PakuOvelle.com, Finland’s largest van rental company by revenue, implemented Priceff’s dynamic pricing solution in November 2021. Priceff’s algorithm continuously calculates an optimal price for 150 vans across Finland. The price of each time slot in each location is updated once every hour for every open timeslot in the next 3 months. The results speak for themselves, as the revenue has increased 20% and the rental volume 21% after implementing dynamic pricing.
“This has been fantastic! We have greatly increased market share and absolutely achieved the goals that we set when we started dynamic pricing. We now offer very affordable prices during silent hours, our revenue has increased and we also gain a higher price during peak hours”, says Mikko Erkkilä, the CEO of PakuOvelle.com.
PakuOvelle.com actively informs clients that they use dynamic pricing. Clients can choose which time slots and locations suit them best. Pricing is one of the strongest drivers when choosing a time slot: some prefer to choose a less popular slot for cheaper, while others pay more for the most wanted times.
The implementation project was conducted in four weeks, including building the interface and logic to update prices into the reservation system. Now the prices are monitored automatically and updated 24/7 without manual work.
“Cooperating with PakuOvelle.com is a true partnership. We got the system running very quickly and have a very efficient working model together. I am very happy to see PakuOvelle.com gaining such concrete business results – and there has been very little need to do changes to the initial settings. Our automation works perfectly”, says Priceff’s CEO Heikki Lummaa.
Read more about the benefits of dynamic pricing for van rentals from our case study with PakuOvelle.com.