Innovative pricing: Pay-as-you-wish as a means to attract customers to museums post Covid-19
All around the globe tourism organisations are looking for ways to build trust to get customers back to travel, to visit sights, and to generally engage in tourism related activities. Dr Brigitte Stangl and Dr Margit Kastner (WU Vienna) are examining the implementation of innovative pricing strategies, namely Pay-As-You-Wish (PAYW), for museums.
PAYW brings benefits for suppliers and consumers. Organizations attract consumers, who can pay the price they can afford (considering the impact the lockdown had on the income of many people). Generated revenue allows organizations to cover costs and to continue operating the business in the usual quality, diversity, and excellence.