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We looked inside some of the posts by rtscorp and here's what we found interesting.
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The Next Phase in Air Cargo: Digital Selling
The Next Phase in Air Cargo: Digital Selling
No industry was left unaffected by the virus outbreak, including airlines worldwide. Statistically speaking, it is one of the majorly impacted industries. Consequences at some level were expected as everything came to halt. But, the petrifying effect shook the entire world. The term ‘devastating’ would not be wrong to use. Revenue generated from air cargo pricing represents about 14% of the…
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Revenue Technology Services
Revenue Technology Services offers state of the art solutions and industry leading services to grow your revenues, increase margins, enhance productivity, and improve your customers’ experience. We enable you to gain insight into your business, accelerate your growth, and capture your full potential. Our solutions will provide you with the art of increasing profits powered by science through innovation. Our experience delivering business solutions in the Travel and Transportation Industry spans over three decades and many happy and satisfied customers. https://www.rtscorp.com/
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Revenue Technology Services
Revenue Technology Services offers state of the art solutions and industry leading services to grow your revenues, increase margins, enhance productivity, and improve your customers’ experience. We enable you to gain insight into your business, accelerate your growth, and capture your full potential. Our solutions will provide you with the art of increasing profits powered by science through innovation. Our experience delivering business solutions in the Travel and Transportation Industry spans over three decades and many happy an satisfied customers. https://www.rtscorp.com/
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Dynamic cruise ship revenue management
Revenue management has earned impressive attention from all the industries since the airline introduced it first in the ’90s. The system came into existence for the travel and hospitality industries. It helped them regulate their operations and keep them on track to increase revenue.
Cruise lines were one of the first industries that adopted the system to bring flexibility and transparency in their operations. The modern cruise industry continues to be one of the fasted growing segments in the travel industry. With strong growth potential, the industry attracts thousands of people with its extravagant service and class. Since people who prefer cruise to travel are increasing at an accelerating rate, the need for efficient cruise ferry revenue management comes into the picture. Revenue management system in the cruise industry Revenue management has specific properties.
Segmented market Fixed capacity Perishable inventory Limited selling duration Non-linear demand. All these common properties are present in the cruise line industry. They make the industry the most eligible candidate for the revenue management system. The revenue management of a cruise ship is different from hotels and airlines. The system is more dynamic. The cruise line pricing problem involves some unique elements. These elements are not present in other parts of the tourism and travel industry. In a cruise, the revenue manager offers a cabin to the passengers based on several factors. Factors like size, type, location in the ship, internal amenities, and lifeboat availabilities influence the price per cabin per passenger. All these factors together impact each customer’s final selection and allotment.
How does it work?
Service on a cruise ship has multiple features, including cabin type, departure date, length of journey, etc. Consequently, the price varies accordingly. Considering customers’ choices while setting the price of products becomes crucial to include in the process to settle the dynamic pricing problem in cruise lines. It explains the fact that the cruise ship has a dynamic revenue management system. It involves interdependent variables that together determine the price for passengers.Along with customers’ preferences, there is yet another factor that revenue managers must include. It is the advertisement activities of the cruise company. Advertisements have a noticeable effect on sales and the average price of cruise service. It works to increase the demand collectively without targeting a specific category. These changing variables influence price and make the RM of cruise dynamic.
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