The travel industry was severely affected during the Covid-19 pandemic. Even in the post-pandemic scenario since the hybrid work model has seen wide adoption corporate travel may not bounce back to the full extent. In this scenario, airlines will find profitability a challenge.
Digital technologies play a role in optimizing operational costs, creating new revenue streams, and creating memorable passenger experiences. The past few years saw airlines increase their confidence in technology, successfully deploying contactless passenger processes from parking to check-in and luggage drop, tech-led security, and document processing. Automating workflows and enabling self-service through biometrics, chatbots, and virtual and augmented reality offers passengers a digital experience that delights them and reduces operating costs.
This makes way for a new model of profitability for airlines – The Right Price Model. In the Right Price Model, airlines (and other players in the travel industry such as cruises, and railways) can use the three pillars: Passenger experience, Revenue, and Cost to arrive at the right price, one that ensures superior passenger experience and delivers profitability in the process – all anchored on data and technology.
In this eBook, we navigate the business models and consumer mindsets to present the Right Price Model for the Airline industry.