RateGain Technologies, a SaaS solutions provider for the travel and hospitality industry, today announced the launch of Demand.AI, a unique self-serve SaaS solution based on AI that helps companies track hyperlocal demand at the city level, streamline their business strategy, and ensure better ROI.
The increasing volatility due to COVID-19 has made it more difficult for any company to plan for the future. Additionally, COVID-19 created an anomaly in the demand forecast as the pandemic also impacted historical data trends. As a result, the demand to be expected in the next few months could be predicted less reliably.
While the pandemic has been challenging for most industries whose revenues depend on tourism, its impact has been even more pronounced in areas that rely on historical data to plan their future demand, especially hotels, airlines, vacation rentals, car rentals , Destination marketing organizations and tourism authorities.
The inaccurate forecasts also have consequences for agencies that have to run localized outdoor campaigns and events that depend on the number of visitors to a particular location in the city. The need for an easy-to-use and affordable platform has therefore never been greater than in these times.
Demand.AI solves this problem by providing a demand index for the city on a scale from 0 to 100 to understand how demand evolves over 75 days. The easy-to-use and instantly accessible platform also enables the user to track demand for any location within the city. They can use a map view or a table view to compare which places in each city are in higher demand.
In addition to the demand index, users can also see what kind of demand is coming into the city, which booking patterns are popular and how this would affect bookings for hotels and holiday apartments.
The product was designed and developed by RG Labs, RateGain’s in-house incubator, within six months and uses RateGain’s data pool with billions of data points on user searches, transactions and prices in the hotel, airline, car rental and vacation rental sectors, which are matched with other future-oriented demand indicators such as active COVID cases, vaccination numbers, news of lockdowns / restrictions, events, weather, flight capacity and bookings are combined to use AI to create a forecast that is updated weekly.
Creating a demand forecast with conventional products in order to derive knowledge from it is a complex task that takes a correspondingly long time. However, since most industries are struggling with volatility and aiming for accelerated digitization, they cannot afford to wait for actionable insights. This is where Demand.AI can help to meet this immediate need for all companies that are dependent on travel-related demand.
Bhanu Chopra , founder of RateGain, commented on the introduction: “We know that, according to the WTTC, 3 out of 10 jobs worldwide are created directly or indirectly through tourism. Failure to understand future travel demand and its implications for businesses will result in poor customer experiences and missed revenue opportunities. It is becoming more difficult for companies to recover from the pandemic, which in turn has a negative impact on sustainable job creation. With Demand.AI, we are committed to making the future of travel simple, clear and immediate, and to helping all companies in the travel industry recover from the pandemic. ”