Goibibo launches ‘Value Lock’ to make journey extra versatile; now lock flight fare and e-book later on the similar value
Goibibo, one of India’s leading online travel brands, has launched an industry first feature that allows customers to freeze fares for up to seven days while they consolidate their travel plans. The service allows customers to reserve their seats for a minimum fee without paying the actual price of the ticket in advance, and secure flyers against price increases by being able to buy the ticket later at the same set price.
With the aim of making travel selection easier and more flexible, the unique service helps solve a major dilemma that travelers face – should they wait or book flights and consequently risk a price increase. The rate lock offers more protection from time and price increases as a customer takes one final call while planning trips. With this service, customers can freeze fares for one, three or seven days for a small fee. This will later be adjusted to the full price of the ticket at the time of final purchase.
For example, a customer purchases a three-day rate lock on December 17th for Rs 180 for travel between Delhi and Bengaluru on December 24th. On that day the plane ticket was offered at a price of Rs 6000. On December 20th, when the Flyer returns to confirm the booking of the new ticket price, the price will be Rs 7000. In this scenario, the Flyer benefits from the reservation of the fare by paying only Rs 5820 [Rs 6000 –Rs 180 (Price Lock fee) = Rs 5820] instead of the new airfare [Rs 7000].
Saujanya Shrivastava, Chief Operating Officer of Flights SBU, commented on the introduction of Price Lock: “The Price Lock feature is indeed an innovative and relevant solution that appeals to customers who cannot book immediately but are looking for a form of want price protection until they solidify their travel decision.
“Nowadays, travelers spend more time weighing several parameters before making a final booking and increasingly expect flexible options to help them plan better. Our new Price Lock offering is a useful way to save more time and money, as you can lock a cheap flight for up to seven days while you make an informed travel decision. “
In the backend, Price Lock uses data and predictive analytics solutions to evaluate and calculate the airlock fee for a specific booking. The algorithm also takes into account various other parameters such as booking behavior and preferences in the past, traffic on a particular route and sector, seasonality, pre-sale period, etc., while suggesting the Price Lock offer for a particular itinerary.
Price Lock is available for Android and iOS and has currently been rolled out for domestic travel. In the following phases, the company plans to expand its offering to include international travel services.