Virgin Atlantic leads airline industry by implementing innovative, first-of-its-kind generative AI pricing technology to fully automate processes, offer the most sophisticated and competitive pricing for customers, and support revenue generation.
TEL AVIV, ISRAEL / ACCESSWIRE / July 12, 2032 / Virgin Atlantic has partnered with Fetcherr, a demand prediction and AI-native algorithmic pricing optimization solution, to implement its Generative Pricing Engine (GPE). Through this industry-leading partnership, Virgin Atlantic is the first airline to leverage Fetcherr's cutting-edge, fully automated generative AI pricing technology, with the system live now and being used to price selected routes.
Fetcherr's GPE is the industry's first market dynamics generative AI model that generates the best real-time market moves to bring prices down or up, based on predicted actions of all market variables. The technology builds on the airline's existing dynamic pricing to enable uniquely granular high-frequency pricing, inventory management, and publishing capabilities in one complete system that fully automates processes - from pricing to publishing - to optimize operations and support revenue generation.
The GPE scans the entire network 24/7, optimizes and justifies pricing recommendations to generate hidden or lost revenue, saves manpower by publishing fares in real-time to all distribution channels, and accurately predicts demand and inventory in all markets. For example, where seats are still available in higher volumes, it may automatically price lower for prospective customers to incentivize bookings.
Chris Wilkinson, VP Airline Pricing and Revenue Management, Virgin Atlantic said:
"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. As strong and sustained demand for air travel continues, our focus remains on our customers and giving them the best service and experience at a price optimised to drive preference. Our partnership with Fetcherr offers a major advancement in pricing technology beyond traditional segmentation, along with seamless end-to-end operational infrastructure, that will revolutionise the way we set prices."
"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. "We are committed to helping Virgin Atlantic automate and enhance its operations and revenue using our generative AI technology."
Fetcherr's partnership with Virgin Atlantic follows its recent $12.5M Pre-Series B funding, expansion into the U.S. with the opening of its North American headquarters, and Advisory Board growth which includes the appointment of Ben Baldanza, former CEO of Spirit Airlines. Alongside Baldanza, Fetcherr's Advisory Board of seasoned aviation industry executives and veterans includes Alex Cruz, former Chairman and CEO of British Airways; John Dabkowski, former CEO of Navitaire, Senior Vice President at the airline solutions division at Sabre, and Vice President of Airline Commercial at Amadeus; and Nathaniel Felsher, former Global Co-Head of Aviation - Corporate & Investment Banking at Deutsche Bank.
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About Fetcherr
Fetcherr is an Israeli Algo Trading-based startup that developed a proprietary AI-powered pricing system, using proven reinforcement AI models to increase airline revenue by enabling High-Frequency Pricing. Founded in 2019 by experts in deep learning, Algo-trading, e-commerce and digitization of legacy architecture, Fetcherr aims to disrupt traditional, rule-based (legacy) revenue systems through deep learning methodologies, beginning with the airline industry. For more information, please visit www.fetcherr.io.
About Virgin Atlantic
Virgin Atlantic was founded by entrepreneur Sir Richard Branson in 1984, with innovation and amazing customer service at its core, with a purpose to ensure everyone can take on the world. In 2022, Virgin Atlantic was voted Britain's only Global Five Star Airline by APEX for the sixth year running in the Official Airline Ratings. Headquartered in London, it employs more than 7,500 people worldwide, flying customers to 31 destinations across four continents. Virgin Atlantic recently continued its expansion in the US, launching new routes to Austin, Texas and Tampa, Florida.
Alongside shareholder and Joint Venture partner Delta Air Lines, Virgin Atlantic operates a leading transatlantic network, with onward connections to over 200 cities around the world. In February 2020, Air France-KLM, Delta Air Lines and Virgin Atlantic launched an expanded Joint Venture, offering a comprehensive route network, convenient flight schedules, competitive fares and reciprocal frequent flyer benefits, including the ability to earn and redeem miles across all carriers. Virgin Atlantic joined SkyTeam in March 2023 as the global airline alliance's first and only UK member airline, enhancing the alliance's transatlantic network and services to and from Heathrow and Manchester Airport.
Virgin Atlantic has been pioneering sustainability leadership for more than 15 years, with a commitment to achieving 10% Sustainable Aviation Fuel (SAF) by 2030 and Net Zero by 2050. The airline operates one of the youngest and most fuel-efficient fleets in the skies and has reduced its absolute carbon emissions by 35% over the last decade. In October 2022, Virgin Atlantic welcomed the first of 16 A330-900neos to the fleet, continuing its transformation towards 100% next generation aircraft by 2027. In late 2023, Virgin Atlantic will be leading an industry consortium to deliver the first 100% SAF flight across the transatlantic, demonstrating that 100% SAF can be used safely as a drop in fuel in existing infrastructure, engines and airframes.
For more information visit www.virginatlantic.com or via Facebook, Twitter and Instagram @virginatlantic.
Media Contact
Chad Belisario
fetcherr@5wpr.com
SOURCE: Fetcherr
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