What metrics would you use to evaluate MakeMyTrip's flight price prediction tool?

Introduction

Evaluating MakeMyTrip's flight price prediction tool requires a comprehensive approach to product success metrics. To address this challenge effectively, I'll follow a structured framework that covers core metrics, supporting indicators, and risk factors while considering all key stakeholders. This approach will help us assess the tool's performance, user value, and business impact.

Step 1

Product Context

MakeMyTrip's flight price prediction tool is a feature within their travel booking platform that uses historical data and machine learning algorithms to forecast future flight prices. This tool aims to help travelers make informed decisions about when to book their flights to get the best deals.

Key stakeholders include:

1. Travelers: Seeking to save money on flight bookings
2. MakeMyTrip: Aiming to increase user engagement and bookings
3. Airlines: Interested in optimizing seat occupancy and revenue

User flow:

1. User enters flight details (origin, destination, dates)
2. Tool displays current prices and price predictions for future dates
3. User decides whether to book now or wait based on predictions

This feature aligns with MakeMyTrip's strategy to differentiate itself in the competitive online travel agency (OTA) market by providing value-added services. Competitors like Kayak and Hopper offer similar tools, so MakeMyTrip needs to ensure accuracy and user-friendliness to stand out.

The product is in the growth stage, having been launched but still evolving and gaining user adoption.