The wellness tech company adds dynamic pricing engine to its product platform.
MINDBODY, the leading provider of cloud-based business management software for the wellness services industry, today announced the acquisition of Lymber Wellness, an early-stage tech company specializing in breakthrough yield management solutions for class and appointment based businesses.
Built on MINDBODY’s API platform, Lymber’s technology enables business owners to set dynamic pricing parameters for class and appointment sessions. The technology identifies open class and appointment inventory, and automatically adjusts session prices in real time to match supply and demand.
RELATED: Create Perfect Partnerships to Promote Your Spa
Similar to yield management solutions found in the hospitality and travel industries, automated dynamic pricing enables wellness business owners to increase class and appointment sales without degrading their existing full-price paying customer base. The net effect is to enhance the business’ revenue and profitability, while providing a broader audience of price sensitive wellness seekers with more affordable options.
“The Lymber team has created a breakthrough technology addressing the holy grail of our industry – yield management,” said Rick Stollmeyer, MINDBODY CEO and Co-founder. “By embedding this technology into our business software, consumer apps and the MINDBODY Network, we intend to enable our subscribers to better achieve their business goals by more effectively selling the millions of available classes and appointments they offer each day. This is a win-win for wellness business owners, practitioners and consumers everywhere, and a huge step forward in our mission of creating a global wellness services marketplace.”
RELATED: The Chopra Center for Wellbeing Set to Host “Women’s Retreat”
Deep integration of Lymber’s technology into the MINDBODY platform will begin immediately, with initial rollout expected in the second half of 2017.