5 themes shaping travel & hospitality in 2020

| December 6, 2019

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2019 was a year of expansion for hospitality worldwide. More people were travelling, as the growing global middle class flexed its spending power. Travellers became increasingly discerning as digital platforms gave consumers a greater ability to choose exactly what they wanted from their hotel experience. Anticipating even more growth, the global hospitality development pipeline hit a record high, with hundreds of thousands of rooms under construction worldwide.1 But what does 2020 hold for the hospitality sector? Against the background of an uncertain global economy, a wave of new capacity coming onstream and – above all – ever more discerning, digitally-empowered consumers to delight, how will hotels compete and maintain or grow their profitability? This article identifies five themes that will shape the industry over the next 12 months, and beyond.

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Bethany Beach Home Rentals provides Vacation Home Rentals at Bear Trap Dunes resort in Bethany Beach, Delaware. These Vacation Home Rentals Feature Exceptional Furnishings, 1st Class Rental Upgrades and Exclusive Resort Amenities You Won't Find Elsewhere in Bethany Beach Delaware, Maryland or New Jersey.Convenient Location just 3 miles to Bethany Beach, DE with Rehoboth Beach, Lewes, Dewey Beach, Ocean City, MD just minutes away. Bear Trap Dunes Resort Features Scenic Views, Neighborhood Charm and Relaxing Small Town Feel with the Finest Vacation Amenities in the Region. These Bethany Beach Rentals are Ideal for Family Vacations, Family Reunions, Vacationing with Friends or for the Perfect Weekend Get-Away.

OTHER ARTICLES

Frequent flyer: will business travel bounce back from coronavirus?

Article | March 9, 2020

With trade shows cancelled and companies limiting or even banning travel, Mark Manduca, aviation analyst at Citi, recently raised the question: “Will corporate travel ever truly recover again?” When the coronavirus crisis is over, will companies that have managed just fine with video conferencing decide to carry on, given how much cheaper it is? We have heard similar questions before. I wrote an article in the early 1990s, after the first Gulf war and the economic downturn, quoting experts who said company bosses had noticed a fall in costs from the resulting decline in travel and decided to make it permanent. Similar things were said after 9/11. Every economic slowdown produces the same statements.

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How finance teams can proactively manage travel spend before it happens

Article | March 9, 2020

Controlling how employees spend company money on travel has been one of the biggest historic challenges for finance teams. Most company spend is governed by purchase orders, with payments made in relation to specific invoices from the company’s own bank. The data is available transparent and can be analyzed to spot any inconsistencies. But controlling travel spend, which is most company’s largest discretionary spend area, is much harder. Employees increasingly organize their own travel, empowered by corporate self-booking tools for search, booking, and payment. This can help with visibility, particularly if the corporate uses lodge or virtual cards to pay. However, pre-trip spend like air and hotel bookings only represent 50-60% of the money spent on travel. What about the rest?

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Poor payment experience determines choice of travel provider

Article | March 9, 2020

Payments are now accepted as one of the areas adding friction to the traveler journey, from the booking process to being on a trip, according to new research. The Frictionless Travel Payments: From Complexity To Competitive Advantage report from Amadeus shows that 70% of consumers say a good payment experience would drive them to select a travel provider over a competitor. In addition, 74% say a poor payment experience affects the enjoyment of their holiday. The study also reveals that 74% of travelers are booking less than two months before departure and millennials are twice as likely to book later than those aged over 55.

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Top 9 Opportunities in the Travel Industry to Enter in 2021

