FindBed enables customers to book a hotel room at a rate of their choice.
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Hotels are often left with unfilled rooms, which is why we have seen websites offering to cancel and rebook rooms for customers, and make the most of fluctuating room prices. Polish startup Findbed reverses the booking process by enabling customers to name their ideal price, leaving the hoteliers to decide whether or not to accept their offers.
We have already seen taxi and private jet services use the ‘name-your-price’ business model. Now, FindBed enables customers to book a room at a rate of their choice. To begin, customers declare their desired price and the platform sends out the offer to all appropriate venues. Then, the manager of the hotel has three hours to decide whether or not to accept the offer. Finally, the customer is sent a list of all the places that will offer a room at that price and they can choose their favorite.
What other industries could integrate this model?