Will AI decide your fares in future?
Virgin Atlantic is charting a new course for the aviation industry through a strategic partnership with Fetcherr, an AI-native pricing optimization solution provider. This collaboration will see the implementation of Fetcherr’s cutting-edge Generative Pricing Engine (GPE), an innovative AI technology that optimizes operational processes, supports revenue generation and ensures competitive pricing for customers. Virgin Atlantic and Fetcherr will leverage advanced AI capabilities to deliver enhanced value and an exceptional travel experience to passengers.
Fetcherr’s Generative Pricing Engine Revolutionizes Dynamic Pricing
Fetcherr’s Generative Pricing Engine is at the forefront of AI-generated pricing solutions. It can forecast the behavior of various market variables, allowing airlines to modify their prices in real time. This AI model improves Virgin Atlantic’s dynamic pricing system by providing more detailed and frequent pricing and inventory management, resulting in better operations and higher revenue.
The GPE operates 24/7, constantly optimizing and justifying pricing recommendations. This helps the airline to uncover hidden or lost revenue, reduce manpower by publishing fares in real-time to all distribution channels, and accurately predict demand in all markets.
Virgin Atlantic: Leading with AI-enabled Dynamic Pricing
Virgin Atlantic has always been synonymous with innovation. Now, with Fetcherr’s GPE, the airline is leading the way in dynamic pricing that employs generative AI technology.
Chris Wilkinson, VP of Airline Pricing and Revenue Management at Virgin Atlantic, praises the partnership for its advancements in pricing technology and operational infrastructure, saying: “As strong and sustained demand for air travel continues, our focus remains on our customers and giving them the best service and experience at a price optimized to drive preference. Our partnership with Fetcherr offers a major advancement in pricing technology beyond traditional segmentation, along with seamless end-to-end operational infrastructure, that will revolutionize the way we set prices.”
Fetcherr: A Disruptor in the Aviation Industry
Fetcherr has developed a proprietary AI-powered pricing system that uses reinforcement AI models. Their unique approach seeks to disrupt traditional revenue systems through deep learning methodologies.
“We are committed to revolutionizing the way airlines price flights and are excited Virgin Atlantic is determined to disrupt the industry by embracing new methods to tailor pricing and improve revenue,” says Roy Cohen, CEO and Co-Founder at Fetcherr. “We are committed to helping Virgin Atlantic automate and enhance its operations and revenue using our generative AI technology.”
The partnership with Virgin Atlantic is a significant milestone for Fetcherr, coming off the heels of a successful $12.5M Pre-Series B funding round and an expansion into the U.S. market.
A New Era of Pricing in the Aviation Industry
Virgin Atlantic’s partnership with Fetcherr ushers in the aviation industry’s new era of AI-based pricing. With the Generative Pricing Engine, the airline will offer customers the most sophisticated and competitive pricing while optimizing its operational efficiency.
If more airlines follow in Virgin Atlantic’s footsteps, the way airlines price flights will be fundamentally transformed. The use of AI technology to analyze market variables and predict demand could become the industry standard, replacing traditional, rule-based pricing methods.
Virgin Atlantic: Innovation and Customer Service Excellence
Founded by Sir Richard Branson in 1984, Virgin Atlantic has always put innovation and excellent customer service at the core of its operations. Its partnership with Fetcherr is a testament to this commitment, offering customers the best service and experience at optimized prices. By harnessing the power of AI, Virgin Atlantic continues to lead the industry in adopting new technologies to improve customer experience.
Virgin Atlantic’s bold move towards AI-enabled dynamic pricing is expected to influence the wider aviation industry. This pioneering partnership is likely to spark a broader shift towards the use of AI in the industry, changing the way airlines operate and creating a more competitive, customer-focused market.
A New Milestone for Aviation & AI
The successful partnership between Virgin Atlantic and Fetcherr marks a significant milestone in the aviation industry’s pricing development. By implementing Fetcherr’s Generative Pricing Engine, the airline is setting a new standard for fare calculations, pricing, revenue optimization, and operational efficiency. This achievement is a major step forward in the aviation industry’s adoption of AI technology, and it will be intriguing to observe other airlines following Virgin Atlantic’s lead.