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For many years, the science of price elasticity measurement was a solution in search of a problem. At the same time, traditional revenue management was a science with a relatively narrow appeal among airlines, hotels and similar businesses. Elasticity analytics and revenue management have now intersected in the form of price optimization, driven by real-time competitor data available via automated price shopping. It can work within a much wider range of industries than those traditional travel niches and is a key method to deal with the extreme price transparency created by the Internet and mobile devices everywhere. Best of all, it allows any business to gain an understanding of its true competitors, rather than relying on a few preconceived notions of who the competitors might be. Bill Kotrba, VP of Industry Strategy for JDA Software explains.