Travel Technology
Article | May 5, 2023
As the impact of COVID-19 subsides, the devasted travel industry appears to be resuming normalcy with increased travel volumes. In addition, emerging tourism trends and technology in the travel industry have offered new possibilities for business travel to redefine itself. The present opportunities available in the travel sector may benefit your firm. However, customer experience in the travel industry has a significant impact on growing long-term loyalty. Providing a positive client experience is a significant problem for many in the travel and tourism industry.
Customer Experience Is a Challenge to Recover
Customer experience is a critical component of the travel and tourism industry. As travel volumes have increased in the post-covid era, so have negative travel experiences. Business travelers who commute frequently have higher expectations. For a very long time, they have voiced their dissatisfaction, even before the leisure travelers complained. This imbalance has been exacerbated by COVID-19.
According to the American Customer Satisfaction Index, 38% of business passengers complained about the airline, double the percentage compared to leisure travelers. The actual question, though, is how to overcome this obstacle.
Some companies may go above and beyond to reassure travelers with honesty, openness, and unmatched customer service. You may improve the customer experience by implementing the following ideas.
Concentrate on the corporate culture
Give specific examples of consumer advocacy
Equip employees with the necessary tools
According to a survey conducted by Think with Google, superior customer service is the most compelling aspect for high-value travelers. Additionally, 60% of them agree that customer service is the most crucial factor when it comes to picking a brand to travel with.
CX Plays a Vital Role in Revenue Generation
Managing customer experience in travel can enhance the brand-customer relationship, ultimately leading to revenue growth. The adoption of technology for travel booking, ticketing, and expenditure management has improved the customer experience. Satisfied customers increase income and assist firms in calculating the return on their travel and cost expenditures.
Customer experience is a key differentiator that boosts customer happiness and loyalty, and both sells and establishes a competitive edge.
“CX is the difference between success or slump.”
— Chris Pescott, CEO of Perceptive.
Annual business travel expenditures will reach $1.7 trillion globally by 2022. According to Statista, nearly 500 million business travels will take place withing the United States each year by 2022.
Ways to Improve Customer Experience (CX)
Use Tech to Create Breakthrough Customer Experiences
Technology in the travel industry is regularly evolving. By putting technology at the center of each touchpoint, the industry is laying the groundwork for a successful customer experience in travel. Chatbots powered by AI and machine learning deliver client care 24 hours a day, seven days a week. Chatbots have been intelligently developed using cutting-edge technology and may be used in place of humans. AI is constantly evolving, making it more trustworthy and effective as a commercial solution.
Embrace an Omnichannel Mindset
With mobile devices accounting for more than 50% of online traffic, multi-device digital experiences have become the norm. In addition, today's customers interact with companies across various offline and online channels, frequently switching several times, and each stage of the journey must be seamlessly connected and consistent. As a result, adopting omnichannel is one of the most significant changes you will undertake.
Use Customer Journey Mapping
To create a customer journey, you must first understand your consumer. By comparing journey maps to core KPIs, you may gain a deeper insight into your customer experience and identify areas of concern and opportunity. You may use trip maps to enhance the customer experience and visualize the customer experience in the future. Alternatively, you may influence organizational transformation from the stage of inspiration to the planning and execution phases. Utilize all touchpoints and seek new possibilities for interaction.
Case studies:
KLM Royal Dutch Airlines
KLM's social care staff are well-known for their responsiveness and efficiency – the airline even shows a live countdown on its Twitter header picture to inform consumers when they may anticipate a response. However, what sets the organization apart is its ability to generate unique customer experiences.
Qatar Airways
Qatar Airways is elevating the business class travel experience. At a recent travel industry conference in Berlin, the airline unveiled its Business Class QSuite. This is the first time a business class cabin has been offered and sold with a real double bed. However, the organization goes a step further by providing value to consumers traveling for business. Additionally, the QSuite may be an open work and meeting room. Multiple configuration choices appeal to clients seeking privacy or personalization.
A score of 9.2 for audience insights indicates that the brand is in tune with its social audience well enough to cultivate an impressive number of committed followers.
Conclusion
The travel and tourism industry significantly benefits from nurturing an outstanding customer experience. Supremacy in customer experience can be offered with the help of sophisticated digital technology that can quantify effects and forecast behavior. In addition, as 'bleisure' travel continues to grow in popularity to blend business and leisure time, the customer experience in travel is increasing in relevance.
FAQ:
What are the benefits of a good customer experience?