Article | March 9, 2020

2020 flatlined travel opportunities, opportunities of the tourism industry and hit the global travel industry due to the pandemic. Due to this, many changes in the travel and tourism industry are witnessed today and shall be so in the upcoming years. Many travel industry leaders faced hardship in navigating through the crisis. For them, it was like sailing through a hurricane. As the pandemic's effect hasn't completely faded, the businesses in the tourism sector are trying harder to keep their companies above the water. They have maintained a positive approach to surviving this tough phase and focused on long-term growth. On the other hand, some businesses responded optimistically to the damage caused by the pandemic. They have positively adapted to new opportunities that emerged in the travel industry and experienced success. Such an incident illustrates the travel industry's potential. Yet, the industry has to chart many ways to overcome this challenging time. The emerging tourism trends have created a ton of opportunities for travel businesses to reshape. Nevertheless, some travel and tourism industry changes have evolved because of a shift in operational dynamics due to the pandemic's effect. It also changed several tourism events worldwide. Many business travel trends, which received attention before the pandemic, are being less considered now. In contrast, some business travel trends have become vital on the corporate travel businesses' end. Therefore, whatever aspect of the tourism sector your business is involved in, you need to keep your finger on the pulse. The current opportunities in the travel industry can be beneficial for your business. It is all because of technology and its advantages. To learn about it, this article provides a list of the latest opportunities in the travel industry for 2021. Artificial Intelligence (AI) AI is one technological advancement that has increased opportunities in the travel industry, mainly travel for business opportunities. Today, businesses in the tourism sector are using many technology devices and tools. One of them is chatbots, which use AI to automate and streamline all sales and marketing tasks. Chatbots provide a wealth of information about monitoring data analytics, lead generation, bookings, automated travel assistance, and more. AI algorithms are a crucial aspect of maintaining efficiency in the future of the travel industry. Sophisticated AI is becoming vital for airports. With such development, airports will use visually enabled analysis supported by AI-based recommendations. It will improve operational efficiency for all businesses in the tourism sector to work effortlessly. With such developments, AI is gaining prominence under the current trends in the global tourism industry. Internet of Things (IoT) As IoT has already gained recognition in the technology world, it is becoming one of the emerging trends in the tourism industry by bringing in various travel opportunities. In 2021, businesses in the tourism market will see the potential of IoT as it will mature the existing network of data-producing devices. Examples of IoT technologies are robotics, autonomous vehicles, virtual agents, and machine learning. Since the pandemic addressed immediate needs like sanitization, social distancing, and automation, IoT gave rise to several opportunities in the travel industry simultaneously. IoT initiated the concept of contactless travel. This provides travelers with all the booking information in a single click and offers automated accommodations with controlled systems, voice commands, and more. In the case of point, Amazon introduced a hospitality-oriented version of Alexa virtual assistant. The addition of Alexa will continue to be an important travel industry trend. It has introduced many business opportunities in the travel industry; some are instant booking services and travel assistance. These gained immense prominence when the travel industry resumed its operations after less impact of the pandemic. This trend is set to fetch more and more opportunities in the travel industry in 2021. Virtual Reality (VR) Virtual reality has been a useful tool for many businesses in the tourism sector. Virtual reality offered unique types of tourism events worldwide with virtual tours of accommodation to business travelers from their homes. In this way, it gave transparency to the accommodation and its look before arriving. A host of low-cost VR devices such as the Google Cardboard and Samsung Gear headset were used in the initial stage when the travel industry was still resuming from the global pandemic and travel business opportunities were rising. VR technology benefits businesses as one of the most desired business travel trends during the decision-making phase, especially during a pandemic like COVID-19. It will ensure all the travel processes to take place safely and in smarter ways in the future of the travel industry. While many promising opportunities in the travel industry are emerging, it’s already speculated that businesses in the tourism sector will set VR as one of the most used travel industry trends for 2021. Augmented Reality (AR) AR is also becoming one of the most influential technologies in the travel industry. It opens several doors of opportunities in the travel industry. It offers a convenient way for marketers to give business travelers a taste of what they can expect. The technology highlights a digital version of accommodations, videos, 360-degree views of locations, vehicles, and more. During the pandemic, some travel companies took a step further by offering exceptional booking process through AR technology to their employees. A growing number of companies are at an experimental stage with AR headsets and finding them useful. Using this, companies have started offering many travel opportunities, making it more advanced and safer than what was before the pandemic. The technology is offering many opportunities in the travel industry, along with applications. Personalization The concept of personalization is also one of the growing travel industry trends. Today, many travel businesses are offering personalized options for making travel plans as per personal preferences. It includes accommodations, flight booking, car rentals, and other such amenities. Personalization introduced many opportunities in the travel industry for marketing as well. It uses data of travelers to promote and advertise personally and shows information about a prior purchase or a list that you checked out at a particular time. For example, bd4travel is providing an AI platform to transform travel