Enhancing the Airbnb Experience: Dynamic Pricing Strategy

Abstract

In the ever-changing landscape of the world’s sharing economy, various platforms like Airbnb have revolutionized the way individuals browse through accommodations and monetize their properties. However, the challenge of efficiently matching guests with hosts while ensuring competitive pricing remains paramount. This paper presents methodologies that aim to optimize guest-host matching and pricing strategies to enhance the overall Airbnb experience. Leveraging real-world data, our approach combines advanced recommendation system and dynamic pricing algorithms to provide personalized recommendations for guests and maximize revenue for hosts. Through comprehensive evaluation and analysis, we demonstrate the effectiveness of our methodologies in improving guest satisfaction, increasing booking conversion rates, and enhancing revenue generation.