The second week of May 2023 marked FareTrack’s debut at the Aviation Festival Americas, held in Miami, Florida. The event, aptly themed “New Technologies. New Strategies. New Beginnings” for the Americas Aviation Industry, proved to be an ideal platform for our team. The discussions we engaged in at our booth perfectly aligned with not just the theme of the event, but FareTrack’s vision of revolutionizing fare analytics and optimization for the modern airline too.
Throughout the two-day event, we welcomed a steady stream of airlines and technology companies to our booth. We held numerous captivating conversations revolving around fare shopping dynamics, real-time fast data, NDC sourcing, customizable visualizations, optimized fare extractions, and other ground-breaking concepts.
Let’s take a look at some of the prominent topics discussed and the questions raised during these conversations. Additionally, we will elaborate on how FareTrack effectively addresses the challenges faced by modern airlines.
Fare Shopping Dynamics
At the core of FareTrack’s offerings lies an intricate understanding of fare shopping dynamics. FareTrack employs advanced algorithms and machine learning techniques to collect, analyze, and interpret vast amounts of airline fare data from multiple sources. By tracking pricing trends and change behaviours, FareTrack equips airlines with invaluable insights, empowering them to optimize their fare strategies, improve revenue management, and stay competitive in an ever-evolving market.
Real-Time Fast Data
One of the most intriguing aspects of FareTrack’s platform is its ability to provide airlines with real-time fast data. Traditional fare analysis processes often involve delays and outdated information, which can hinder airlines from making timely and informed decisions. FareTrack’s solution, however, ensures that airlines have access to the most up-to-date and accurate data, enabling them to respond quickly to market changes, price fluctuations, and competitor actions.
FareTrack embraces the latest distribution standards, including NDC (New Distribution Capability), to enhance airlines’ sourcing capabilities. NDC empowers airlines to connect directly with customers and travel agencies, offering greater control over fares, ancillaries, and personalized offerings. FareTrack leverages NDC-based data sources to provide airlines with comprehensive and actionable insights, enabling them to understand competitive distribution strategies, optimize their pricing strategies, improve customer satisfaction, and drive revenue growth.
Recognizing the diverse needs and preferences of airlines, FareTrack offers a platform that allows for customizable visualizations. Airlines can tailor the display of fare data and insights to their specific requirements, creating intuitive and visually engaging visualizations that facilitate better decision-making. At the event, what raised significant interest from the airlines, was FareTrack’s ability to customize visualizations in a way, where fare shopping data can be combined with airline internal data. With such dashboard insights, airlines can visually spot unusual situations and rapidly check if they are a threat, an opportunity or normal.
Optimized Fare Extractions
Fare extraction is a crucial component of fare analysis, as it involves retrieving fare information from various sources and systems at various times. FareTrack’s platform streamlines and optimizes this process, providing airlines with accurate and comprehensive fare extraction optimizations. Shifting from traditional daily fare updates to optimised updates, based on competition price change behaviours, the airlines can save on their extraction costs by up to 40% and increase accuracy by up to 90%. FareTrack saves airlines valuable time and resources, allowing them to focus on strategic fare management and revenue optimization.
Our time at Aviation Festival Americas was packed full of fascinating conversations, making new connections, and learning more about many airline’s current challenges around data. The event was a great platform for us to share our innovative approach to analyzing and leveraging fare data that empowers airlines to make data-driven decisions, improve revenue management, and stay ahead in a competitive industry. As FareTrack continues to push the boundaries of airfare analytics, we can’t wait to share our latest product updates, and meet even more airlines face-to-face at future events. Talking about future events, If you want to meet us, come to Lisbon on the 26-28 September, where the World Aviation Forum will bring together the community of 5,000 global airline and tech executives.