Profit optimization case for travel industry
Increased revenue by 40%
Background
iVisa is an online travel visa check that allows users to find visa information, and an easy and traveler-friendly application process, which is much simpler than dealing with foreign governments. iVisa had built up an impressive customer base of 1.2M happy customers, and had been delivering visas on time with a 99% rate for already 10 years. Despite this success, their pricing, especially knowing the demand and optimum price of visas, was a manual effort. They needed a data-driven approach that was fully automatic, but not a black box. They needed pricing optimization software that could help them accurately measure their pricing strategies and increase revenue.
Finding the right price optimization software
When iVisa was looking for a pricing optimization solution, they wanted an automatic, AI-driven, yet understandable software to meet their needs. iVisa wanted to be able to quickly and accurately measure the performance of their pricing strategies and the ability to test and find the optimum price point, yet flexible enough to be modified by different attributes such as volume, revenue or profit.
Project timeline
After conducting a thorough investigation into the various dynamic pricing optimization platforms available, iVisa found Sniffie’s solution technologically sophisticated, yet easy to approach and customizable for their business.The discussions began in early 2022, and by June 1st, 2022, the service was already up and running. The onboarding process was seamless and efficient, taking only a few months, including the time to integrate the platform into their existing infrastructure. Thanks to the advanced features of Sniffie, iVisa can now keep a close eye on their pricing structure, enabling them to maximize their profits and remain competitive in the digital market.
“Once we implemented Sniffie’s dynamically optimizing pricing model on top of iVisa’s existing infrastructure, we noticed a 20%+ lift in our revenue per user within a few short weeks. The Sniffie team has been always eager to help us tweak the model to reach our lofty business ambitions and in the time since implementation we have seen an additional 20% increase in our revenue growth. In partnership with Sniffie, iVisa has gained a better understanding of the driving factors behind our users intent regarding pricing changes and sensitivities. The team at Sniffie has helped evolve our approach to strategic pricing, far faster than if we had undertaken the project ourselves.”
Jaikaran Sawhny
Chief Product Officer, iVisa
How AI can help you with pricing?
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The outcome
The implementation of Sniffie price and profit optimization was nothing short of remarkable for iVisa. Not only did it allow them to accurately measure the effectiveness of their pricing strategies, and to increase revenue by more that 40%. This is a truly astonishing feat and a testament to the power of Sniffie’s AI and the advantages it can bring to businesses. iVisa is extremely satisfied with the performance of Sniffie and views it as a strategic partner in their success. Sniffie provides the continuous valuable insights into their processes and operations, and has enabled them to strategically adjust their pricing models to maximize their profits. With Sniffie, iVisa has been able to take their business to the next level, and they are grateful for the assistance that Sniffie has provided.
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