How travel brands are using deep learning to get ahead
Artificial intelligences running deep learning programs are already helping travel brands to price, improve the customer experience, reduce workloads and make marketing smarter according to EyeforTravel’s new Does Deep Learning Hold the Answer? report
The report, which is free to download now, examines the role that deep learning can play in travel and finds that far from being a futuristic concept, the machine learning technique is already creating real-world return on investment for travel brands.
One of the most obvious areas where deep learning is being deployed is in the area of predictive pricing. The report notes several different brands that are using deep learning in the field of pricing but in different ways. Both technology company Amadeus and metasearch firm Amadeus are deploying deep learning to understand airline pricing and model it into the future. Amadeus aims to maximise prices and revenues from airline tickets, whereas Aviasales is approaching the challenge from the consumer perspective. They claim that they can predict air fares with a 5% error margin and are applying this to make recommendations to customers about when and with which airline to book.
Stena Line on the other hand has combined deep learning's ability to recognise objects and its pricing strategy. Their challenge was to make sure they were offering the cheapest prices on board compared to what consumers could buy on land but not to undercut to such a degree they were losing revenue. To do this manually would have been exhausting and expensive as there are tens of thousands of products to monitor. Through machine learning, neural networks and image recognition software, deep learning can recognize products and their prices and present findings back to the team with a more than 90% accuracy rating.
This is just one aspect of where deep learning is being applied in the travel industry, so download the complete report for free by clicking here to find out:
- What other brands such as Expedia and The Travel Corporation are doing to harness deep learning.
- How neural nets have been developed and how they power deep learning.
- Where deep learning will transform the industry.
- How deep learning can save time and reduce costs.
- What the limits are to deep learning and how regulation might affect it.
The report is part two of EyeforTravel's How Will Artificial Intelligence Transform Travel? report series. You can find the first report, which studies chatbots in travel, by clicking here.
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