RateGain launches revAI to transform demand forecasting and price optimization for Car Rentals
DALLAS, August 31, 2021 / PRNewswire / – RateGain Technologies announced the launch of revAI at the 2021 International Car Rental Show, the first end-to-end AI-powered car rental demand forecasting and price optimization platform that makes any forecast profitable.
The summer of 2021 saw a surge in demand for car rentals, with most travelers suffering from supply constraints, underscoring the troublesome process of accurately forecasting demand and managing fleets more accurately. This supply-demand gap limits the ability of car rental companies to maximize revenue.
revAI solves lost revenue by leveraging 25 demand indicators that drive hyperlocal demand at the city level to help car rental companies clearly understand market potential and adjust their strategy to reach their maximum revenue potential on any given day. In contrast to most demand forecasting solutions, however, revAI goes one step further and combines a price optimization module that enables revenue managers to capture the incremental market share through an AI-driven price recommendation engine.
While most demand forecasting solutions are based on historical bookings, revAI is one of the first platforms to leverage forward-looking demand indicators that are more believable in quantifying demand at the hyperlocal level for the city. Forecasting and understanding market demand can also help identify dates that require attention and ensure car rental companies never miss an opportunity to maximize.
The platform drives automation and digitization. It is designed to help revenue managers eliminate manual processes such as complex spreadsheets and multiple data sources. revAI gives revenue managers a single platform to understand demand, determine their pricing strategy, and let the system execute that strategy seamlessly to stay ahead and drive recovery through a sophisticated machine learning and artificial intelligence framework.
Comment on the start, Harmeet Singh, Group CEO of RateGain, said, “Car rental companies are the most affected by demand volatility and have very little bandwidth or technology support to adjust. With revAI we want to change this. Our solution will essentially bridge the gap between forecasting and maximizing revenue by ensuring that every rental is profitable, reducing time and effort, and improving margins. “
revAI is integrated with leading industry partners so that independent operators and franchisees can begin to see the benefits and how your team can leverage and implement the technology-enabled transformation of your revenue management and pricing strategy for car rentals in the post-COVID era. Reserve your slot for a free demo. Visit https://rev-ai.io
About RateGain
RateGain is a global provider of SaaS solutions to the hospitality and travel industries, providing travel and hospitality solutions that generate new revenue every day. We are one of the world’s largest aggregators of data points for the hospitality and travel industries (Source: Phocuswright Report). Please visit https://rategain.com for more information
SOURCE RateGain
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