AT A GLANCE
Beam Data implemented a dynamic pricing system to optimize vehicle rental rates using real-time data and historical demand trends, leveraging AWS S3, Lambda, and SageMaker for scalability and continuous learning. The solution increased vehicle owner revenue by 11%, with a 20% uplift during peak times, while providing renters with competitive pricing, enhancing engagement, operational efficiency, and trust in the platform.
Client information
CHALLENGE
The client’s static pricing model did not reflect fluctuations in market demand, leading to suboptimal pricing. During peak times, rates failed to capture true value, while off-peak periods saw prices that deterred potential users.
SOLUTION
A dynamic pricing algorithm was implemented to automatically adjust vehicle rental rates using real-time data and historical demand trends. The solution leveraged AWS S3 for data storage, AWS Lambda for demand analysis, and AWS SageMaker for machine learning model training, ensuring optimal pricing. Regular monitoring and adjustments were established to align rates with changing market conditions.
IMPACT
TOOLS
Beam Data's resources were thorough and conducted the necessary due diligence before recommending the proposed solution. They reviewed and incorporated our feedback diligently. We were impressed with their professionalism and commitment.
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