INDUSTRY
- Travel and Logistics
Data and AI in Travel Industry for a Memorable Passenger Experience
Highlights
- Attracting customers through direct channels is a challenge in the highly competitive hospitality industry.
- By fulfilling expectations based on customers’ context and preferences, businesses should be able to sway their buying decisions.
- TCS Fluidic Bundling for Hospitality Reservations uses a machine-first approach to customize products and services for improved sales conversion.
In this article
Bundling, pricing engine to boost digital sales
The hospitality business is human-centric. Amid technological advancements and rapid digitalization, making interactions with customers more meaningful is the new ‘mantra’ of businesses.
TCS fluidic bundling for hospitality reservations uses a machine-first approach to customize products and services for improved sales conversion. It facilitates behavioral predictions, enabling businesses to customize offerings, especially on their prime digital channel. The solution unlocks the power of data to fuel meaningful interactions and address the needs of new and existing customers.
Overview
Attracting customers through direct channels is one of the biggest challenges in the highly competitive hospitality industry. The highly evolved generation of customers seeks a unique experience with almost every product and service. By fulfilling expectations based on customers’ context and preferences, businesses should be able to sway their buying decisions in a jiffy.
This solution creates meaningful contextual offers by leveraging AI-ML capabilities that mimic human thinking and provides the right personalized services and products. The solution uses an advanced information management system and algorithmic engine for data analytics to enhance personalization, for both new and existing customers. Additionally, the solution is powered by an intelligent bundling and pricing engine that enables packaging and bundling of relevant ancillaries, based on the customer propensity to buy.
Our Solution
TCS provides the following capabilities through this solution:
- Bundling: Leverage TCS bundling engine for context mining and behavioral predictions and provide a package that fits the customer’s needs.
- Pricing: The TCS pricing engine provides an enticing bundle price depending on the customer’s propensity to buy.
- Marketing: Enable creation of meaningful and targeted marketing campaigns to promote the right ancillary products to the right customer segments. Leverage past statistics and future demand to drive higher conversions and better room occupancy rates.
- Influence buying decisions: Understand customer context and preferences by establishing fluidic offers, which can influence their online buying decisions to bring down the cart abandonment rate.
Benefits
The solution provides the following benefits:
For hospitality businesses:
- Direct channel leverage: Helps attract larger volume of customers to the direct channels
- Higher sales conversions: Enables meaningful interactions with the customer through intuitive hyper-personalized fluidic offers and drives higher sales conversions.
- Lower cart abandonment rates: Allows positioning of ancillaries and packages with competitive prices to prevent cart abandonment.
- Improved financials: Generates higher revenues by identifying and developing new packages.
- Optimized ancillary inventory: Leverages technology to understand customer’s buying and consumption patterns for better management of ancillaries. It helps plan and orchestrate service deployment as per delivery schedules.
For customers:
- One-stop shop: Enables the customer to pick a wider range of products and services from a single source.
- Relevant bundles: Choice of more relevant bundles in lieu of static bundles.
- Enticing pricing: Bundled pricing that’s lucrative compared to buying each element separately.
The TCS Advantage
A partnership with TCS can help the hospitality business take advantage of the following:
- Our patented algorithms: Robustness and accuracy of predictions is achieved by a cluster of models that deploy various techniques. Every unique request triggers multiple complex algorithms across multiple data models delivering a seamless response fast; it is executed in a distributed manner with serverless infrastructure that accelerates the digital -transformation journey.
- High-performance computing: TCS offers solutions that optimize the use of high-performance computing. The solutions accelerate the ability to execute machine learning (ML) models and provide bundles in real time.
- Domain expertise: Our deep domain knowledge enables us to provide highly customized, easy-to-use solutions that fulfill the exacting requirements of individual customer business.
- R&I: Our strong R&I practices, and partnerships with budding startups, global universities and academia ensure adoption of cutting-edge approaches.
TCS fluidic bundling for hospitality reservations solution uses a machine-first approach to customize products and services for improved sales conversion. It facilitates behavioral predictions, enabling businesses to customize offerings, especially on their prime digital channel.
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