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Funding period
2014–20212021–2028

Showing all data for 2014–2021

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Business Development, Innovation and SMEs Completed

AI based price regulation of Frogelo reservation system for tour operators

frogdom ·Lithuania

€199k
Grant awarded
Business Development, Innovation and SMEs
Programme
14 September 2021
Signed

About this project

<p style="text-align: justify"><span style="font-size: medium"><span style="font-family: Calibri, sans-serif"><span style="color: #000000"><span style="font-family: &quot;Times New Roman&quot;, serif">O</span><span style="font-family: &quot;Times New Roman&quot;, serif">ne of the key factors ensuring successful operation in the tourism sector is the capacity to evaluate the price of an offered product and provide tailored offers for customers, taking into account market prices, free spots, time and etc. Pricing solutions in the tourism sector are complicated due to a substantial number of relevant factors: room prices of a certain hotel, seasonality, destination country, prices of other services. When determining the price of a tourist package, it is important to evaluate a number of various criteria and data, on the basis of which a customer will evaluate attractiveness of a tourist package. To achieve that, a huge amount of data shall be collected and processed. Therefore, AI is a highly promising tool for tackling pricing challenge in the tourism sector.</span></span></span></span></p> <p style="text-align: justify"><span style="font-size: 12pt"><span style="font-family: &quot;Times New Roman&quot;, serif">The aim of this project is to create innovative, dynamic,&nbsp;</span><span style="font-family: Times">AI based price regulation of Frogelo reservation system for tour operators</span></span><span style="font-size: 12pt"><span style="color: #000000"><span style="font-family: Times">. This innovation will provide improved services, ensure flexibility, swiftness and effectiveness of the services provided, which shall increase competitiveness of the companies by increasing their sales and profit. Basic characteristics of the system – AI driven determination of a tourist package price on different layers: regular price on the market, individualized price for a person or a group with regard to the timing of decision, offers of alternative travels based on previous travels, browsing history and other similar historical data, offers of additional services and products.&nbsp;</span></span></span></p> <p style="text-align: justify"><span style="font-size: 16px"><span style="font-family: Times New Roman, Times, serif">The Norwegian partner International Development Norway, will provide expertise related to commercialisation of the product.</span></span></p>

Bilateral cooperation results

Project partner International Development Norway AS contributed to the research and experimental development of the project.

Project partners

Lithuania country profile Other projects in this programme Project website