TSRTC (Telangana State Road Transport Corporation) has decided to implement the ‘Dynamic Pricing’ system in online ticket bookings. As part of the pilot project, this new system is being implemented in 46 services on the Bengaluru route.
TSRTC Chairman Bajireddy Govardhan, MLA, and Managing Director and Vice Chairman Shri V.C.Sajjanar, IPS, jointly shared details of the dynamic pricing policy on Thursday at Bus Bhavan in Hyderabad.
The dynamic pricing system will be available beginning March 27 for services to Bengaluru from Hyderabad, Warangal, Karimnagar, and Khammam.
The TSRTC management has pointed out that the dynamic pricing is already being used in other reservation services such as private bus operators, hotels, flight bookings, trains (tatkal service) etc.
The dynamic pricing system is one in which ticket prices fluctuate depending on parameters like the number of passengers, traffic, demand etc.
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In this system, if there is less traffic, the ticket price is lower than the standard fare. In the event of high demand, the charges will be adjusted accordingly. The dynamic pricing system determines charges based on market demand using advanced data analysis and machine learning algorithms.
Private bus operators’ only strategy of pricing in other states is by comparing it with RTC.
“Private operators are charging exorbitant charges even on normal days. But on peak days, ticket prices are usually increased. We have decided to introduce a dynamic pricing system in online ticket booking in order to provide affordable and budget-friendly travel when compared to the private operators and also reach more people. Due to this system, the unseasonal ticket prices would be 20 to 30 per cent less than the original fare. Peak seasons would have the inverse effect respectively,” said TSRTC Chairman Bajireddy Govardhan, MLA and MD VC Sajjanar, IPS.
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