As it seems, Artificial Intelligence is set to be a game-changer for the travel industry. It is helping consumers and companies simplify making travel arrangements and streamlining business processes. AI is also modernising travel by taking it from a complicated, drawn-out experience to one that is more enhanced and customer-focused by improving the overall efficiency for hotels, airlines, and other travel providers. AI’s impact on the travel industry is powerful and massive and it has the potential to transform business completely. Here’s how AI will revolutionise the travel industry:
Enhanced Booking and Ticketing via Dynamic Pricing
Tracking price fluctuations for travel and lodging accommodations can be difficult for travellers who are looking for the best time to book a hotel, flights or vacation packages. However, travel providers can help enhance the customer experience using dynamic pricing tools that leverage predictive, or even prescriptive, analytics. These tools help consumers track deals and notify them when travel deals become available. This allows customers to realise the travel deals and even prompts them to know when to buy versus when to wait.
Dynamic pricing tools also present opportunities for businesses for ticketing. For example, hotels and airlines can benefit from dynamic pricing tools to forecast fare prices.
Hotels and travel providers are also benefiting from AI’s ability to enhance the efficiency of its operations with smart tools and approaches, such as a travel genome for customer segmentation and dynamic customer profiles via automated, AI-powered dashboards.
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