What is Dynamic Pricing and How You Can Beat It
An online expert explains dynamic pricing amid the latest ticket price hike scandal involving legendary ’90s band Oasis, purchase during off-peak times, such as mornings or weekdays, and use platforms that offer price alerts to keep you updated in real-time, taxi companies like Uber, airlines, and event ticket platforms often use dynamic pricing tactics.
Dynamic pricing is increasingly common, affecting everything from concert tickets to food delivery and rideshares.
The recent uproar over skyrocketing Oasis concert ticket prices has brought dynamic pricing back into the spotlight.
Marc Porcar, CEO of QR Code Generator, explains how dynamic pricing operates and shares expert tips to secure the best deals.
A quick summary of what dynamic pricing is and the role it played in the Oasis tickets:
| Summary | Quick explanation |
| What is dynamic pricing? | Adjusting prices in real-time based on factors like supply, demand, location, time, and customer behaviour. |
| Dynamic pricing examples | Rideshare services, airlines, and event ticketing platforms commonly use dynamic pricing to adjust costs based on fluctuating demand. |
| Oasis concert ticket controversy | Initial ticket prices were around £150 but spiked to £350 and even £4,500 on resale sites due to high demand, showcasing dynamic pricing in action. |
| Research and timing | Proper research and timing of purchases (e.g., using price alerts or predicting fare trends) help in beating dynamic pricing and securing better deals. |
What is dynamic pricing?
Dynamic pricing, also known as surge pricing or demand-based pricing, refers to adjusting prices in real-time based on various factors like supply and demand, location, time, and customer behaviour.
Services like Uber, airline companies, and event ticketing platforms commonly use this tactic.
When demand is high, prices surge. However, in times of low demand, customers may find better deals.
How dynamic pricing affected Oasis concert tickets
The recent controversy around Oasis concert ticket prices is a perfect example.
Tickets were initially priced around £150 for standard standing tickets, but they quickly spiked to £350 as more fans tried to purchase them.
This is a classic case of dynamic pricing in action – high demand for limited tickets led to an automatic price increase, with up to even £4,500 on certain resale sites such as StubHub.
Concert tickets typically go on sale at a specific time, and demand is high right after the release.
Being online early and ready to purchase tickets as soon as they are available is essential to securing face-value tickets.
You also stand a big increase in chances by accessing the ticket site on multiple devices – laptops, phones, tablets – and using different browsers.
Being in various queues can help you land tickets faster.
Tips to beat dynamic pricing on tickets in the future
To avoid overpaying for event tickets, monitor ticket prices over time.
Use fan clubs, certain debit/credit card rewards, and other membership rewards for potential pre-sale opportunities.
Purchase during off-peak times, like early mornings or weekdays, when fewer people compete for tickets.
Use platforms that offer price alerts, such as Google Flights for flights and holidays, to be notified when prices fluctuate.
Immediately after tickets sell out, third-party scalpers list tickets at inflated prices.
Resist the temptation to buy right away and wait for prices to stabilise.
Booking as far ahead as possible is key for events.
Many events offer “early-bird” tickets at a reduced price compared to the main sale prices.
