Airbnb was a revolution in the hospitality industry. It allowed their hosts associated with them to set their prices for the rent from their customers.
With the help of large data resources, Airbnb uses Artificial intelligence and Machine Learning to improve its online services. The company is one of the top targets for those pursuing their Machine Learning course with placement opportunities.
One of the major improvements made by the company is in its price settings. Earlier it was the host who set the price and now, it is still the host who decides but AI directs them towards the price that will be beneficial for both sides.
Airbnb uses the vast amount of data they gather and analytics to come up with this guidance. What changes did they do to achieve this progress? Let's find out!
- Price tips
Price tips are the primary feature that ‘nudges’ the host towards the desired price. This AI-powered feature constantly updates the various price ranges for each day of every month of the year. At a glance, the hosts will be able to see if their set price is suitable to garner any profits if it is enough to get the attention of the customers, or which range is most likely to get bookings, etc. If the price is shown in green, then they are good to go.
If it shows in red, then the host needs to make some changes to make it green. Prices in green will be the most suitable for clicks.
This price range depends on the days of the week, time of the year, specific neighborhood, locality, etc. Even the latitude and longitude matter. This is a result of the algorithms set by Airbnb through the available data.
The machine learning package that helps with the pricing is the other analytical feature of Airbnb. It handles the behind-the-scenes factors and patterns that lead to the pricing shown in the Price Tips. It helps the user to interpret the words having entirely two meanings in two localities in the right context.
Such developments are a result of a bunch of data analysts and scientists having such a useful model. It is such usage of data analytics that people are looking for a quality Data analytics course with placement offers.
- In-app message intent
The third important feature of Airbnb analytics is their in-app message system. Here, the queries of customers will be automatically answered appropriately by classifying the message intent. The machine ‘learns’ to understand what the customer is looking for and respond to them as needed.
It is useful for hosts and customers in different time zones. This way, there is no delay in getting the answers and the customers feel valued. The AI system can identify the queries and even give suggestions such as a link, map, or picture, to the various queries.
Airbnb achieves all of these with a few data analysts. They are also empowering their hosts so that they can make their own decisions with the help of the already set analytics. The existing hosts can find effective bookings and the company will be able to find more listings and hosts.
If you are fascinated with these developments in technology, enroll for the Post Graduate Program in Data Analytics here at Imarticus to understand more about data analysis.
The classes are conducted by industry experts. There will be proper mentorship throughout and beyond the period of the course. You will be prepared for interviews and get assistance with placements as well.