May 18 - 20, 2020
Palm Springs, CA
Day 3 Wed. May 20 Up, Up And Away! Innovating For The Fast-Moving Future
Wednesday, May 20th, 2020
11:30 AM Presentation: The Next Level: Leveraging Machine Learning In The Travel Sector To Maximize Revenue
Businesses regularly offer public sales. It's also beneficial to offer private, personalized discounts but how do we know what a customer’s propensity to buy now is? How do we know how price sensitive he or she is regarding the next travel purchase? - If you provide too generous a discount, you dilute your revenue by selling for less than that customer would have paid. If you are not generous enough, the customer may buy elsewhere or not buy at all. The challenge is to offer personalized discounts that are just sufficient to tip the customer towards purchase - and no more than that. Maclin and her data science team at Porter Airlines have created and refined a machine learning model that provides select, automated, discounts that drive purchases. It hasn’t been a straight road. Maclin will talk about the unexpected challenges and the testing and learning that has led to today’s model.