Future of Travel Industry Lies in Data and Analytics
Technology and big data are rapidly changing the travel experience. Travel is no longer about simply moving between locations or organizing trips. Travel is now about building a 360-degree view of travelers and using that to create unique and memorable experiences tailored to their individual stated needs and preferences.
At every moment in the traveler’s journey, from the time they make an air booking or search for a train timetable online, to their hotel check in, their actions create data. This data, if picked up from hundreds of points across the travel network, presents a valuable opportunity for travel companies to transform it into meaningful information to facilitate strategic, tactical and operational decisions, ultimately to the benefit of the traveler.
Today, not only do travel players have unprecedented volumes of data to work with, but computing power is increasing exponentially, giving them the ability to unlock the benefits of analytics and automation. Data analytics can be used to develop innovative products, services, and processes that better meet the needs of the customers. Travel companies must be open to experimentation, new ideas and new approaches.
Travel companies are facing new and diverse challenges as well as contending with their traditional competitors and emergent rivals such as sharing economy brands. As consumers become used to an ‘Amazon Recommendations’ experience across other industries (we need to only think of Netflix, LinkedIn, or
grocery delivery services), their expectations of the travel experience increase. This, in turn, means
there is an ever-greater need for travel companies to employ sophisticated personalisation techniques
and intelligent merchandising.
It won’t be enough to assume future success by continuing with the products, services and patterns
that have been effective so far. A changing environment requires new products, services and
collaboration opportunities across the industry that meet the new expectations of travellers – and
surpass what’s on offer from the rest of the market. Innovation requires travel companies to imagine
ways to do things differently, or indeed, to do new things altogether. The key to unlocking the potential of today is identifying the quick wins across the business to ensure incremental and impactful changes, as well as keeping an open mind about what is possible in the future.
Custom Travel Clubs helps travel & membership driven companies use these data and consumer insights to build new products & services.
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