Virgin Atlantic has joined forces with Fetcherr, a demand prediction and AI-native algorithmic pricing optimization solution, to implement its Generative Pricing Engine (GPE).
This partnership establishes Virgin Atlantic as the first airline to leverage Fetcherr’s cutting-edge generative AI pricing technology, to provide customers with optimized pricing and a superior travel experience.
By incorporating the GPE, Virgin Atlantic aims to revolutionize the way airfares are set and disrupt the industry with innovative pricing strategies.
The power of Generative AI
Fetcherr’s GPE stands as the industry’s pioneer in market dynamics generative AI models. By analyzing predicted actions of various market variables, this technology generates real-time market moves to adjust prices accordingly.
Building on Virgin Atlantic’s existing dynamic pricing capabilities, the GPE introduces uniquely granular high-frequency pricing, inventory management, and publishing capabilities, all in one fully automated system.
This end-to-end solution optimizes operations, supports revenue generation, and drives exceptional customer service.
Operating round the clock, Fetcherr’s GPE diligently scans Virgin Atlantic’s entire network. It optimizes and justifies pricing recommendations, ensuring that hidden or lost revenue is captured.
By publishing fares in real-time across all distribution channels, the system eliminates the need for manual intervention, saving valuable manpower.
Additionally, the GPE accurately predicts demand and inventory fluctuations in all markets, enabling proactive pricing adjustments to drive bookings.
Enhancing customer experience
Chris Wilkinson, VP Airline Pricing and Revenue Management at Virgin Atlantic, emphasizes the airline’s commitment to innovation and customer-centricity. With Fetcherr’s Generative Pricing Engine, Virgin Atlantic introduces dynamic pricing fueled by generative AI.
By tailoring prices to match customer preferences, the airline aims to provide an optimized and personalized travel experience.
This partnership marks a significant milestone in pricing technology, moving beyond traditional segmentation approaches and revolutionizing the way prices are set.
Advancing the airline industry
Fetcherr’s CEO and Co-Founder, Roy Cohen, expresses enthusiasm for Virgin Atlantic’s determination to disrupt the airline industry through new pricing methods. As Virgin Atlantic embraces generative AI technology, Fetcherr is dedicated to automating and enhancing the airline’s operations and revenue.
This partnership follows Fetcherr’s recent $12.5 million Pre-Series B funding, expansion into the U.S., and the addition of industry veterans to its Advisory Board, including Ben Baldanza, former CEO of Spirit Airlines.
A Board of aviation experts
Fetcherr’s Advisory Board comprises seasoned aviation industry executives and veterans, bringing a wealth of expertise to the table.
Joining the board alongside Ben Baldanza are esteemed individuals such as Alex Cruz, former Chairman and CEO of British Airways; John Dabkowski, former CEO of Navitaire and Vice President of Airline Commercial at Amadeus; and Nathaniel Felsher, former Global Co-Head of Aviation – Corporate & Investment Banking at Deutsche Bank.
This collective knowledge will drive Fetcherr’s vision for revolutionizing airline pricing.
The future of airline pricing
Virgin Atlantic’s partnership with Fetcherr and the implementation of the Generative Pricing Engine signal a new era in airline pricing strategies.
By harnessing the power of generative AI, Virgin Atlantic aims to optimize prices, enhance revenue generation, and deliver an exceptional travel experience to its customers.
With its commitment to innovation and disruptive thinking, Virgin Atlantic is paving the way for the future of the aviation industry.