websites. Using artificial intelligence with machine learning, bd4travel works with online travel companies. They deliver individual buying experiences in real-time. All these were possible because bd4travel adapted the latest opportunities of personalization. This became relevant in the travel industry during this pandemic. Personalization also brought several travel business opportunities and gained prominence. Thus, it is predicted to spread in the future, like other opportunities in the travel industry. Recognition Systems Recognition technology has also brought some vital opportunities in the travel industry. It introduced some of the best high-tech identification tools such as face recognition, fingerprint, and other biometric methods. Face recognition technology is currently being used to identify potential threats. Its usage in the tourism business has improved security systems and increased reliability. In November 2020, SITA announced a trial with Etihad. The employees completed all check-in procedures for corporate travelers within minutes and conducted security processes through their mobile devices. It replaced in-person check-ins with identity cards as a form of authentication. The recognition technology also introduced voice control opportunities in the travel industry. Voice control technology initiates spoken commands services in airports as well as hotel rooms. Robots The future of the travel industry will soar because of emerging self-service opportunities. Corporate travel companies will offer contactless, faster, easier, and flexible services. In this case, robotic technology will become the center stage of the latest travel business opportunities and trends. Various accommodations, check-in, and check-out services at airports will witness extensive use of robotic technology. Business travelers will also find the optimum use of this technology during their stays. Robot technology has made an important way for businesses in the tourism sector as it introduced many new travel opportunities that never existed (not even before the pandemic). Cyber Security Enhancement Cybersecurity is one of the emerging travel industry trends and introduced the most demanding opportunities in the travel industry. The pandemic increased the risks of cyberattacks. Due to this, data have become vulnerable and can cause damage to tourism events worldwide. As travel companies employ many people and may have access to plenty of data, the marketers will have to enhance cybersecurity measures. Some of the biggest threats in this area include phishing attacks and ransomware attacks. To prevent these types of threats, you will have to invest in cybersecurity training, include various hardware and software solutions to keep your business safe. Cybersecurity has brought many promising opportunities in the travel industry. So, the opportunities in the travel industry for cybersecurity will uncover its potential and help companies work efficiently. Big Data Travel opportunities, along with big data, are evolving and will triumph in the future of the travel industry. In a modern business model in the tourism market, big data has played a pivotal role. One of the biggest uses for this data is to improve personalization. As more travel business opportunities have evolved, it has helped employees gather information about corporate travel within minutes. In this way, big data boosted many other opportunities in the travel industry. It will prosper through the pandemic scenario and the future of the travel industry. Another valuable use of big data has helped to analyze current business performance. For example, hotel owners can use big data for revenue management purposes and expect travelers' demand. So, a predictable demand can optimize pricing and promotional strategies. Embracing the latest travel trends is vital for companies to be successful in the travel and tourism sector. Adopting some of these travel trends as a part of your business model can open more doors of opportunities in the travel industry in 2021. Frequently Asked Questions What are the opportunities in tourism industry? The opportunities in the travel industry range broadly in sectors like transportation services, tour operation services, accommodation, travel agencies, tour operation services, and hospitality. How are trends changing the travel industry? The latest trends that are changing the travel industry are majorly in terms of technology and the high involvement of the internet. Along with that, the proliferation of budget airlines and affordability are also other trends changing the travel industry. What are the six segments of the travel industry? The six segments of the travel industry include: Airlines Hospitality Corporate travel Transportation Logistics Lodging { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What are the opportunities in tourism industry?", "acceptedAnswer": { "@type": "Answer", "text": "The opportunities in the travel industry range broadly in sectors like transportation services, tour operation services, accommodation, travel agencies, tour operation services, and hospitality." } },{ "@type": "Question", "name": "How are trends changing the travel industry?", "acceptedAnswer": { "@type": "Answer", "text": "The latest trends that are changing the travel industry are majorly in terms of technology and the high involvement of the internet. Along with that, the proliferation of budget airlines and affordability are also other trends changing the travel industry." } },{ "@type": "Question", "name": "What are the six segments of the travel industry?", "acceptedAnswer": { "@type": "Answer", "text": "The six segments of the travel industry include: Airlines Hospitality Corporate travel Transportation Logistics Lodging " } }] }

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Spotlight

Bethany Beach Home Rentals

Bethany Beach Home Rentals provides Vacation Home Rentals at Bear Trap Dunes resort in Bethany Beach, Delaware. These Vacation Home Rentals Feature Exceptional Furnishings, 1st Class Rental Upgrades and Exclusive Resort Amenities You Won't Find Elsewhere in Bethany Beach Delaware, Maryland or New Jersey.Convenient Location just 3 miles to Bethany Beach, DE with Rehoboth Beach, Lewes, Dewey Beach, Ocean City, MD just minutes away. Bear Trap Dunes Resort Features Scenic Views, Neighborhood Charm and Relaxing Small Town Feel with the Finest Vacation Amenities in the Region. These Bethany Beach Rentals are Ideal for Family Vacations, Family Reunions, Vacationing with Friends or for the Perfect Weekend Get-Away.

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