Priceline Debuts New AI-Powered Trip Intelligence Features To Save Consumers Time and Money

Rhea-AI Summary

Priceline introduces Winter 2024 Product Release with upgraded AI-powered features, including Penny, to enhance travel planning and booking experience. The release includes over 30 new features aimed at streamlining trip research and booking process, saving time for customers. Priceline's Trip Intelligence suite utilizes generative AI to cater to changing consumer demands and behavior, with Penny now available across all categories. Customers can expect personalized itineraries, wallet for deals, and enhanced app experience.

Insights

Market Research Analyst

The enhancement of Priceline's AI-powered travel assistant, Penny and the addition of over 30 new features represent a significant investment in technology aimed at improving the customer experience. This upgrade is strategically positioned to cater to the evolving consumer behavior that favors efficiency and personalization in travel planning. The integration of advanced AI technologies such as Google Cloud's Vertex AI and OpenAI's GPT-4 Turbo suggests a competitive edge in the online travel agency (OTA) market, which is known for its fierce competition and low customer switching costs.

With the AI enhancements, Priceline is likely to see increased user engagement and customer retention, as the tools promise to reduce the time spent on trip planning and enhance the overall booking experience. This could translate into higher conversion rates and potentially increased revenue. However, the success of these features will depend on their execution and the customer's perceived value. It's also important to consider the ongoing costs associated with the development and maintenance of such advanced AI systems.

Financial Analyst

The announcement of Priceline's AI enhancements could have implications for the company's financial performance. The initial costs of developing and integrating these AI tools may be substantial, but the long-term benefits could outweigh these expenses if the tools drive increased bookings and customer loyalty. Investors should monitor the uptake of these features and their impact on Priceline's market share within the OTA industry.

Additionally, the operational efficiencies gained from AI could result in cost savings, particularly in customer service where AI can handle routine inquiries, potentially reducing the need for human intervention. The financial performance indicators to watch in upcoming quarters include customer acquisition costs, average revenue per user and customer service-related expenses.

Technology Analyst

The use of Google Cloud's Vertex AI and OpenAI's GPT-4 Turbo in Priceline's proprietary AI assistant Penny indicates a significant leap in the OTA industry's adoption of cutting-edge AI technologies. The ability of Penny to plan and modify trips, suggest itineraries and provide personalized customer service 24/7 could set a new standard for what consumers expect from travel platforms.

From a technical perspective, the robustness and scalability of Priceline's AI infrastructure will be critical. The OTA market will likely see other players follow suit, which could spur further innovation. The effectiveness of these AI tools in improving the customer experience and their ability to handle complex travel queries without human intervention will be key metrics in evaluating the success of this technological advancement.

With a major upgrade to Priceline's proprietary GenAI assistant Penny and 30+ new features, Priceline improves the travel experience with the industry's most comprehensive set of AI tools

NORWALK, Conn., Feb. 13, 2024 /PRNewswire/ -- Priceline, the pioneering travel innovator, today unveiled its Winter 2024 Product Release featuring a new generative AI-powered slate of features, including major upgrades to Penny, its AI-powered travel assistant. The latest additions to Priceline's Trip Intelligence suite make it the travel industry's most comprehensive array of AI tools – including more than 30 new features to dramatically streamline the travel planning and booking process.

Priceline's Trip Intelligence features improve the travel experience with the industry's most comprehensive set of AI tools

At a time when overwhelming choice and options mean consumers spend an average of two full work days – 16 hours – on trip research and booking,¹ Priceline's smarter, faster, and more proactive tools can significantly reduce the time a customer spends on travel planning. The upgraded Trip Intelligence suite builds upon six months of real-world conditions and proprietary marketplace intelligence accumulated from Priceline's millions of customers since the technology debuted in Priceline's hotel category in June. The response has been overwhelmingly positive; the company estimates that travelers who used Penny saved an average of nearly ten minutes per trip compared to those who called customer support. Priceline is now rolling out Penny across all categories: hotel, flights, car rental and vacation packages.

The enhanced Priceline Trip Intelligence suite debuts at a time of changing consumer demands and behavior. More customers seek ways to reduce the time and complexity in researching and booking trips, and they're increasingly looking to AI to help them solve these challenges. Priceline's study found that more than half of travelers say they'd use AI tools to cut down on time, eliminate hours of onerous research and secure the best deals. Of those familiar with generative AI, the vast majority (73%) said they're receptive to using generative AI and believe it will streamline travel planning and booking. And further, 65% said it would make traveling easier and more enjoyable.¹

For its Winter Release, Priceline's dedicated team of AI experts, prompt engineers, product developers and data scientists built integrated technology atop Google Cloud's Vertex AI and OpenAI's GPT-4 Turbo to significantly expand Penny's capabilities and trip-planning impact sitewide. Penny can now save customers precious time by planning and modifying their trips – whether they need assistance with destination recommendations, finding the best deal or accessing always-on, personalized customer service. Priceline is also introducing personalized GenAI itineraries within its iOS App. No need to do lengthy research making plans – the upgraded App will now generate a suggested itinerary for you down to dining and activity options for your stay. Other time-saving features include a new wallet for organizing deals and coupons, ways to enable customers to skip check-in lines, and more.

"After six months of expert, on-the-job training, Penny is ready to deliver an even more cohesive and personalized booking experience that saves people time and hassle," said Brett Keller, CEO, Priceline. "This is a continuation of Priceline's tradition of revolutionizing travel with pioneering technology. We began fully integrating generative AI early last year, and our tools and features will only get better as customers and partners engage with them more and more."

