Don't know what an Inventory Group is or if you need to create one for your property?
Check out this article, and if you are still not sure please get in touch via our chat! 💬
What is an Inventory Group Base Price?
An Inventory Group Base Price is the price that all of the Inventories within a Group are derived from, this is ultimately what our pricing engine will be pricing now that a new group has been created and all other inventories that flow from it, will require deviations. You can think of these as room type multipliers!
E.g. The desired difference between your Classic Single and Classic Double = $20
In the example below, the 1 Bed Apartment Inventory Group has a recommended Group Base Price of 210.00 for that particular night.
As a result of the Price Deviations setup, the inventories that flow underneath it have exact currency values which will be applied each time a rate update is done for the 1 Bed Apartment Group (Note that the very 1st inventory within the group will always be set to 0 as we are always basing the group rate setup off of the entry level room type within the group)
Where to set up deviations? 🤔 this is simply done in your inventory configuration! ⚙️
Accepting Inventory Group Base Prices
If you accept the optimum price for the Inventory Group Base, then this will also accept all optimum prices within that Inventory Group. This is because the Inventories within the Inventory Group are all linked to the Inventory Group Base Price with their respective price deviations.
Manually changing an Inventory Group Base Price
As well as accepting price recommendations for the Inventory Group Base Price, you can make manual price changes to the Inventory Group Base Price which will also update the prices for the whole Inventory Group.
You can do so for a single date through the Quick View, or for multiple dates using the New Price Adjustment (example below).
Can I still update prices within an Inventory Group?
Yes, but all new price recommendations will be based on the Inventory Group Base Price, and not the manually changed price for that one inventory type.
We hope that this has given you a much better understanding of how your inventory group setup works and the way to approach this exercise! 💪 if you have any additional queries or questions, please don't hesitate to reach out via the chat!