Revenue Technology Services has successfully launched CargoPriceOpt, a system for the cargo industry that recommends pricing based on costs, pricing elasticity, customer value and competition.
The tool was originally released in September, and Virgin Atlantic Cargo served as the first customer in October. The airline used the tool to identify its best customers, price its customers consistently in the same lanes, and provide hypothetical analyses to sharpen the knowlesdge of its sales team.
"We believe it will provide a consistent and scalable capability within our pricing process to inform and support better decision making,” Virgin’s manager of pricing development and strategy, Alexander Rowe, said in a statement.
He added the new technology will help recognize and encourage customer loyalty. - Jon Ross