How Analytics And Data Science is helping OYO To Enhance Customer Experience?
According to the CEO and Founder of OYO Rooms Ritesh Aggarwal, the use of analytics and data science helps identify not only the right demand but also the right action for each customer to enhance their experience. Its pan-India 223 city presence boasts of over 2 million check-ins and a total worth of 260 million dollars currently. OYO has used data science technology and analytics successfully in the hotel booking and servicing of accommodation renting segment tapping the mobile users who use the internet and advancements in technological apps to get the best deals and prices.
The OYO story:
In May 2013 OYO started with one hotel booking and had grown to over 8500 hotels and 75K rooms spread over well-targeted metros, commercial hubs, small cities, pilgrimage towns and foreign leisure destinations like Nepal, Malaysia, etc. Their analytics and data science efforts helped provide unmatched prices for well-stacked and standard hotel services while setting the bar for in-room customer experience and budget-accommodation availability in India. OYO’s inspirational story is the result of its CEO’s entrepreneurial debut, and his success is truly inspirational.
Offering standardized stay experiences OYO is spread across 223 cities in all We have revolutionized the legacy-driven hospitality space in India by standardizing the in-room experience and delivering predictable, affordable and available budget-room accommodation to millions of travelers in India,” says Ritesh Agarwal, founder, and CEO, OYO Rooms.
Ritesh hails from Orissa and travelled from the young age of 17 to many hundreds of B and Bs, hotels, resorts, guest houses, etc. to make a curated list of them and help discover such locations that were obscure till date. The introduction of price affordability, standardization of services and customer behavior predictability were the contributive factors to overhauling the way and use of booking with OYO and its analytics and data science program. The importance of training and experience in predictive analysis, data analytics, handling of big data of several petabytes, creating smart self-learning algorithms, and using the latest techniques of neural networking of the ML with AI cannot be undermined according to Aggarwal.
OYO and technology:
The services provided with OYO bookings are standardized with customers getting ac rooms, flat-screen TV, 24x7 customer support, WiFi, complimentary breakfast, quick availability searches, and app-based booking. Of course, the comfortable customer experience brought loyalty and increased its app reach and revenues by leaps and bounds. The app saw 5 million downloads in the first few weeks and OYO cashed in on data of room searches, availability, fair pricing, standardized services, etc. through its analytics-supported app.
Additionally, cab bookings, room-service requests for beverages, laundry, food, etc. were linked in through smart neural networking to provide a seamless 5 second 3-tap experience. Thus sales, technology, intelligent data analytics, satisfied, loyal customers and owner engagement driven by the analytical ability of the app helped OYO emerge as the 2018 unicorn amid the disrupted industries and stiff competition from CoHo, NestAway, ZiffyHomes, Homigo, WudStay, and SquarePlums.
The analytics and statistics:
According to an HVS report cited by Ritesh Aggarwal, unbranded hotels numbering 2 million are available as against the 112k branded ones. That is a huge, potentially untapped customer market that OYO plans to utilize in its growth to make OYO services a household name and brand to reckon with. Even the funding of OYO was strategically planned to raise 260 million dollars from Sequoia Capital, SoftBank Group, Lightspeed, and GreenOaks Capital. It hopes to raise its capital to over 500 million dollars with SoftBank’s help putting it in the unicorn league.
Whether it be a bus booking, a train reservation, a connecting flight, the last-mile cab availability, intra and intercity travel, long or short stay vacations, quick food, and laundry services, or undiscovered destinations, OYO has plans to keep its customers numbers growing by catering to their needs reflected in the smart analytics app and media. Their inclusion of shared vacation stays, resort accommodation, and service apartments like Chennai-based Novascotia Boutique Homes to their hotel bookings was strategic inclusion planned for the internet savvy mobile user and a trend reflected in the search use of customers in its analytics-based strategic market expansion plans.
Data science analytics is best learned in classrooms with plenty of hands-on and industry-relevant experience. Certification, able mentorship of certified trainers and an assured placement program gives such training courses the leading edge in launching your career. If the OYO story inspires you, then do a Big Data Analytics Course at the reputed Imarticus Learning. Perhaps you will also take to utilizing the opportunity provided to get entrepreneurial ideas and mentorship assistance to start a successful venture. All the best!