Big Data In Travel: Triggering Business Transformation

Apurva Pathak | July 7, 2022 | 1172 views | Read Time : 2:51 min

Big Data In Travel: Triggering
Global travel agencies are striving to maintain a competitive edge in the market. They are relying on big data to analyze the current state of the market, automate work processes, and better understand customer needs to streamline their businesses. Big data is now an important part of the future of the travel industry because it helps:

  • Accurate decision-making
  • Customer demand forecasting
  • Service personalization
  • Travel marketing
  • Optimization of pricing strategies


How is Big Data Sourced?

The following data sources are used to gather big data:


UGC Data

User-Generated Data (UGC) is the most affordable data to obtain and includes textual data gathered through questionnaires, social networks, and image data.


Device Data

Device data gives access to GPS data, mobile roaming data, bluetooth data, RFID, WiFi data and more. This data is harder to obtain and is expensive.


Transaction Data

Web search data, web page visit data, online booking data, etc., constitute transaction data. Advanced web services such as Google Analytics can help collate this data.

The sourced data is analyzed using artificial intelligence, machine learning, and natural language processing (NLP).


How Is Big Data Changing the Way Travel Companies Operate?


With the help of big data, you can increase your performance, get deeper customer insights, and offer an excellent customer experience to travelers. Let us briefly examine how big data can help you achieve all these objectives.


Optimize Your Revenue

Optimize your costs and accurately predict short-term and long-term revenues. Through customer experience metrics, you can also analyze your profit potential, correctly forecast peak period demand and offer relevant services to customers at the right time. As a result, protect your agency from unexpected expenses and make the most of customer demand.


Recognize & Capitalize on Trends

Historical, real-time data and a standard analytical approach help you understand the changing trends in the tourism industry. Then, you can swiftly take measures to adapt to these changing trends and capitalize on the ones that contribute to revenue. Bleisure is an excellent example of such a travel trend.


Improve Your Marketing Campaigns

Big data processes large amounts of information on your target audience and helps you see which marketing campaigns can succeed based on long-term forecasting. Consequently, you can prevent any unexpected losses while executing seasonal marketing campaigns. Additionally, big data collects information on your competitors and target audience in real-time, so you know the kind of marketing campaigns you need to execute to remain ahead in the race.


Enhance Brand Reputation

Big data considers customer reviews and comments to help you understand which aspects of your business need improvement. Internally collected feedback and big data analysis can create a standard to improve the brand reputation of your agency.


Conclusion

Big data in the travel industry is more than just a trend; it is a tool for better understanding the market situation and each customer in general (potential and existing). All of this lays the groundwork for a more personalized approach and accurate prediction of what customers want, and contributes to an elevated customer experience and an increase in revenue.

Spotlight

Travel N Relax

Travel N Relax is a boutique style traditional travel agency offering high tech / high touch personal services to our clients. As we are not a mlm (network marketing) organization, our focus is strictly on our clients and their satisfaction - not on building downlines.

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