Chennai, Tamil Nadu, India- February 28, 2022—Using the newly updated GroupRM, airlines are all set to anticipate changes in passenger demand better, adjust the pricing accordingly, and maximize their revenue.
The cloud-based group revenue management software has long been the go-to solution for airlines to maximize revenue lift and boost growth, given that it delivers accurate demand forecasting and optimal fares. However, with the pandemic ravaging the airline sector for two years, historical data has become unreliable to predict group fares. In the current climate, where corporate travel—a major driver of group revenue—has been all but wiped out, airlines needed an AI-powered solution to calculate the conversion rate at different price points using real-time demand data and identify the highest price the customer is willing to pay without affecting the conversion rates.
GroupRM updates allow it to do this and so much more. For example, the group revenue analyst can now foresee group demand and make quick decisions based on the forecast. The software further allows airlines to provide personalized ancillaries, cater to multiple customer segments, and consequently grow their revenue. At a virtual conference for GroupRM customers, Mr. Ananth Narasimhan— the CEO of Infiniti Software Solutions, the company behind GroupRM— observed that providing customers with a “shopping experience” with instant quotes and real-time pricing would allow airlines to improve the end-to-end group travel booking experience.
Moreover, moving up the value chain by providing ancillaries, such as COVID-19 insurance, premium baggage claims, car rentals, hotel bookings, etc., would serve as a foundation for post-pandemic recovery. Another key trend is redefining what it means to make a group sale. GroupRM allows airlines to consider anything over two passengers as a group request and make accurate forecasts of the materialization rate based on current market pickup.
To facilitate digital transformation in the aviation sector moving forward, GroupRM allows airlines to automate the sales process fully, facilitates self-service using AI chatbots, and allows travel agents to upload and manage multiple group booking requests at the click of a button. Crucially, the series booking capabilities will go a long way in helping airlines provide seats in advance to travel agents and increase the flights’ load factor.
Even though the sector has taken a massive hit, airlines’ embrace of digitization, AI/ML, the redefining of group sales, and the emphasis on hyper-personalization are all signs that a recovery is on its way. When passengers return en masse, these new developments will pave the way for sustainable and profitable recovery from the turbulence caused by the pandemic.
Emerging Stronger From The Pandemic
However, airlines need to look for an implementation partner with experience and expertise in new-age group revenue management. The GroupRM team fits the bill, thanks to its solution’s integration with the leading reservation systems, including Navitaire, Amadeus, and Sabre, new-age features, and stellar track record of quick Return on Investment (ROI) that will give airlines a decisive advantage in their digital transformation journey.
If you are interested in knowing how GroupRM will help you, schedule a demo at https://www.grouprm.net/