In this video, you will know how data science is transforming our lives through the Travel Industry.
Remember your last trip? Did you get your tickets directly from the ticket office? I doubt it. why bother if you can get your tickets in just a couple of clicks via your laptop or even your smartphone? The travel and the tech industry are working in tandem to create the perfect experience for the modern traveler and provide numerous facilities in one shot. To satisfy all the needs of the increasing number of users and process enormous chunks of data the machine learning algorithms are vital. Data becomes an analytical tool as far as airlines, hotel booking and reservation websites, and many others are striving to improve their services every day.
1. Recommendation Engines
online travel booking providers often provide tailored suggestions, based on your recent searches and bookings. Analyzing this algorithm, the online travel agencies can offer rent-a-car deals, alternate travel dates or routes, new travel destinations based on the customer’s preferences, or even some recommended local destinations.
2. Flight Fare and Hotel Price Forecasting
Flight prices and hotel bills are ever-changing and vary a lot depending on the provider. Nobody has time to track all those changes one by one. Thus, smart tools that monitor and send out timely alerts with hot deals are currently in high demand in the travel industry.
3. Intelligent Travel Assistants
As convenience is the king in today’s world, smart concierge services, powered by artificial intelligence (AI) are gaining momentum in various industries. Travel booking is only one of the areas being heavily automated by algorithms. AI algorithms, trained to perform a specific task on a user’s request are usually termed “bots” or “Chabot”. Instant messaging platforms are widely adopted by some prominent brands as a great way to reach out to clients and build better customer relations.
4. Optimized Disruption Management
With the recent upgrade in technology, it became feasible to predict disturbance and efficiently mitigate the loss for both the traveler and the carrier. The moment for data science here lies in predicting travel disruptions based on available information about weather, delays, and other relevant airport service data.
5. Customer Support
Combining virtual assistants with human ones, not only can help you grow your brand loyalty, but also optimize your business performance. Moreover, offering a free bonus for any inconvenience caused is an even better way to retain your customers.
6. Sentiment Analysis in Social Media
90 percent of travelers with a smartphone share their experiences and photos on social media and reviews services. Every minute, about 2800 traveler reviews are submitted online. This is the bulk of valuable data that companies can analyze to improve their services. The maturity of natural language processing and sentiment analysis allows for adopting accurate analytical tools without time-consuming data gathering.
7. Fraud Detection
Airlines and travel industries face eCommerce fraud the most. Payment fraud is one of the most popular types of scams in this industry User behavior analysis apply profiling and machine learning technologies can help prevent and detect fraudulent transactions from happening. AI solutions for fraud detection are appropriate for online platforms and mobile booking apps also seek for a customized machine learning models to predict and detect fraud that allowed them to lessen chargebacks to 50 percent.