Author: FareTrack

The Importance of Sentiment Analysis in Airline Revenue Management Strategies

FareTrack

In the air travel industry, the adage “you’re only as good as your last review” holds a significant amount of truth. Customer sentiment, once relegated to the purview of customer service, has now become a critical factor in revenue management strategies. As airlines strive to protect revenue and gain market share, the integration of customer sentiment analysis into decision-making processes is no longer optional—it’s essential. Identifying Revenue Risks from Customer Frustration An angry customer is not a loyal customer. Negative reviews can lead to decreased customer retention as dissatisfied passengers…

Exploring the Origins of Airline Ancillary Revenue

FareTrack
Airline Revenue Management

Over the last 10 years, the growth of ancillary revenue has been nothing short of stratospheric. The potential for huge incremental revenue growth is enormous, and airlines are fully embracing it. But where did the concept of ancillary revenue start? Let’s take a look at its history. The concept of ancillary revenue in the airline industry has its roots in the operational models of low-cost carriers (LCCs), which began gaining prominence in the late 20th century. These carriers introduced a novel approach to air travel, emphasizing cost reduction and operational…

Integrating Rank Management in Airline Revenue Strategies

FareTrack
Rank Management

Evolution of Screen Bias in the Airline Industry The concept of “screen bias” in the airline industry, initially seen with Computer Reservation Systems (CRS), has evolved in the digital age, particularly with Online Travel Agencies (OTAs) and Metasearch engines. Originally, “screen bias” described the practice where airlines owning CRS systems would give preferential display to their flights over those of competitors, significantly affecting booking decisions. Modern Screen Bias Today, airlines and OTAs engage in a complex relationship, where flight rankings on these platforms can greatly influence customer choices and booking…

The Role of Technology in Open Pricing

FareTrack
AI in Airline Revenue Management

As advancements in technology, particularly big data analytics and artificial intelligence (AI), have transformed every industry, the airline sector and its revenue management teams have also been significantly impacted. These technologies enable airlines to analyze vast datasets, allowing them to forecast demand, set optimal prices, and personalize offerings with unprecedented speed and accuracy. AI, particularly machine learning and deep learning, has been used to process and learn from the data, enabling the automation of decision-making processes in pricing and inventory management. This includes dynamic pricing algorithms that adjust fares in…

The Importance of Effective NDC Strategies

FareTrack
FareTrack Blog

How to Deliver Effective NDC Strategies Over the last few years, New Distribution Capability (NDC) has caused excitement, and apprehension in equal measure for airlines. The opportunities for revenue generation are huge, but delivering the right NDC strategy has caused many to approach their strategies cautiously. Let’s look at the current state of play, and explore a few ways airlines can implement effective NDC strategies. The Promise of NDC NDC is designed to modernize airline distribution by enabling richer and more dynamic content and more personalized offers directly to consumers.…

You Don’t Know What You Don’t Know And That Can Hurt You

FareTrack
FareTrack Blog

The changing world of airline pricing and revenue management is presenting new data challenges to operators. Relying on traditional data sources could mean you are missing out on critical data to inform better decision-making. The highest selling statistics book in the second half of the 20th century was a book called ‘How To Lie with Statistics’ by Darrel Huff. One of the stories within the book was from World War II. In it, the Statistical Research Group of Columbia University had been tasked with analyzing damage patterns on fighter aircraft…

Product overview: FareTrack’s Revenue Management Business Intelligence Dashboards

FareTrack
FareTrack Blogs

Okay, we might be a little biased, but we think our revenue management business intelligence dashboards are pretty special. Not only are they powered by the most accurate, AI-driven data, they also feature market-leading visualization capabilities, plus all your data shops are easily managed through your Shop Manager. Let’s take a quick look at some of the key features of our library of Dashboards, and discover why more and more airline revenue managers are choosing FareTrack to help them boost their profitable decision-making. Fully Customizable Dashboards FareTrack’s dashboards are not…

Air travel data market set to see huge growth by 2030

FareTrack
Air travel data market set to see huge growth

Air Travel data intelligence plays a vital role in optimizing operations, improving passenger experiences, and driving profitability in the air travel industry. In a recent market report, it was revealed that the aviation analytics market, focused on leveraging data-driven insights, has experienced significant growth. Research indicates that this market was valued at USD 2.5 billion in 2021 and is projected to reach USD 6.92 billion by 2030, with a compound annual growth rate (CAGR) of 12.3%. It is perhaps not surprising that this growth is so substantial. Airline Revenue Managers, Distribution teams, and Network Operations professionals are increasingly turning to data to help them make more profitable, more efficient, and better…

Data Shopping – An Essential Tool for Airline Revenue Management, Distribution, and Network Operations

FareTrack
Data Shopping

When it comes to data, we believe flexibility is key; in fact, it’s a driving force behind pretty much everything FareTrack does. We offer flexible analysis; our Business Intelligence dashboards can be infinitely extended and customized with your own data. We offer flexible pricing, with no setup fee, that scales with your requirements, and now we offer flexible data management through our Shop Manager. Our Shop Manager is built around the concept of Data Shopping, i.e., the ability for air travel professionals to completely manage the build, scheduling, delivery, and…

Meet us at Aviation Festival Americas 2024

FareTrack
Meet us at Aviation Festival Americas 2024

We are proud to announce that FareTrack will be exhibiting in the upcoming Aviation Festival Americas, on May 15-16 at the Miami Beach Convention Center. As one of the significant trade shows in the aviation industry, the festival provides a great platform for industry leaders, innovators, and enthusiasts to come together and explore the latest trends and advancements shaping the future of aviation. At FareTrack, we are dedicated to revolutionizing the way airlines access and utilize fare data. Our mission is to empower businesses with actionable insights and intelligent solutions…