MindBody, leading cloud-based business management software provide for the wellness service industry, has recently announced its acquisition of Lymber Wellness, an early-stage tech company specializing in breakthrough yield management solutions for class and appointment based businesses. “The Lymber team has created a breakthrough technology addressing the holy grail of our industry – yield management,” says Rick Stollmeyer, cofounder and CEO of MindBody. “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.”
Lymber’s technology, which is built on MindBody’s API platform, enables businesses owners to set dynamic pricing parameters for classes and appointment sessions. The technology was designed to identify open class and appointment inventory, and automatically adjusts session prices in real time to match supply and demand.
The technology is similar to yield management solutions often found in the hospitality and travel industries. Automated dynamic pricing enables wellness business owners to increase class and appointment sales without harming their existing full-price paying customer base. The net effect is to enhance the business’ revenue and profitability while simultaneously providing a broader audience of price sensitive wellness seekers with more affordable options.
Deeper integration of Lymber’s technology into the MindBody platform will begin immediately with initial rollout expected within the second half of 2017.