Virgin Atlantic has partnered with Fetcherr to adopt its artificial intelligence-driven technology that can move pricing up or down based on predicted market variables to optimize operations and revenues.
With the system live and being used to price selected routes, Virgin Atlantic becomes the first airline to use Fetcherr’s “generative pricing engine” and fully automate processes from pricing to publishing.
“We are committed to revolutionizing the way airlines price flights and are excited Virgin Atlantic is determined to disrupt the industry by embracing new methods to tailor pricing and improve revenue,” said Roy Cohen, CEO and co-founder at Fetcherr, a PhocusWire Hot 25 Travel Startup for 2023.
“We are committed to helping Virgin Atlantic automate and enhance its operations and revenue using our generative AI technology.”
Subscribe to our newsletter below
The generative pricing engine scans the network 24/7, optimizing pricing recommendations to generate hidden or lost revenue, publishing new fares in real time to all distribution channels, while predicting demand and inventory in all markets. For example, where seats are still available in higher volumes, the system may automatically lower prices to incentivize bookings.
“Innovation is in Virgin Atlantic’s DNA, and with Fetcherr’s generative pricing engine we’re leading the way to offer dynamic pricing that harnesses generative AI,” said Chris Wilkinson, vice president of airline pricing and revenue management at Virgin Atlantic. “Our partnership with Fetcherr offers a major advancement in pricing technology beyond traditional segmentation, along with seamless end-to-end operational infrastructure, that will revolutionize the way we set prices.”
The new deal follows Fetcherr’s pe-Series B funding in April when it raised $12.5 million to support expansion into the United States with the opening of its North American headquarters.
See below for Fetcherr's pitch during The Phocuswright conference last year.
Fetcherr - Phocuswright Innovation Summitt 2022