The client needs to determine the optimal rent based on the dynamics of the multiple accommodation booking platforms. The client requires understanding the competitor analysis and different trends in the market based on varied criteria like a number of rooms, beds, bedrooms, washrooms, etc.
The client is facing the following challenges while deciding the per day rent for the online hotel booking service providers’ platform. They wanted a software solution that could help them to decide per day hotel room rental prices so that it could attract renters and bring more revenue too.
Hitting the right price for the would-be renters
Balancing between the price not being too low to face lesser revenue or being too high to lose out on potential clients
Judging the possible rate for rooms depending upon the dynamism of the market
Diagnosing the challenges of the client, SPEC INDIA helped the customer by designing and developing a machine learning model that decides the rental price to be put online for bookings. We built the solution to automate their process of getting the best possible rent for rooms, from amongst all those listed, using a technique called ‘k-nearest neighbors (KNN) algorithm’.
A variety of graphical representations are available depending upon different criteria like accommodates, bedrooms, beds, bathrooms, etc. These visuals offer a great deal of clarity in taking the right decisions.
Process flow of solution
- Find a few listings that are similar
- Average the listed price for all those who provide similar services
- Set the listing price to this calculated average price
Supporting variables that play a role in decision making
- Number of bedrooms included in the rental
- Number of bathrooms included in the rental
- Number of beds included in the rental
- Number of guests the rental can accommodate
- Right price for the rental
Unleash the Potential of Machine Learning. Our Experienced ML Team has worked on diverse projects that demonstrate our excellence in Machine Learning.
Our detailed and accurate research , analysis, and refinement leads to a comprehensive study that describes the requirements, functions, and roles in a transparent manner.
We have a team of creative design experts who are apt at producing sleek designs of the system components with modernized layouts.
Our programmers are well versed with latest programming languages, tools, and techniques to effectively interpret the analysis and design into code.
Quality is at the helm of our projects. We leave no stone unturned in ensuring superior excellence and assurance in all our solutions and services.
We have a well-defined, robust, and secure launch criteria that offers us a successful implementation clubbed with detailed testing, customer acceptance and satisfaction.
Best for all rentals who provides their spaces to local hotel service providers
Can be replicated for a taxi rental system in a similar fashion
Offers the best possible rental price for all hotels based on average rates
Copes well with the dynamism of the online marketplace
Attracts more renters, increases profitability and efficiency