Definition of “Availability”
Availability refers to the total number of items, such as hotel rooms, seats on a flight or tickets for an event, that are currently open and accessible for purchase at a specific rate. It reflects the quantity of products or services that are still available and not yet sold or reserved. In other words, availability is the measure of how much inventory remains to be sold. It is a critical aspect of any business as it directly impacts customer satisfaction and revenue generation. Companies must regularly monitor their availability levels to ensure that they are providing the best possible customer experience and avoiding overbooking or underselling. The availability can change depending on the demand in the market, and hence, it requires constant monitoring and management. A high level of availability implies that there is a surplus of inventory that needs to be sold, while a low level of availability indicates that the demand is high.
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