DYNAMIC PRICING USING MACHINE LEARNING : A STUDY ON HOTEL BOOKINGS

DYNAMIC PRICING USING MACHINE LEARNING : A STUDY ON HOTEL BOOKINGS

Registration ID: IJNRD_218387

Published ID: IJNRD2404373

DOI: Click Here to Get

Vineeth Matta , Naveen Kumar V

Dynamic pricing is a strategic approach employed by businesses to adjust prices of goods or services in real-time, considering factors such as demand, competition, and market conditions. This strategy enables companies to maximize profits and maintain competitiveness amidst constant change. Machine learning has emerged as a pivotal tool in facilitating dynamic pricing strategies, swiftly analyzing vast datasets to inform pricing decisions accurately. Machine learning algorithms process historical sales, customer behavior, market trends, and competitor pricing to develop predictive models. These models aid businesses in determining optimal price points for their offerings. By harnessing machine learning, companies automate pricing decisions, enhance efficiency, and swiftly respond to market dynamics, thereby boosting revenue and profitability. A notable advantage of employing machine learning in dynamic pricing is its capacity for continual learning and adaptation to evolving market conditions and consumer preferences. Moreover, machine learning uncovers hidden data patterns, enabling more informed pricing decisions than traditional methods. Additionally, machine learning facilitates personalized pricing for individual customers based on past purchase behavior and preferences. This tailored approach enhances customer satisfaction and loyalty, fostering increased retention and lifetime value.

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"DYNAMIC PRICING USING MACHINE LEARNING : A STUDY ON HOTEL BOOKINGS", IJNRD - INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT (www.IJNRD.org), ISSN:2456-4184, Vol.9, Issue 4, page no.d658-d668, April-2024, Available :https://ijnrd.org/papers/IJNRD2404373.pdf

Volume 9 Issue 4, April-2024

Pages : d658-d668

Paper Reg. ID: IJNRD_218387

Published Paper Id: IJNRD2404373

Downloads: 000121192

Research Area: Management

Country: Visakhapatnam, Andhra Pradesh, India

Published Paper PDF: https://ijnrd.org/papers/IJNRD2404373.pdf

Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2404373

Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)

ISSN: 2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar | ESTD YEAR: 2016

An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator

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This work is licensed under a Creative Commons Attribution 4.0 International License and The Open Definition

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