing was designed to benefit all users and support varying revenue strategies. This solution provides maximum flexibility, allowing you to layer in data-driven pricing if, when, and where you want it.
What’s changed/unchanged about this new system?
You may have noticed a fresh new look to Wheelhouse. We have updated our design with the introduction of Hybrid Pricing and hope you find it even cleaner and easier to use!
In terms of the core functionality of data-driven pricing - nothing has changed. You can still access the most powerful pricing engine in the world but now can opt for more control with the introduction of rule-based pricing.
Will this impact my current settings or listings?
No. Rest assured, your listings and settings will remain intact and all customizations will be unchanged.
Will the cost of Wheelhouse’s pricing plans change?
No. Our pricing plans are not changing with the launch of Hybrid Pricing so you get the benefit of a new and improved platform at the same cost.
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Will this impact any of Wheelhouse’s integrations?
No. Hybrid Pricing will not impact any of Wheelhouse’s existing integrations. You can still automate daily price-syncing whether you choose to use rule-based pricing, data-driven pricing, or a combination of the two.
Where can I leave feedback on the new release?
You can email us at hello@usewheelhouse.com or start a live chat on our website at www.usewheelhouse.com.
How can I learn more?
You can watch this video for a full overview of Hybrid Pricing.
We have also updated all of the linked videos on each of the Settings tabs with deeper dives on specific functionality.
And, as always, please don’t hesitate to reach out to us with any questions. Our support team is available 24/7.