Travel industry deals with a constantly changing business environment where the products offered for sale, their pricing and the associated promotions change on a regular basis. In this environment, the ability to make informed decisions by using real-time insights can become a huge competitive advantage. The following three use cases highlight how real-time actionable intelligence can lead to a differentiated offering, greater customer satisfaction and increased revenues.
1. Dynamic Pricing – Travel industry deals with perishable inventory and hence it is important to maximize the revenue by pricing the inventory optimally. Real-time actionable intelligence can help you achieve this goal by enabling dynamic prices based on insights from competitor sites, customer preferences & purchase history, desired profit margins and the time before a specific inventory item perishes, among other things. If dynamic pricing performs too slow, it can result in significant loss of revenue. To have a successful dynamic pricing deployment, it is critical to have latency lower than a few milliseconds.
2. Real-time Offers / Recommendations – Real-time actionable intelligence can generate offers based on events and patterns. For example, if a customer is spending a lot of time trying to find something on the site, an offer can be generated on the fly that could drive the customer to complete the transaction. Recommendations also can be generated dynamically based on search terms entered by the customer or their browsing history on the site. These capabilities result in increasing the conversion rate on the travel site.
3. Customer Service – Today’s customers demand instant gratification and excellent service. Real-time intelligence makes this feasible by analyzing all customer activity in real-time. This includes analyzing customer reviews, complaints, purchase history, phone calls, web and mobile activity, social network interactions to get a 360 degree view of customers and using the aggregated information to improve the customer service process.
Terracotta’s real-time actionable intelligence offering – In-Genius, can enable these use cases by processing data-in-motion and data-at-rest from multiple data sources in real-time. If you would like to learn more, please leave a comment below or contact me.