Optiontown

Optiontown

Enjoy unique options
Type	Privately held company
ISIN	🆔
Industry	Travel
Genre	Technology for Aviation Sector
Founded 📆	2003
Founder 👔	Sachin Goel
Area served 🗺️
Products 📟	Flight Pass Option, Upgrade Travel Option, Preferred Seat Option, Preferred Flight Option, Empty Seat Option, Excess Baggage Option, Lounge Access Option
Services	Technology Solutions
Members
Number of employees
🌐 Website	[ ]
📇 Address
📞 telephone

Optiontown is a travel solution provider for travel industry focusing on airlines and travelers..

Headquartered in Massachusetts, USA, the company offers its online services focused on concurrent optimization of business economics and customer value in the travel industry, especially in the airline industry. Optiontown provides many services like Flight Pass Option, Upgrade Travel Option, Preferred Seat Option, Preferred Flight Option, Empty Seat Option, Excess Baggage Option, and Lounge Access Option.

History

Optiontown was founded in 2003 by Sachin Goel, who is an alumnus from Massachusetts Institute of Technology (MIT) and Indian Institute of Technology (IIT). The Massachusetts-based company has multiple offices across the world. Their travel solutions are backed by multiple patents by Sachin Goel.

Popular Products

Flight Pass

Optiontown uses technology to offer a personalized flight subscription service called Flight Pass. Passengers can buy tickets in bulk economically in advance which they can use over a defined period of time. Airlines benefit from this customer patronage or loyalty. Customers save on the ticket price and benefit from enhanced convenience. As price for each trip is fixed upfront at the time of buying the Flight Pass, customers also save time and energy as they no longer need to spend the time and efforts in searching for flight deals every time they need to book a flight Passengers can customize Flight Pass by destinations/travel zone (one/multiple destinations), number of flights (4 to 1000 or even more one-way fights), travel period (between 1 and 24 months or more), cabin class (economy/business/first), number of passengers (between 1 and 200 or even more), and advance booking (2 hours to 180 days before the flight departure).

Subscription increases customers’ willingness to pay more for greater flexibility, better features and increased convenience. The choice is made by customers’ themselves without any pressure, they remain happy with their decision. Customers can book their desired flights based on their Flight Pass rules. If the customer wants to book flights outside the self-defined rules, a small fee may apply generating additional revenues. The Flight Pass makes it easier to book and fly leading to customers flying more often and allows airlines to minimize offering ad hoc pricing deals. Airlines can increase their yields and revenues while their competitors enter into price wars. Flight Pass also generates additional revenues for airlines from premium features or subsequent changes made by customers after buying the Flight Pass. Flight Pass is shareable with family, friends or colleagues and all the co-users can use as many flight credits as they want. Flight Pass is available for corporates, business travelers, individuals that travel regularly to specific destinations, families, leisure travelers, students, etc.

Many airlines globally are using Optiontown’s Flight Pass solution.

Upgrade Travel Option (UTo)

Using Upgrade Travel Option, Economy passengers can get an option or chance to upgrade to Premium Economy, Business or First Class in a flight. Passengers sign up for an upgrade on payment of a small fee. The airline controls the price offered which may offer up to 75% discount from the regular fare. Confirmed upgrades offer the upgrades instantly at the time of buying the upgrade. With a standby Upgrade option, the upgrade decision is usually taken in the last 1 to 4 days before departure.

Optiontown's patented revenue management system integrates with the airline's system and uses complex algorithms to control an optimal number of options that can be sold for a flight. This ensures that regular customers have a reasonable possibility of being upgraded thereby justifying purchasing the option, but the probability is not so high that it could serve as a substitute for a traditional full-fare Business Class passenger who needs to have confirmed Business Class travel.

Flexibility Reward Option (FRo)

The passenger gives the airline the option to re-book him on alternative flights chosen by him in exchange for a small reward. If the airline proceeds with the option to re-book him, he can receive monetary rewards. Airlines can use this product to manage situations of passenger overbooking. The financial reward is driven by the route and the actual ticket-price of the alternative flights that the customer would allow himself to be re-booked on. In such a case, it is the customers that actually sell options to airlines. Flight overselling is an attempt by airlines to ensure a full flight after taking into account passengers who don't show up for the flight. When more passengers than anticipated turn up, airport staff have to offer passengers lucrative compensation in order to make them give up their seat on the flight. It's expensive as well as inconvenient for both airlines and passengers.

With the FRo service, passengers with a confirmed booking can declare their willingness to travel on alternate dates/ times in return for monetary rewards should the airline shift them to the alternate flight. Passengers are notified up to two days before departure and hence are willing to accept lower compensation than would be necessary last minute at the airport. In exchange for rewards, passengers are automatically shifted to the alternate flight already selected by them. Airport staff does not get involved in this process at all and can continue to concentrate on their regular duties.

Empty Seat Option

Empty Seat Option allows travellers to reserve one or more empty seats next to their own. Availability of two seats on either side of a seat creates a bed-size space that aids to the convenience and helps travelers to maintain social distancing as well.

Preferred Seat Option

Preferred Seat Option allows passengers to pre select their desired seat during the journey like emergency exit, window or aisle in Economy at economical prices.

Excess Baggage Option

Excess Baggage Option allows passengers to buy their required excess baggage in advance at a lower price than the airport price

Lounge Access Option

Lounge Access Option allows travelers to use the Business/ First Class lounge at economical prices, and without holding a ticket for that cabin class.

External Links

• Official Website
• IATA Member

This article "Optiontown" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Optiontown. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.

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