Method for prediction of materialization of a reserved purchase
View Patent ↗The present invention provides a method for predicting the likelihood of materialization of pending reservations for the purchase of perishable commodities. Details pertaining to perishable commodities for which reservations for purchase have been made in the past, are gathered and analyzed as are details pertaining to perishable commodities for which reservations for purchase are currently pending. Based upon the analysis, the likelihood that a particular pending reservation will actually be purchased or “materialize” is determined and this information is utilized for yield management.
1. A method, using a processing device, for materialization forecasting with respect to reservations made by persons for the potential purchase of a particular perishable commodity, comprising the steps of:
gathering past system-wide reservation information relating to past reservations for perishable commodities that have already perished, said system-wide past reservation information including information unrelated to said particular perishable commodity;
gathering current reservation information relating to current reservations for said particular perishable commodity, which current reservation has not yet perished;
comparing said gathered past system-wide reservation information unrelated to said particular perishable commodity and said current reservation information using said processing device;
calculating, based on said comparison, the likelihood that said current reservations will materialize; and
outputting, using said processing device, materialization forecast results based on said calculated likelihood.
2. The method as set forth in claim 1 , wherein said past system-wide reservation information includes historical commodity details unrelated to said particular perishable commodity.
3. The method as set forth in claim 2 , wherein said past system-wide reservation information further includes Point-of-Sale (POS) information included in said past system-wide reservation information that is unrelated to said potential purchase of said particular perishable commodity.
4. The method as set forth in claim 3 , wherein said past system-wide reservation information further includes materialization information unrelated to said potential purchase of said particular perishable commodity.
5. The method as set forth in claim 4 , wherein said past system-wide reservation information includes demographic information about persons who made said past reservations.
6. The method as set forth in claim 5 , wherein said demographic information includes one or more of the following pertaining to said persons making said past reservations: age, sex, national origin, citizenship, country of residence, occupation, education, annual income, marital status, reservation frequency.
7. The method as set forth in claim 6 , wherein said current reservation information further includes current-commodity details regarding said particular perishable commodity.
8. The method as set forth in claim 7 , wherein said current reservation information further includes POS information pertaining to said particular perishable commodity.
9. The method as set forth in claim 8 , wherein said current reservation information includes demographic information about persons making said current reservations for said particular perishable commodity.
10. The method as set forth in claim 9 , wherein said demographic information includes one or more of the following pertaining to said persons making said current reservations: age, sex, national origin, citizenship, country of residence, occupation, education, annual income, marital status, reservation frequency.
11. The method as set forth in claim 10 , wherein said perishable commodities comprise airline seats, and wherein said historical commodity details include information related to one or more of the following regarding said airline seats: carrier name, flight origin, flight destination, booking class, flight distance, departure time, connection time, arrival time, departure date, arrival date, flight duration, number of distinct legs comprising a complete one-way itinerary, aircraft type, aircraft capacity.
12. The method as set forth in claim 11 , wherein said POS information includes one or more of the following: POS type, POS country, booking carrier, booking recency, change recency, fare code, number of passengers traveling with said persons making said past reservations, length of stay associated with the reservation, time between booking date and flight date, payment status.
13. The method as set forth in claim 12 , wherein said current-commodity details include information related to one or more of the following: carrier name, flight origin, flight destination, booking class, flight distance, departure time, connection time, arrival time, departure date, arrival date, flight duration, number of distinct legs comprising a complete one-way itinerary, aircraft type, aircraft capacity.