TUI Marine has signed a deal with JDA software to drive price recommendations and assist with the maximisation of revenue year-round across its entire fleet.
Under the terms of the deal, the water sports provider – an offshoot of TUI Travel - will implement JDA Demand and JDA Travel Price Optimiser to set pricing using a mix of its own historical data alongside real-time competitor pricing.
“The combined solutions will allow TUI Marine to leverage its own historical price elasticity data along with real-time competitor prices to more effectively balance supply and demand, thereby improving revenue and profits,” said Scott Luleff, head of revenue management, TUI Marine.
“TUI Marine operates in a highly volatile demand environment. Luxury vacations are vulnerable in a challenging economy and can leave us highly exposed to negative economic effects.
“JDA solutions are critical in enabling us to identify a customer’s willingness-to-pay and set optimal rates at the right time to the right customer prior to departure in order to generate maximum revenues on fixed capacities.”
JDA Software is the leading provider of innovative supply chain management, merchandising and pricing excellence solutions worldwide.
“Companies like TUI Marine realise that JDA’s industry-leading demand and price optimisation solutions provide the innovation necessary to help support their long-term growth initiatives while simultaneously navigating a very challenging day-to-day environment,” said Andy Archer, regional vice president of pricing and revenue management, JDA Software.
“As the leader in pricing and revenue management, JDA is positioned to provide TUI Marine the most powerful demand forecasting and optimisation solutions available for their business, ultimately offering the insight and intelligence they require to compete effectively and profitably in a constantly evolving competitive environment.”