adjective [ADJECTIVE noun] You use off-peak to describe something that happens or that is used at times when there is least demand for it. Prices at off-peak times are often lower than at other times.
People Also Ask
Fares have temporarily increased to get more Ubers on the road. Your ride will be 2.1 times more expensive than normal.” Ever wondered what this phenomenon is called? This is an example of a surge pricing strategy.
Although this may be basic economic theory and technically not yet in illegal in the United States to institute surge pricing (though it is illegal in some countries like India), Uber can change the way so it benefits all parties involved.
Surge-pricing could be beneficial for your company whenever you would like to tackle high-demand peaks and take advantage of them by using different pricing tactics. Increasing your prices during favorable times, weather conditions, or other high-demand periods will drive profitable growth.
“Prime Time, also called 'surge pricing' by Uber, is where you basically don't have enough driver supply, so you have to price it high so it can send more drivers out there and also sort of suppress demand,” Lyft CEO David Risher said on the company's most recent earnings call.