Tour and Cruise
Managing Decreasing Demand Risks
Cruise lines continue to be struck with cancelations and rescheduling passengers. The ongoing uncertainty of the COVID-19 virus adds to the complexity of the situation. Leading automation technology around rebooking, refunds, cancellations, credit decisions, and dynamic promotions can reduce risk through damage limitation.
Decreasing Demand Responses
Identifying and promoting schemes to protect loyal customers and reduce churn
Flexible rule-based cancellation and rebooking policies
Automated refund processing with future credit or entitlements provisions
Respond to passenger uncertainty with highly innovative promotions
Feedback platform with customized surveys to target various segments and adapt strategy
Incorporation of on-time inventory for 3rd party travel products
Adapt to support newer business models such as phantom cruises
Optimization techniques based on demand requirement analysis
Future Cruise Credits and Entitlement
Improving cash flow is one of the most important aspects of surviving this crisis. With the uncertainty around sailing start dates, there could be both customer initiated cancellations and mass suspension of cruises. For both cases, cruise lines would be able to avoid cash refunds to an extent if the back end system supports providing customers with attractive future credits, which could be a combination of both monetary and non-monetary elements.
IBS’s cruise industry portfolio provides an innovative approach to solving this key industry challenge with the provision to setup multiple redeemable currencies that can provide customers or partner agencies with various entitlements. The entitlements are fully dynamic and based on the value of the transaction or status of the customer etc.
The eligibility and fulfillment of the currencies are fully rule-based to be more flexible:
Business rules can be used to control the credit applicability and exchange rate
Accrual rules can determine the earn rates for future cruise credit specific to each product or service
Redemption rules can determine burn rates for the future cruise credits specific to each product or service
Additional rules can be set for credit purchase or transfer between accounts
Each credit currency type can also have expiry rules associated to it
This standalone credits module can be fully integrated with any 3rd party reservation systems through its rich set of APIs and can be deployed for cruise lines without any disruption to the existing IT landscape.