TravelPerk | January 25, 2021
Although the pandemic has likely always adjusted the manner in which organizations decide to cooperate with their workers, colleagues and different substances in topographies other than their own, business travel isn’t likely to die out entirely.
According to TravelPerk Co-founder and CEO Avi Meir, a look at consumer travel trends may offer insight into the future of business trips.
“There was a lot of traveling for leisure over the holidays,” he said in an interview with PYMNTS.
For sure, the traveler throughput delivered by the U.S. Transportation Security Administration (TSA) discovered more than 9.2 million travelers went via air during the 10-day occasion stretch in 2020. Unexpectedly since the pandemic started, there were three days straight in which more than 1 million travelers traveled every day.
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RateGain Technologies | September 01, 2021
RateGain Technologies announced at the 2021 International Car Rental Show the launch of revAI, the first end-to-end AI-powered demand forecasting and price optimization platform for car rentals to make every forecast profitable.
The summer of 2021 witnessed a surge in car rental demand, with most travelers experiencing supply shortages, highlighting the problematic process of forecasting demand accurately and managing fleets more precisely. This supply-demand gap limits revenue maximization opportunities for car rental operators.
revAI solves revenue leakage by leveraging 25 demand indicators that drive hyper-local demand at a city level to help car rental operators clearly understand the market potential and adjust their strategy to reach their maximum revenue potential in any given day. However, unlike most demand forecasting solutions, revAI goes a step further and combines a price optimization module, which enables revenue managers to capture the incremental market share through an AI-driven-price recommendation engine.
While most demand forecasting solutions rely on historical bookings, revAI is one of the first platforms to leverage forward-looking demand indicators that are more credible in quantifying demand at a hyper-local level for the city. The forecast and understanding of market demand can also help identify dates that need attention, ensuring that car rental operators never lose an opportunity to maximize.
The platform drives automation and digitization. It is aimed to help revenue managers eliminate manual processes such as complex spreadsheets and multiple data sources. revAI provides revenue managers with one single platform to understand demand, determine their pricing strategy and let the system execute that strategy seamlessly to stay ahead and drive recovery through sophisticated machine learning and artificial intelligence framework.
Commenting on the launch, Harmeet Singh, Group CEO, RateGain, said, "Car rentals are one of the hardest hit by demand volatility and have very little bandwidth or technology support to adapt. With revAI, we are committed to changing that. Our solution will essentially bridge the gap between forecast and revenue maximization by ensuring that every rental is profitable, reduces time, effort and improves margins."
revAI is integrated with leading industry partners allowing independent operators and franchisees to start realizing the benefits and learn how your team can leverage and bring technology-powered transformation to your car rental revenue management and pricing strategy in the post COVID era.
RateGain is a global provider of SaaS solutions for the hospitality and travel industry, offering travel and hospitality solutions that unlock new revenue every day.
MakeMyTrip | October 18, 2021
MakeMyTrip Limited, India’s leading online travel company, today announced its partnership with Hopper, one of the top travel booking apps for flights, hotels and car rentals, to help travelers save money with personalized recommendations and flexible booking capabilities. Through this partnership, MakeMyTrip aims to further enhance the flight booking experience by boosting its recently launched Price Lock feature. Hopper's Price Freeze technology will power MakeMyTrip’s Price Lock feature and enable customers to lock in flight fares for up to seven days while they are in the process of firming up their travel plans.
Since its launch this year, the feature has seen increased adoption amongst flyers as the need for flexible travel has risen sharply post-pandemic. As travel bounces back, the company hopes to see travelers across India actively opting for and benefitting from Price Lock feature. By partnering with Hopper, MakeMyTrip plans to leverage its Price Freeze technology that has proven to drive conversions and increase revenue while offering transparency and flexibility to its customers.
“Flexibility is the future of travel – it is how we want to build back demand and put consumer confidence back in booking travel freely, just as they did before the pandemic. As we double down in our efforts to enrich the flight booking experience on the MakeMyTrip platform, we are partnering with Hopper to make use of its innovative technology and pass on the benefits of smart and prudent flight booking to travelers. We are thrilled to extend valuable benefits and bring home best global practices of predictive pricing through Hopper’s data-driven capabilities and AI-rich airfare forecasting tools for our customers.”
Rajesh Magow, Co-founder & Group CEO, MakeMyTrip
Expressing excitement at joining hands with MakeMyTrip, Frederic Lalonde, CEO and Co-Founder of Hopper, said, “Consumer expectations have changed over the past year and a half, and flexibility is a make-it or break-it factor for travelers. Hopper’s Price Freeze technology will empower MakeMyTrip customers to plan and book their trips with peace-of-mind. As travel continues to rebound, and even enters a travel supercycle, Hopper Cloud is providing the fintech solutions that drive conversions and revenue.”
With the addition of Hopper’s predictive algorithms and AI-enabled dynamic pricing tools, MakeMyTrip will be able to protect travelers against airfare volatility. By offering an opportunity for users to lock in low fares before they rise, Hopper's Price Freeze algorithms also help solve one of the major dilemmas of travelers – when is the best time to book my trip? Hopper is powering this partnership as part of its B2B initiative, Hopper Cloud.
MakeMyTrip Limited is India's leading online travel company. We own and operate well-recognized online brands, including MakeMyTrip, Goibibo and redBus. Through our primary websites, www.makemytrip.com, www.goibibo.com, www.redbus.in, and mobile platforms, travellers can research, plan and book a wide range of travel services and products in India as well as overseas. Our services and products include air ticketing, hotel and alternative accommodations bookings, holiday planning and packaging, rail ticketing, bus ticketing, car hire and ancillary travel requirements such as facilitating access to third-party travel insurance and visa processing.
Hopper is the world’s fastest-growing mobile-first travel marketplace. By leveraging massive amounts of data and machine learning, the company has developed several unique fintech solutions that help customers save money and travel better. Through its B2B initiative, Hopper Cloud, the company is syndicating its fintech solutions, infrastructure, and agency content. Whether it’s pricing volatility or trip disruptions, Hopper’s proprietary suite of fintech solutions address every pain point in the customer journey while driving conversion, repeat purchases, and profitability.