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INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2456-4184 | Impact factor: 8.76 | ESTD Year: 2016 Scholarly open access journals, Peer-reviewed, and Refereed Journals, Impact factor 8.76 (Calculate by google scholar and Semantic Scholar | AI-Powered Research Tool) , Multidisciplinary, Monthly, Indexing in all major database & Metadata, Citation Generator, Digital Object Identifier(DOI) |
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Volume 9 | Issue 5
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| Paper Title: | DYNAMIC PRICING USING MACHINE LEARNING : A STUDY ON HOTEL BOOKINGS |
| Authors Name: | Vineeth Matta , Naveen Kumar V |
| Download E-Certificate: | Download |
| Author Reg. ID: |
IJNRD_218387
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| Published Paper Id: | IJNRD2404373 |
| Published In: | Volume 9 Issue 4, April-2024 |
| DOI: | |
| Abstract: | 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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| Cite Article: | "DYNAMIC PRICING USING MACHINE LEARNING : A STUDY ON HOTEL BOOKINGS", International Journal of Novel Research and Development (www.ijnrd.org), ISSN:2456-4184, Vol.9, Issue 4, page no.d658-d668, April-2024, Available :http://www.ijnrd.org/papers/IJNRD2404373.pdf |
| Downloads: | 00022 |
| 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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Published Paper ID:IJNRD2404373 Registration ID: 218387 Published In: Volume 9 Issue 4, April-2024 DOI (Digital Object Identifier): Page No: d658-d668 Country: Visakhapatnam, Andhra Pradesh, India Research Area: Management Publisher : IJ Publication Published Paper URL : https://www.ijnrd.org/viewpaperforall?paper=IJNRD2404373 Published Paper PDF: https://www.ijnrd.org/papers/IJNRD2404373 |
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ISSN: 2456-4184
Impact Factor: 8.76 and ISSN APPROVED
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