A good customer experience increases sales and creates customer loyalty. Moreover, it reduces complaints.
How would you define excellent customer service?
Great customer service means responding promptly to a client's wants, being responsive to their concerns, and offering an enthusiastic level of care.
Do you value customer service or customer experience more?
Consumer service results in a positive customer experience. Both are critical to the business's success.
Read More
Hospitality Management
Article | June 19, 2023
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 "
}
}]
}
Read More
Hospitality Management
Article | June 20, 2023
Aviation security gets a new face with an AI-driven accessible screening solution that is a part of Project Dartmouth, a collaboration between tech company Pangiam and Google Cloud. This solution uses artificial intelligence and pattern analysis technologies to analyze vast amounts of data. All this analysis happens in real-time to identify potentially prohibited items in carry-on baggage to prevent coordinated terrorist attacks so that security agencies can take swift action against perpetrators. The Transportation Security Administration (TSA) is currently using this solution on a trial basis.
Threat Detection with Project Dartmouth
Pangiam uses state-of-the-art edge computing with Google Cloud’s AI and ML at the frontline. These cloud-trained AI models run at the edge to speed up the process of threat detection. In addition, using edge computing ensures that there is no concern around network latency and that the solution functions when a network is disconnected.
Achieving aviation security becomes easy with this solution because it uses specialized algorithms to analyze data and patterns within the data. It replicates human intuition to detect items that may look suspicious to a human.
The solution harnesses Aggregated Threat Detection (ATD) software that detects coordinated threats spread across multiple checkpoints, bags, and lanes. For example, the threat could be a weapon that needs assembling with its parts spread across multiple points. In this case, the solution offers a national protective security capability to alert security agencies. Pangiam’s platform collates data from any OEM anywhere using its API approach.
What does Project Dartmouth Mean for Aviation Security?
Safer and Improved Passenger Experiences Dartmouth’s AI and ML capabilities deliver the changed security measures to travelers seamlessly, so their travel experience is not disturbed, nor is their security jeopardized.
Enhanced Security Measures Using this AI and ML-based solution that replicates human intuition, no item that looks suspicious passes the security check. The aggregated threat detection software enhances the ability to detect complex, coordinated attempts to breach security.
Refined Operational Efficiency Automated threat detection software lightens the load on security officers so they can focus on examining baggage alerts. Additionally, airports can utilize their real estate for something more constructive.
Future of Aviation Security with AI and ML
AI and ML enabled tools can streamline some of the security processes and ensure that passengers safely pass through each security checkpoint. Agencies and security personnel can also handle traveler load without breaking any protocols. AI-enabled security systems continually learn, evolve, and make aviation security robust. They will continue to be an important part of the security process.
Read More
Travel Technology, Business Travel
Article | July 20, 2022
Most people associate the term "blockchain" with cryptocurrencies such as Bitcoin, Dogecoin, or Ethereum. Blockchain is the technology behind cryptocurrencies, but it is also a technology in its own right that has many uses.
Blockchain is an immutable ledger that tracks transactions and assets, like cash and patents. All parties have access to the same data simultaneously, eliminating intermediaries and making it a cost-effective way to track assets. It could, for example, track a flight delay and automatically refund a customer’s money.
A German blockchain start-up Etherisc launched an insurance product, FlightDelay, which uses blockchain to automatically issue policies and execute payouts for flight delays and cancellations on around 80 airlines. Customers can buy policies with cryptocurrency and receive claims in cryptocurrency.
Flight delays are where blockchain-based insurance can make a difference in the travel insurance domain. Data on delays and cancellations is readily accessible, and all assist in automatic payments. This way, companies that offer flight insurance can avoid higher claims-processing costs and save on data protection costs because blockchain is secure.
U.S. Insurance Regulations Prevent Blockchain-based Travel Insurance
In the U.S, there is a need for state-by-state approval for changes in regulations. Blockchain’s appearance in the U.S. insurance industry may take another ten or fifteen years. However, the potential of blockchain-based insurance products is huge. Insurance companies can sell them at much lower costs compared to traditional insurance products.
Blockchain Can Change the Travel Insurance Business
Interestingly, the U.S. already has an insurance product similar to FlightDelay but none of them have the blockchain component. Called ‘parametric insurance’, an auto payout is done when some parameter is violated. Using blockchain technology to offer this insurance could save money and enable insurers to pass on some of the savings to the customers. Insurance industry experts think blockchain will definitely make a mark in the travel insurance domain and can change the way travel insurance businesses operate at large.
Read More