The Aviation industry is known for the extreme volatility of ticket prices. There is no one way to book a flight at the best bargain. Even if you book on special offers or check a hundred travel sites for the best deal, you cannot guarantee the price of the ticket won’t drop further. The perception that prices may only increase is faulty as in reality, prices continually fluctuate until the flight takes off.
Fairfly, an Israeli tech company has for some years now, been in the business of bridging this information gap and putting the advantage of the volatility in ticket prices at the hands of its subscribers. They use an innovative proprietary technology that continuously and automatically monitors ticket prices. If the price of a flight ticket drops, the customer is alerted right away, the best way to save time, effort and money.
“Flight prices change an average of 92 times between the moment a fare is published and flight takeoff. Amazingly, people over-pay by $100 billion a year because they don’t check the prices after they booked a ticket”
- FairFly monitors the web and international ticket databases looking for discounts as well as more convenient itineraries. Subscribers send in their ticket info and get an email with any attractive alternatives found. They can then decide what, if anything, to do about it. Driving this process is s their software that searches the web for the best airfare after you’ve booked your ticket. If the price drops more than $50 or five percent, whichever is greater (factoring in any cancellation fees you’ll have to pay), They will alert you to re-book the flight at the new, lower price.
- FairFly’s primary focus has been on TMCs and Corporate clients including business and first-class travelers. This is in part because the higher the ticket price, the greater the potential discount – and the higher the percentage Fairfly can take, which is one way the company makes money. Flights on low-cost airlines and budget bookings can be non-refundable and sometimes nearly impossible to cancel.
- Real humans handle the booking and un-booking processes as FairFly technology finds the best fares. This is appreciated by the clients and is key to navigating gray areas in each transaction. The notices sent to users are not based entirely on the price, they also take into account flight duration, more convenient takeoff and landing times, an airline of the same quality – to give clients a better deal overall.
Functions to accommodate other unique industry features such as frequent flier points that each user may have, flight+hotel bookings packages, etc. are also in consideration to be integrated. The company, founded in 2013, has raised about US$2million to date. They have garnered a lot of industry and media recognition and may be extending their services to the hotel bookings and vacation car rentals space. The company is part of a rising ecosystem of money-saving tech startups for travelers. Other service providers we noted in this space too include:
Yapta Founded in 2007, is a technology company that helps clients balance travel budgets. According to their site, they have the FareIQ™ and RoomIQ™ Intelligent Price Tracking™ services for corporate travel and Yapta price tracking technology for personal travel.
RoomsNinja is also an Israeli travel budget technology company that works mainly on hotel reservations savings. Their service automatically searches the web several times a day to find a matching room at a fraction of the cost. Once found, it automatically locks in that cheaper reservation and allows the client to cancel a previous reservation and re-book the room at the lower rate.
Cancelon works more like a social marketplace where you can buy & sell unused hotel reservations. Can’t use your hotel reservation? You don’t need to lose the money, here you can sell it to other users.