FEATURES AND ADVICE

RateGain launches revAI to transform demand forecasting and price optimization for Car Rentals

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.

About RateGain
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.

Spotlight

Travel burnout is one of the banes of many business travellers who have been on the road for extended periods of time. Although business travel is an effective way to motivate employees and keep their work perspective fresh and exciting, little thought is given to the negative impact that business travel can have on the morale of business travellers.

Spotlight

Travel burnout is one of the banes of many business travellers who have been on the road for extended periods of time. Although business travel is an effective way to motivate employees and keep their work perspective fresh and exciting, little thought is given to the negative impact that business travel can have on the morale of business travellers.

Related News

TRAVEL TECHNOLOGY,HOSPITALITY TRENDS

Hudini and Incode Technologies Enter Strategic Partnership to Digitally Transform the Hospitality Experience

Hudini & Incode | July 08, 2022

Smart hospitality solutions provider, Hudini, and Incode Technologies, the industry-leader in identity verification and authentication for global enterprises, announced their strategic partnership to transform hospitality guest experiences. The partnership with Incode will enable Hudini customers to deploy identity verification during the check-in and check-out processes through enhanced digital biometric technology. This association will automate these processes making it quick, seamless and at the convenience of the guest.The hospitality industry relies on its ability to connect people and the places they visit to create memorable experiences for its guests. In its revitalization post-pandemic, the industry is realizing the impact that technology can have on a guest’s stay, and the potential it holds to increase customer loyalty and create additional revenue. In fact, a recent study found that 76% of hotel executives are looking to introduce “a fully contactless experience” by 2025. “Hotel guests crave seamless experiences when they travel, Long check-in processes and complex payment procedures can ruin a guest’s stay. As a leader in biometric identity verification, Incode’s solution removes these challenges and helps to maximize the digital guest experience, without compromising on security or privacy. Through our partnership with Incode, we are excited to offer fully automated identity verification to our check-in and check-out features across our partner hotels.” -Prince Thampi, Founder and CEO at Hudini. Both Hudini and Incode realize the potential identity verification holds across the hospitality industry and share the ambition for its widespread adoption during hotel check-in and check-out. To further that vision, the partnership will include the following experiences: Transparent guest identification: In a matter of seconds, even before arrival, Incode’s technology, the industry’s only fully automated identity verification engine, validates the identity of a guest. This allows guests to identify themselves at their convenience, triggering Hudini’s systems to match the profile and immediately introduce a magical, personalized experience upon arrival. Automated digital ID creation: A digital profile of each guest is automatically created by Hudini from existing IDs and payment sources. This saves time and energy from filling out forms. Seamlessly integrated experience: Once onboarded, guests use their most unique attribute—their face—to fully manage their respective journey. From booking, accessing a digital key and ordering amenities and room service, the identity-centric journey translates into the industry’s most transparent experience, all while ensuring privacy and security. Contactless payments: Using biometrics, Hudini can enable guests to pay for any service across the property without the need for a physical payment card. “The hospitality industry is going through a period of modernization, and it is important that hotels look to leverage best-in-class technology, Together with Hudini’s proven track record of enabling digital transformation in the hospitality sector, we believe our solution can help brands to drastically enhance their guest experiences.” -Ricardo Amper, CEO and Founder of Incode. About Incode Incode is a leading identity company that is reinventing the way humans verify their identity and interact with the world’s largest companies with a highly secure and delightful AI-based experience. Incode’s end-to-end fully automated orchestration platform enables seamless access across multiple channels with products focused on onboarding, authentication and payment verification that increase conversion and reduce fraud. With its mission to power a world of trust, Incode works with several of the world’s biggest banks, fintechs, hotels, governments, and marketplaces. Incode is based in San Francisco with offices in Europe and Latin America. To learn more about Incode, visit www.incode.com About Hudini Hudini is the leading digital transformation platform for the hospitality industry. Powered by a proprietary middleware and an omnichannel (App, Web, TV) guest interface that leverages data + AI to increase guest engagement and hotel revenues Hudini delivers an enhanced guest experience. Through its 100+ pre-built integrations across all functionalities, Hudini delivers personalised, immersive guest experiences that enable guests to communicate, control and interact with hotels closer than ever before. With over 300 hotels across 25 countries, Hudini is fast becoming the industry benchmark for digital transformation in the hospitality industry.

