Goibibo has launched ‘Price Lock’ that enables customers to reserve their seats for a bare minimum fee without paying for the actual price of the ticket upfront and securing flyers against any price hike by allowing them to purchase the ticket at the same locked-in price later.
Price Lock provides more time and fare hike protection as customer takes a final call on scheduling travel. The service allows customers to lock airfares for one, three or seven days for a nominal fee – that later gets adjusted into the full price of the ticket at the time of the final purchase.
Commenting on the rollout of Price Lock, Saujanya Shrivastava, COO in Flights SBU, shared: “We are always looking at ways in which we can make the flight booking experience delightful. The Price Lock feature is indeed an innovative and relevant solution that will appeal to those customers who cannot book right away but would like to seek some form of price protection until they firm up their decision to travel. Today, travellers are spending more time weighing multiple parameters before finally making a booking and increasingly expect flexible options so that they can plan better. Our new offering Price Lock is a useful way to get more time and save money as one can lock a favourable airfare for up to seven days while they make an informed decision to travel.”
At the backend, Price Lock leverages data and predictive analytics solutions to evaluate and calculate the air lock fee for a specific booking. The algorithm also takes into account various other parameters such as past booking behaviors and preferences, traffic on a specific route and sector, seasonality, advance purchase period etc. while proposing the Price Lock offer on a given itinerary.