FareHarbor Launches Travel Industry’s First Predictive Pricing Platform Powered By Artificial Intelligence
FareHarbor Shatters the Myth of Dynamic Pricing in the Tourism Industry and Activities with the FareHarbor Telescope
DENVER (October 11, 2017) – Port rate, the world’s largest booking platform for activity providers and concierge services, today announced the release of Telescope, the industry’s first predictive pricing platform powered by artificial intelligence (AI).
By applying machine learning to FareHarbor’s anonymized dataset of over 10 billion unique data points, Telescope continually evolves and learns over time to predict the perfect price for a specific business to maximize revenue. Factors such as market averages, historical demand, price elasticity, reservation lead time, frequency of sold-out sales and a host of other reservation behaviors enter the “brain” of the telescope that generates a report. custom indicating whether to increase or decrease the price of an activity.
âMachine learning is learning data from data. We are ideally placed with the millions of bookings that flow through FareHarbor, âsaid Mark Mangurian, vice president of Business Intelligence at FareHarbor.
FareHarbor, founded in 2013, is the leading provider of reservation systems for tour and activity operators, according to a recent report by Phocuswright (Report, Press release), a leading market research for travel, tourism and hospitality. Activity businesses can now leverage the world’s largest tour and activity dataset to gain actionable pricing insights to maximize revenue.
This unique position as the industry’s most widely used reservation software contributes to Telescope’s AI accuracy. For the first time in the history of tours and activities, there is enough centralized data to effectively fuel machine learning.
FareHarbor’s new predictive pricing platform is not âdynamic pricing,â where prices fluctuate in real time based on demand, which has won favor with the hospitality and airline industries.
âOur studies show that attempted solutions such as aggressive pricing or upward pricing simply miss the mark in the tours and activities industry. Lowering your price at the last minute makes no sense when 63% of bookings are made within 72 hours of an activity. Telescope machine learning will finally eliminate fear of price changes by giving businesses personalized recommendations using artificial intelligence. said FareHarbor CEO Lawrence Hester. âWe are extremely happy to offer Telescope to our customers. “
Founded in January 2013, FareHarbor quickly grew to become the world’s leading provider of reservation systems for the travel and activity industry. According to industry research firm Phocuswright, FareHarbor significantly dominates all of its competitors in terms of global market share, and its booking platform and staff are the highest rated in the industry for price, functionality, customer service, etc. The company’s more than 180 employees in five offices across the United States serve more than 5,000 tour operators, reservation agents and concierge services hosting more than 50,000 bookable activities in 50 states plus Canada, Australia, Mexico , the United Kingdom, the British Virgin Islands, Puerto Rico, the United States Virgin Islands and Tahiti. For more information, please visit fareharbor.com.
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