Read More

COMMERCIAL TRAVEL

Trip.com Launches Integrated Carbon Program to Promote Sustainable

Trip.com | June 08, 2022

On June 7, Trip.com launched its integrated carbon solution to promote sustainable travel to its users and address the CO2 emissions of their travel. The travel platform has partnered with climate-tech company CHOOOSE to give their users an option to calculate and offset their flight’s CO2 emissions to support the impactful climate solutions around the world. Whenever customers make a booking on Trip.com, they will have the opportunity to support projects that reduce, capture or avoid CO2 emissions for a small amount. This amount will be equivalent to the flight’s calculated emissions. CHOOOSE has integrated its solution into Trip.com’s platform so that customers can easily support climate solutions "As part of our mission to lead the global transformation to modern and more environmentally-responsible travel, we have partnered with CHOOOSE to contribute towards highly effective CO2-mitigating projects around the world. This makes it easier and simpler for Trip.com users to offset their flight's CO2 emissions during checkout on our platform and travel more responsibly." -Jane Sun, Chief Executive Officer at Trip.com Group, Andreas Slettvoll, Chief Executive Officer at CHOOOSE, said: We see an increasing demand from individuals and companies around the world wanting to understand the CO2 emissions from their travel and to address these emissions through solutions like carbon removals, offsets and sustainable aviation fuel. That's why we are thrilled to team up with Trip.com to offer integrated climate options as a seamless part of their booking process, making climate action more accessible for people worldwide. CHOOOSE and Trip.com calculate CO2 emissions per passenger based on seat configuration, aircraft fuel consumption, and flight distance, according to latest industry guidelines. With this calculation, they can inform the cost to offset the journey and guide which itineraries may produce the least amount of CO2 emissions per passenger. Together, Trip.com and CHOOOSE have chosen a range of high-impact CO2 mitigation projects worldwide that work on either reducing, removing, or avoiding CO2 emissions. These projects are rigorous vetted by carbon professionals and certified to the most comprehensive standards, such as the Gold Standard, a leading international carbon protocol. Every cent goes towards creating the highest possible carbon impact so that local communities benefit from the travelers’ contribution.

Read More

COMMERCIAL TRAVEL, CRUISE

inCruises – The Fastest Growing Vacation Travel Club Globally – Surpasses One Million Members

inCruises International | July 18, 2022

Premier cruise membership club inCruises International has exceeded the one million mark in Members, demonstrating the strong and growing demand for its subscription-based travel model. This milestone reflects the company’s successful expansion into new markets worldwide, with Members now in 196 countries. inCruises is introducing consumers to the lifestyle and value of cruising, plus providing a way to save monthly for travel while earning Reward Points that further increase savings. The occasion also follows the spring launch of inStays™, expanding Member access to more than 25,000 hotel, resort and cruise offers. “Exceeding one million Club Members is a significant event in our company history. We are truly honored by the passion of our Partners and Members in sharing their love of cruising with others and growing the inCruises community, When we launched Club Membership in 2016, our goal was to make seeing the world more accessible to everyone, and reaching this milestone proves it’s resonating.” -Michael “Hutch” Hutchison, co-Founder and co-CEO of inCruises Every monthly Club Membership payment is matched with double Reward Points by inCruises. Members can exchange Reward Points at the time of booking for payment towards the lowest publicly available retail price of a cruise, hotel, or resort. Bookings are made directly through inCruises’ easy-to-use platform, which is available in 17 languages. Members’ Reward Points never expire. “inCruises has successfully created a new way to plan for and maximize savings on cruise travel, With more than one million Members worldwide embracing our model, we are well-poised for continued growth. We are constantly innovating, and many exciting things are on the horizon to bring even more value to our Members, Partners, and travel providers.” -inCruises co-Founder and co-CEO, Frank Codina. In addition to Club Membership, inCruises also offers the chance to travel for free through its Independent Partner Program. Partners can earn compensation for sharing the inCruises Membership advantages with others. About inCruises International Since launching its flagship membership in 2016, inCruises International has become the premier cruise membership club with more than one million Members and Partners in 196 countries. inStays™ was added in 2022, giving Members access to more than 25,000 hotel, resort and cruise offers. inCruises is making a measurable difference in its Club Members' lives and is committed to ethically providing a business ownership opportunity to its growing Partner team. In addition, the company is committed to positive global corporate citizenship by supporting Mercy Ships, 4Ocean, the Make-a-Wish Foundation, and Ukrainian Relief efforts. To share the experience, please visit our Business and Membership opportunity at incruises.com.

Read More