Wednesday, April 10, 2024
LATAM Airlines Group and Sabre Corporation, a prominent technology provider in the global travel sector, revealed that LATAM will be utilizing Sabre’s Air Price IQ™. This advanced tool, a key component of the Sabre Retail Intelligence suite, employs Sabre Travel AI™ to enable airlines to create pertinent offers. It does this by analyzing the airline’s own revenue management and shopping data in conjunction with current market insights in real time. Moreover, Air Price IQ grants airlines the flexibility to apply their pricing strategies, establish pricing boundaries, and incorporate their own pricing models within the platform. This approach allows airlines to transform insights into practical actions.
Additionally, Air Price IQ leverages artificial intelligence (AI) and sophisticated machine learning (ML) algorithms to offer several advantages to airline customers. These include optimizing airfares for enhanced conversion rates and returns by making more tailored offers accessible through various channels.
“In today’s competitive marketplace, it is crucial to offer travelers a more relevant travel experience. Our partnership with Sabre can help us bring the right offers to the right travelers at the right time by using intelligent systems like Air Price IQ,” said Rosario Phillips, vice president of Customer and Commercial Solutions, LATAM Airlines Group. “The flexibility and scalability of Sabre’s solution allows us to test and learn different pricing strategies, including using our own models, enabling us to move from static pricing to dynamic price, adapting quickly to fast-changing market conditions. It’s an important step towards the future we envision for dynamic offers.”
Air Price IQ enhances the efforts of airlines to deliver a frictionless journey for their passengers while simultaneously seizing opportunities to increase revenue. This solution, which is cloud-based and easily scalable, adapts to fluctuations in demand throughout the year and at different times of the day, empowering airlines to modify their fares on-the-fly in response to factors such as available seats, market competition, and the specific needs and contexts of their travelers. By scrutinizing the dynamics of the market, pricing strategies, and the pace at which bookings are made, Air Price IQ enables more accurate fare setting.
“LATAM has been a highly engaged partner that has collaborated in designing and providing feedback to our solution. We are excited to see the fruits and benefits of this partnership materializing with their adoption of Air Price IQ, as we share a commitment to innovation. The airline industry is constantly evolving, and airlines require intelligent systems to manage increased complexity and channel fragmentation to deliver a seamless, personalized experience to travelers while improving profitability,” said Darren Rickey, senior vice president, Global Airline Sales, Sabre Travel Solutions. “Enabling airlines to dynamically price their airfares and offers based on the travelers’ propensity to purchase, customer profile or current market conditions is key, and requires intelligent systems that analyze large volumes of data at scale to deliver actionable insights.”
In collaboration with Google Cloud, Sabre Travel AI™ leverages artificial intelligence and automated machine learning to predict and understand consumer behavior accurately. This technology empowers airlines, travel agencies, corporations, hotels, and other partners in the travel industry to refine their retail and digital customer engagement strategies. By utilizing real-time data and deep insights tailored to the travel sector, these entities can provide more relevant and personalized content swiftly, catering to the contemporary traveler’s needs. This approach not only meets the expectations of modern consumers but also opens new avenues for revenue and growth.
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