RateGain Technologies, a provider of SaaS solutions for travel and hospitality, announced the launch of Demand.AI, a self-serve unique SaaS solution powered by AI to help businesses track hyper-local demand at a city level and optimise their commercial strategy and ensure better ROI.
Increased volatility due to COVID-19 has made it difficult for any business to plan for the future. In addition, COVID-19 introduced an anomaly in demand forecasting by disrupting historical data trends, making it less reliable to understand how much demand they can expect in the next couple of months.
While the pandemic has been challenging for most industries that depend on tourism to drive revenues, the challenge has been more pronounced for teams that rely on historical data for planning their future demand, especially in hotels, airlines, vacation rentals, car rentals, destination-marketing organisations, and tourism boards.
The inaccurate forecast also affects agencies that need to deliver localized outdoor campaigns and events dependent on footfall in a city’s specific locality; hence, the need for an easy-to-use and affordable platform has never been higher.
Demand.AI solves this by providing a demand index for the city ranked from 0 to 100 to help them understand how demand is evolving over 75 days. The easy-to-use and instantly accessible platform also allows the user to track demand for each locality within the city, using a map-view or a table view to compare which locality in each city will see higher demand.
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Apart from the demand index, users can also understand what type of demand would be coming into the city, the popular booking patterns, and how it would affect hotel and vacation rental bookings.
Conceptualised and developed by RG Labs, RateGain’s in-house incubator in 6 months, the product leverages RateGain’s data lake with billions of data points on user searches, transactions, and price points across hotels airline, car rentals, vacation rentals.This is further combined with other forward-looking demand indicators such as active COVID cases, vaccination numbers, lockdowns/restrictions news, events, weather, airline capacity, and bookings to give a forecast using AI, which is refreshed on a weekly basis.
Traditional Demand forecasting products are complex to derive insights and always have a medium to long incubation period, however as most of the industry tackles volatility and looks for accelerated digitization they cannot afford to wait to get actionable insights and this is where Demand.AI can help solve this immediate need for any business that depends on travel-induced demand.
