Price yield automation and machine learning
min. £36 GBP / óra
Hi,
My organisation is an online travel agent. To maximise our sales volume we manually yield our prices by doing the following:
1. Set the price based on a key competitor
2. Monitor the sales volume at that price for one week
3. After one week, start adjusting the price in 5% increments every two days
4. Monitor the sales volume - if unchanged, we keep incrementing the price every two days
5. Once we see a noticeable and consistently decreasing sales volume, we either stabilise or reduce the price until we see the peak volume again
When this process is multiplied out by 15,000 hotels it is totally unmanageable. So as long as we run it manually, we are forced to focus on a small set of key hotels.
Our objective of this project is to achieve the following:
1. Automate the price adjustment (incrementing until peak sales volume starts decreasing)
2. Learn from each price adjustment to start generalising the kind of price margin we should apply to other hotels (of a similar criteria)
3. Maximise sales volume
We are looking to have an algorithm built that would measure itself on the number of hotel transactions achieved.
If you don't believe machine learning is the appropriate way to approach this issue - we are happy to discuss other solutions.
We are looking for a developer who has expeirence in creating an algorithm of this nature and who can translate their technical know-how to our business problem.
This has to be approved by our CFO so after an informal chat, we would require a short, but structured written proposal outlining how you would like to work through the project and the estimated costs at each stage.
This is our first data automation / ML project in the business - for the right developer who can produce business results, there will be strong opportunities for a longer-term relationship.
Do not reply with a generic template response to this brief - serious enquiries only.
Many thanks,
Simon
Projektazonosító: #15602640
A projektről
15 szabadúszó tett átlagosan 41£/órás árajánlatot erre a munkára
Needs Price Elasticity Model Simulator for projections with demand Cross sell model for growth enhancement Automated, Visualization based tool Relevant Skills and Experience 16 years Analytics experience, primarily in Továbbiak
Hi there, I have more than two years of experience developing machine learning algorithms. In addition, I have a phd in physics and have advanced data analysis skills. I think the first part of the project, auto Továbbiak