The company Merlin Entertainments, which also manages Madame Tussauds and the London Eye, is implementing “dynamic pricing” to allow prices to react to demand and weather more quickly.
Merlin predicted that it would counteract a drop in tourists following the outbreak.
This year, about 20 of its international sites will receive modifications.
Merlin Entertainments already implements peak and off-peak pricing, allowing seasonal variations to control demand and consequently price, just like many other organizations.
However, the use of machine learning will speed up and improve the details of flexible ticket pricing.
For instance, the company might reduce ticket rates that day if a bright Saturday during the summer vacation proves to be less crowded than anticipated.
In a similar vein, even during what is typically thought of as a less expensive period to visit, prices may increase if a winter’s day unexpectedly proves to be busy and surpass existing off-peak rates.
In a statement, Merlin stated that this kind of pricing “ensures that the peak period experience is optimized by avoiding overcrowding.”
It stated that “these changes enable greater flexibility for guests booking online to choose discounted prices for select dates and times” .
