“This enables us to make faster, more accurate, and more detailed commercial decisions,” said Dominic Kennedy, senior vice president of revenue management, sales, and e-commerce at Virgin Atlantic. He was describing the market model that powers the airline’s generative pricing engine in select markets.
“The system analyzes multiple inputs in real time, including customer demand, available capacity, and existing reservations. It also uses sophisticated models to assess our position relative to competitors, current market conditions, and other factors that influence how demand develops,” he added.
Download the full report on generative pricing and revenue management
This content was created by Insights, the custom content division of MIT Technology Review. It was not written by the editorial staff of MIT Technology Review. Researched, designed, and written by human writers, editors, analysts, and illustrators. This includes survey creation and survey data collection. Any AI tools that may have been used were limited to secondary production processes that had passed thorough human review.
Source: www.technologyreview.com