Priceline customers can expect to find over 30 new features and upgrades starting today, including:

• Penny: Increasing its remit beyond the hotel category to flights, car rentals and vacation packages, Penny, the GenAI-powered travel assistant, is now ready to greet travelers on the Priceline home page, taking them from inspiration through planning, booking and even modifying their dream trip after they've booked.
  • Discover with Penny: Discover new destinations directly from the Priceline home page, with Penny intelligently suggesting relevant properties and travel packages reflecting specific needs and personal travel styles as customers search for the right match. For example, "suggest sunny and family-friendly destinations within a three hour flight of NYC."
  • Troubleshoot with Penny: Quickly modify itineraries, connect with live help agents, check the status of a refund, and access important travel information – available all in one place by chatting with Penny.
• GenAI Itineraries: Leveraging GPT-4 Turbo, Priceline iOS app users can automatically craft in-depth itineraries for their entire trip, including can't-miss activities, restaurants and nearby attractions.
• Priceline Wallet: A one-stop portfolio feature enabling Priceline customers to save coupons, monitor expiration dates, and track airline credits in a single location.
• Price Watch: To ensure customers never miss a deal, they can now track desired flight itineraries (including flexible options and multiple airports for fare comparison) in the Priceline App, and receive prompt notifications when prices change.
• Cabin Comparisons in Search: Results for all domestic flight searches are enhanced with cabin and seat comparisons, enabling customers to quickly evaluate cabin attributes, pricing, upgrade options, and other enhancements.
• Skip the Counter and Online Rental Car Check-In: Priceline customers can skip the rental car counter or significantly reduce counter wait times by checking-in online ahead of time with select partners.
• Multi-Passenger Cancellation and Rebooking: Bypass speaking with an agent and rebook tickets for select airlines for the whole family with airline credit, directly with Priceline. (Coming Soon)
• Priceline App Experience: Major design improvements implemented across all platforms, including overhauls for iPad and Android. The inclusion of Trip Timeline also affords users an at-a-glance view of all upcoming travel dates in one place. Beginning in March iPhone users will receive Live Activity updates on their lock screen containing useful real-time information about their flights. Additionally, a new iOS integration allows users to begin searching for hotel deals and car rentals from the convenience of Spotlight Search.
• Offers in the PayPal App: Priceline has joined forces with PayPal for the upcoming launch of their new offers platform. Beginning later this year, Priceline expects to provide personalized cash-back offers to consumers in the PayPal app for use when purchasing their travel on Priceline and checking out with PayPal – helping them get to their happy place for a happy price.

Priceline continues to swiftly travel into new territories of customer satisfaction, propelled by their data-driven, technology-powered philosophy of innovation. With Penny's new feature set and category defining Trip Intelligence suite, Priceline promises to get their customers to their happy place at a happy price even faster – and with more confidence – than ever before.

"Booking with confidence and saving time are absolutely key for our customers," said Kevin Heery, Chief Product Officer. "Our expanded Trip Intelligence suite will enable Priceline to further anticipate travelers' needs, helping them book their trip with ease and peace of mind seamlessly and faster than ever before."

To celebrate the launch of the new Trip Intelligence features, Priceline is offering a 10% discount on Express Deals^Ⓡ, exclusively through Penny.  Simply ask Penny, "can you get me a deal?" to reveal the code and book by February 27th to take advantage of this special offer.

The new features are now live across Priceline. Customers can experience the power of Penny and the broader GenAI-enhanced Trip Intelligence suite by visiting priceline.com/2024winterrelease. For additional press materials and research highlights, visit press.priceline.com.

About Priceline
Priceline, part of Booking Holdings Inc. [NASDAQ: BKNG], has been a leader in online travel for twenty-five years. Priceline's proprietary deals technology pairs negotiation with innovation to analyze billions of data points to generate deep discounts for customers they can't find anywhere else. Travelers have access to millions of hotels, flights, alternative accommodations, rental cars, cruises, vacation packages and experiences from trusted brands in over 116 countries around the world, 24/7 customer service and incremental savings when becoming a Priceline VIP. By making affordable travel within reach for all, Priceline helps millions of customers each year be there for the moments that matter to them. Because where your happy place meets your happy price, that place is Priceline.

#BKNG_Corporate

1Based on a survey conducted online with The Harris Poll on behalf of Priceline from January 24 – 26, 2024 amongst a nationally representative sample of 3,024 U.S. adults ages 18 and older

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SOURCE Priceline

FAQ

What are the key highlights of Priceline's Winter 2024 Product Release?

Priceline's Winter 2024 Product Release includes upgraded AI-powered features, major enhancements to Penny, personalized itineraries, wallet for deals, and an improved app experience.

How does Priceline's Trip Intelligence suite aim to improve the travel experience?

Priceline's Trip Intelligence suite leverages generative AI to streamline trip research and booking, saving customers time and offering personalized recommendations across all travel categories.

What is Penny in Priceline's context?

Penny is Priceline's AI-powered travel assistant that provides assistance in trip planning, booking, and modifying across various travel categories like hotels, flights, car rentals, and vacation packages.

What new features are introduced in Priceline's Winter 2024 Product Release?

The release includes over 30 new features such as Discover with Penny, Troubleshoot with Penny, GenAI Itineraries, Priceline Wallet, Price Watch, Cabin Comparisons in Search, Skip the Counter and Online Rental Car Check-In, and Multi-Passenger Cancellation and Rebooking.

How does Priceline's Winter 2024 Product Release cater to changing consumer demands?

Priceline's release addresses consumer demands by offering AI tools to reduce time spent on trip research, eliminate complexity, secure the best deals, and provide a more enjoyable travel experience.