In today’s highly competitive business environment, transportation companies are constantly looking for ways to maximize every potential revenue stream. One often overlooked source of potential revenue is ancillary services, which are additional services or products that are offered to passengers beyond their basic ticket purchases. These services can range from seat upgrades to food and beverage provisions and beyond.
Identifying the right moment to present these ancillary services can be a game-changer, potentially boosting revenue and providing a competitive edge. However, it’s not always easy to identify these opportunities and leverage them at the right moment. Our flagship product, CAYZN, can help you do this with ease.
Managing ancillary services made easy with CAYZN Ancillary Management
CAYZN Ancillary Management, integrated within our Revenue Management System CAYZN, is a powerful tool designed to help companies unlock the hidden value of ancillary services. This intuitive add-on is equipped with dynamic real-time visualization widgets specifically tailored to manage ancillary services. Coupled with advanced machine learning algorithms and data-driven analytics, CAYZN Ancillary Management empowers businesses to optimize the efficacy and profitability of their ancillary offerings.
This system enables the management of various ancillary services such as:
- Passenger seat services, including seat upgrades, the inclusion of a power plug, having the adjacent seat empty, etc.
- Pre or post-travel services like booking flexibility, adding Wifi, and accessing lounges before and after travel, etc.
- Limited capacity services such as diverse food options, reserving an extra seat for your bike/e-scooter, additional baggage options, etc.
CAYZN Ancillary Management can easily take these different types of services into account and offer inventory management and price optimization to ensure that the company is maximizing revenue while also providing the best possible customer experience.
Integration with the existing CAYZN ecosystem
CAYZN Ancillary Management seamlessly integrates with the existing CAYZN ecosystem. This allows transport providers to offer ancillary services to their passengers with ease, enhancing customer experience and satisfaction.
The system can leverage precise booking forecasts to strategically sell ancillaries well in advance. For example, it lets transport providers offer upgrades in advance with certainty, knowing that seats won’t be overbooked.
Given the correlation between capacities utilized by passengers and those allocated for ancillaries, a comprehensive RM system like CAYZN is the ideal solution to optimize ancillary services. By gaining valuable insights into customer patterns and trends for ancillary services, transport providers can employ continuous pricing to customize the price of ancillaries for each passenger.
That being said, there is a gap in the market for a modern inventory system that unifies the revenue ecosystem and maximizes the commercial value of transport offerings.
Paving the way for total Revenue Management
CAYZN allows transport providers to leverage passenger profiling, using which they can set prices that are tailored to individual passengers. This not only enhances the passenger experience but also improves revenue streams for transport providers.
However, with the addition of ancillary management to this game, the platform will be able to offer ancillary services that are specifically tailored to the needs of each passenger. This customization is a key feature that sets CAYZN apart from other Revenue Management Solutions.
At Wiremind, we envision a product that achieves total revenue management, an inevitable future for the transportation industry. With CAYZN leading the way, transport providers can optimize the total revenue stream generated by each customer, and maximize their profits.
Read here: Next Generation of Revenue Management
To conclude, CAYZN Ancillary Management utilizes machine learning algorithms and data-driven analytics to empower businesses to optimize the effectiveness and profitability of their ancillary offerings. Using CAYZN Ancillary Management, companies can offer better customer experiences while generating additional revenue streams, ultimately leading to increased success in today’s highly competitive business landscape.
Want to learn more about CAYZN Ancillary Management and how it can help your organization? Get in touch with our experts at Wiremind by emailing us at email@example.com to get a firsthand experience of the tool.