Revenue Management Made Simple with Generative AI
We now transform complex data into actionable insights
- Makes data easier for you to understand: Turns information-rich data charts into simple sentences
- Saves you time: Summarizes market trends in words and key data for each listing so you can take action faster
Watch how AI Insights turns data charts into
easy-to-understand sentences
Location and Availability
Access AI Insights within the "Future Prices" and "Occupancy" charts under the Neighborhood Data tab.
Available to all existing customers at no additional cost and included in PriceLabs' free 30-day trial for new users.
Benefits
Accessible Insights
- Utilizes Generative AI to create easy-to-understand insights about pricing and occupancy trends.
- Example: Converts seasonal variations and booking patterns into simple statements like, "Summer occupancy rates are 20% higher than average."
Benefits
Pricing Trend Analysis
- Highlights when and why prices or bookings might go up or down.
- Example:Key price data trends indicate a significant pricing trend from 25th November 2024 to 28th November 2024, with prices 60.1% higher compared to surrounding dates. This suggests an opportunity to adjust pricing strategies ahead of time to capitalize on expected high demand
Benefits
Market Occupancy Trends:
- Tracks when properties are likely to be rented more or less frequently, aiding in demand anticipation.
- Example:Forward-looking occupancy indicates a significant decrease compared to the same period last year, suggesting lower demand in the next 3 months
Frequently asked questions
Generative AI refers to artificial intelligence that can generate new content by learning from vast amounts of existing data. In the context of PriceLabs, Generative AI powers the AI Insights feature by analyzing complex market data and transforming it into easy-to-understand textual insights. This helps users quickly grasp essential trends and make informed decisions without needing to interpret complex data charts, thus enhancing efficiency and accuracy in revenue management.
- AI Insights is available within the ‘Future Prices’ and ‘Occupancy’ charts under the Neighborhood Data section on the PriceLabs platform. We specifically chose the Neighborhood Data section as the initial point to deploy Generative AI because it provides crucial market and competitive insights, along with detailed charts about each listing’s hyper-local market.
- This feature taps into key data points including historical and current pricing, occupancy rates, and market trends. By analyzing this data, AI Insights offers actionable insights that help you understand how your properties compare to market standards and identify opportunities for strategic optimization. You can easily access these insights right where you already manage other critical aspects of your listings.
No, the insights provided by AI Insights do not change your price recommendations. The tool is designed to enhance your understanding of data by translating complex information into clear, actionable insights. It does not alter the underlying pricing algorithms or recommendations, ensuring that your strategies remain consistent while providing additional context to help inform your decisions.
- We are committed to continually advancing AI Insights, focusing on leveraging Generative AI to implement more comprehensive insights throughout the various places where we surface data.
- Future enhancements will aim to refine the usefulness, comprehensiveness, and clarity of the insights generated, making them more intuitive and actionable. This will include making revenue opportunities easier to notice and act upon, thereby helping users to make more informed decisions quickly and efficiently.
- Additionally, this release is currently in beta mode. We are actively monitoring how it enhances user experience and gathering your feedback to make further improvements.
