Commerce engine for events industry, LocalOye has launched venue booking and discovery service in Mumbai. The service will help users to find venues for events including team outings, weddings, corporate meetings and parties etc.
The company claims that the commerce engine takes into account exhaustive meta-data like pricing fluctuations, locality preferences, amenities and catering specialties to suggest venues.
Presently, the startup claims to be working with 400+ venues, out of which 250+ are in the hospitality sector including bigwigs like Trident Hotel, Sofitel, and Orchid Hotel etc.
âCurrently, venues work on less than 50% occupancy rates, even during peak months. LocalOye helps improve this via relevant leads and efficient inventory management. We are already working with 300+ venues in Mumbai and a conversion rate of 67% for venue seekers,â said Founder and CEO, Aditya Rao.
LocalOye is also building SaaS solutions for venues to manage incoming leads and build business analytic dashboards.
Founder and CTO, Anupam Tulsyan said that, âThe events industry is very fragmented; and our data sciences team is excited to expand our algorithms and models in the coming days to better use that meta data. The team is passionate about Local Commerce and believes that such a big problem can only be solved piece-âby-âpiece; not by horizontal Classifieds and Review Sites."
Talking about their future plans, Aditya added, âWe will soon finish building our B2B tools for venues like inventory management, business analytics and CMS for managing online presence. We are also running a few experiments to figure out if expanding into ancillary services like DJs, Decorators, and Caterers etc. is a viable business model.â