FareHarbor Releases the Tour & Activity Industry's First Predictive Pricing Platform Powered by Artificial Intelligence
FareHarbor breaks the tour and activity industryâ€™s dynamic pricing myth with FareHarbor Telescope
DENVER (October 11, 2017) – FareHarbor, the world’s largest reservation platform for activity providers and concierge desks, 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 data set of over 10 billion unique data points, Telescope continually evolves and learns over time to predict the perfect price for a specific activity to maximize revenue. Factors like market averages, historical demand, price elasticity, time to book, sold out frequency, and a multitude of other booking behaviors enter the Telescope “brain” which generates a personalized report on whether to increase or lower the price of an activity.
“Machine learning is all about data learning from data. We’re in the perfect spot with the millions of bookings coming through FareHarbor,” said Mark Mangurian, VP of Business Intelligence at FareHarbor.
FareHarbor, founded in 2013, is the leading provider of reservation systems to tour and activity operators, according to a recent report by Phocuswright (Report, Press Release), a leading market researcher for travel, tourism, and hospitality. Activity companies can now leverage the largest tour & activity data set in the world to gain actionable insights into their pricing to maximize revenue.
This unique position as the industry’s most utilized booking software contributes to the accuracy of Telescope’s AI. For the first time in the history of tours and activities, enough centralized data exists to effectively fuel machine learning.
FareHarbor’s new predictive pricing platform is not “dynamic pricing,” where prices fluctuate in real time based on demand, which has gained favor in the hotel and airline industries.
“Our studies show that attempted solutions like dynamic or surge pricing just miss the mark in the tour and activity industry. Dropping your price last minute makes no sense when 63 percent of bookings are made in the last 72 hours before an activity. The Telescope’s machine learning will finally take the fear out of pricing changes by giving businesses personalized recommendations through artificial intelligence.” said FareHarbor CEO Lawrence Hester. “We’re incredibly excited to offer Telescope to our clients.”
Founded in January 2013, FareHarbor has rapidly risen to become recognized as the world's leading provider of reservation systems to the travel tours and activities industry. According to industry research firm Phocuswright, FareHarbor dramatically leads all competitors in terms of global market share, and its reservation platform and staff are the industry's highest rated for price, functionality, customer service, and more. The company's more than 180 employees in five offices across the United States serve more than 5,000 tour operators, booking agents and concierge desks hosting more than 50,000 bookable activities in 50 states plus Canada, Australia, Mexico, the UK, British Virgin Islands, Puerto Rico, the US Virgin Islands and Tahiti. To learn more, please visit fareharbor.com.
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