Travel intelligence firm ForwardKeys will launch in October a 36-month forecasting solution that is specifically tailored to brands and retailers located in airports. Said to be an industry-first, the tool will help brands and retailers to optimise strategy, enhance long-term marketing, and plan growth with precision.
Powered by self-learning and machine learning AI models, the solution continuously improves, offering duty-free retailers and other airport businesses an evolving tool to make smarter, more accurate strategic decisions.
Unlike traditional forecasts, which extrapolate from historical data, ForwardKeys combines up-to-the-minute booking data with its proprietary air capacity projections to deliver a more dynamic and responsive outlook.
It boasts global coverage spanning 4,750 airports and 900 airlines, and will differentiate domestic and international traffic.
The new tool complements ForwardKeys’ more granular 12-month forecast, which remains valuable for optimising day-to-day operations and reacting quickly to short-term shifts in traveller behaviour in a dynamic market.
Marina Giuliano, vice president, travel retail at ForwardKeys, said in a press release: “Our clients can now enhance efficiency, reduce costs, and improve decision-making up to three years into the future, which was not possible before. These forecasts enable brands and retailers to adapt strategy to the specific preferences and habits of different customer groups. Updates on market changes ensure decisions are always based on the freshest data available.”
ForwardKeys underscored the importance of accurate forecasting for the travel retail industry, as it faces rapid changes due to external factors like fluctuating market conditions and passenger flow disruptions.
