This bidding platform lets you decide the price of your hotel room
YOU can now bid for a five-star hotel at the price of a four-star with India’s new reverse bidding hotel platform, FindMyStay (FMS).
The site lists an inventory of rooms that have gone unsold, and you can bid for them directly with the hotel. This way, both the hotel and the customer reach a middle ground on prices.
According to Business Standard, nearly 125,000 hotel rooms go unsold in India every day, and a platform like this can drive up sales at the last-minute. The site currently lists over 2,000 hotels across 35 Indian cities, with an aim of doubling the number of hotels in 2017.
FindMyStay co-founder Rohit Khetrapal told The Economic Times, “The whole idea revolves around distress inventory.
“Hotel inventory is perishable on a daily basis. So, we created a platform where hotel owners and customers can transact on a one-on-one basis. On one hand, hotels manage to sell rooms, which would have gone unsold and on the other, customers get rooms cheap.”
He added that about 45 percent of hotel inventory goes to waste in India, a problem that FindMyStay strives to solve.
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The Park Hotels, a hotel that is signed on to the platform, told The Economic Times, “It has helped us to sell our inventory not even at a lowest price point, but what the customer wants to pay, which in some cases is more than our estimation.”
But what with online travel agencies (OTAs) hogging the hotel discount limelight?
Khetrapal said, “When OTAs give discounts, it is out of their pockets because the room rates are the same. However, discounts are in the DNA of our products as hotels offer it directly to the customers.”
Based on data from ICRA, 8.4 million Indians were projected to have booked their hotel accommodations online in 2016.