Online Travel Fraud: Mitigating Risks & Preventing Slashing Revenues

Online Travel Fraud
In 2020, the number of suspected online travel fraud attempts in the U.S. jumped by 136.6%. Two years later, the online travel fraud “industry” is still going strong, making online travel agencies and tourism businesses lose their money and reputation.

"Traveling has always been when people are more vulnerable. A few hundred years ago, the perpetrators were pirates or highwaymen. Now those criminals are still out there, but they've changed their methods to focus on digital attacks instead."

-Caleb Barlow, ex-Vice President of X-Force Threat Intelligence at IBM Security.

Mitigating fraud risk is important in any industry, but it is especially important in industries like travel where competition is fierce and margins are shrinking. The high resale value of its digital goods makes the travel industry vulnerable to fraud.



Fortunately, advanced solutions that prevent fraud have shown great results in the airline and travel industries. Machine learning and artificial intelligence tools are improving in efficiency. With their help and a variety of other methods, a good travel fraud prevention team can curb fraud in the travel industry, increase profit margins, and cut down on the costs and time taken for manual reviews of transactions to prevent financial losses.


How are Online Travel Agencies Mitigating Fraud Risks and Safeguarding Revenue?

Online travel agencies need to be on their toes to preserve their revenue and reputation, and the integrity of their operations to grow and sustain their businesses. Modern online fraud prevention methods can protect you from fraud without jeopardizing the customer experience. Let us look at these methods:


Implementing Machine Learning-based Solutions

Machine learning-based models can be the backbone of your fraud protection strategy. These models can recognize patterns and predict outcomes. They help you identify anomalies in customer behavior in real time, flag an account-takeover attempt, analyze transaction riskiness, and block them before they result in a chargeback. ML-based fraud detection software like Signifyd and Riskified detects illegitimate activities related to payments, account creation, purchases, and chargebacks. They monitor websites, networks, and applications for fraud and prevent digital payment fraud.
It is important to remember that you need to strike a good balance between these preventive measures and your customer experience, so you do not lose business by focusing on only one aspect.


Transaction Monitoring

This method focuses on the credit card used for booking. Using an intelligence tool, check if there is a mismatch between the user’s IP address and their billing information and if the same user is making too many bookings from the same account or same card. Combine these insights with user verification and fraud scoring tools so you can reject suspicious transactions automatically. Also, keep an eye on changes to bookings to avoid problems, and follow the Payment Card Industry Data Security Standard (PCI DS S) to make sure card payments are as safe as possible.


User Profiling

Gather important customer data like email addresses, credit card information, loyalty points, and social networking handles. Behavioral data on what the customer does on your website or your mobile app, the devices through which the customer connects to the website, and their email address or location can help prevent fraud. Additionally, online travel agencies can verify users in the following ways:

Use an address verification service (AVS) and a card security code (CVV or CVC). Verify scanned ID documents using SaaS products to add another layer of security to every transaction.
Create a blacklist to block specific users if you notice any suspicious attempts.
Use device fingerprinting to block devices previously associated with fraudulent activities.


Anti-ATO Methods

To prevent account takeover attempts, deploy two-factor authentication for travel agents, and 3D secure PIN codes for end customers. Biometric technology and mobile payment wallet apps like Google Pay, and Apple Pay can curb swindlers from getting into a customer’s account without secure pins or fingerprints.


Verify Suppliers

Set up a process for verifying every supplier before making any payments. Check their business license, business reviews on Google, and check their Google Street View to confirm if a hotel actually exists at the mentioned address. Ensure that there is no correlation between a steep increase in hotel prices and booking activity because it could be a hotel price spike scam.


Block Bot Attacks

Any kind of abnormal spike in web or app traffic can be an indication of a bot attack. Real-time protection against bots can be a great way to handle illegitimate traffic. Compare every website request against the in-memory pattern database using ML and AI to check and block bots swiftly. Implement networking that can safeguard your domains within milliseconds upon detecting a bad bot.


Control Friendly Fraud

Chargeback abuses are hard to prevent. The only way to fight back is to document compelling evidence to prove that the said transaction was legitimate. Document order forms, tracking numbers, online travel agency customer communication logs, any kind of travel product redemption evidence, and confirmation for items delivered to an address that matches with the address verification service (AVS).


Air France Sped Up Manual Reviews By 70%

Air France wanted an easy way to access reliable information on potentially risky transactions. So they chose SEON’s Intelligence Tool. 

“The time spent by Air France analysts on manual reviews is down by an impressive 70%.”

- Eric Facquet, Deputy Manager of Fraud Prevention at Air France


Summing It Up

Tackle online travel fraud head-on while keeping in mind your end customer. You must protect your customers from fraud in a way that is strong, practical, and well-balanced. This way should cover the customer's entire journey with you, both literally and figuratively.


FAQ


Which software tools can help with fraud detection?

Fraud detection software tools such as SEON, ClickGUARD, Riskified and Oracle Adaptive Access Manager can help detect fraud.


How can you improve fraud detection?

Use machine learning models to automate processes for fraud investigation, and regularly update rules for detection and how to handle alerts.


What does fraud detection software do?

Fraud detection software regulates accounts, payments, purchases, and events in real-time to detect any fraudulent activities. It also protects sensitive company and customer data.

Spotlight

Merit Travel Group

Since 1991, Merit has grown to become an industry leader and one of the largest independent travel companies in Canada. Merit’s 420 travel professionals located in offices across the country provide advice and services to more than 350,000 Canadian travellers every year. Merit Travel Group and its unique specialty brands including Merit Travel, Travelcuts, MeritBiz, Merit Loyalty and Exclusive Tours are jointly owned by the Merrithew Family and H.I.S. Co. Ltd. Based in Tokyo, H.I.S. is one of the largest global travel networks in the world.

OTHER ARTICLES
Travel Technology, Business Travel

Trends and Opportunities in Hospitality Management Careers

Article | July 20, 2022

Embrace the opportunity in hospitality management careers. Make a difference in tourism to benefit businesses & explore rewarding pathways within sustainable hospitality and tourism industry. Contents 1. Introduction 2. Current Trends in Hospitality Management Careers 2.1. Technology Integration in the Hospitality Industry 2.2. Sustainability and Environmental Consciousness 2.3. Personalization and Customization 2.4. Focus on Wellness and Health 3. Importance of Skill Development and Training for Hospitality Management Careers 4. Emerging Opportunities for Hospitality Management Careers 1. Introduction Embarking on a career in hospitality management opens the doors to a captivating world of endless possibilities within a dynamic and continuously expanding industry. Whether aspirations are rooted in hotel management, restaurant operations, event planning, or tourism, the hospitality sector boasts a multitude of diverse roles and avenues to explore. To embark on this exciting journey, a combination of formal education, practical experience, and a service-oriented mindset is paramount. By acquiring the necessary skills, forging connections with industry professionals, and staying attuned to the latest trends, one can strategically position oneself for a fulfilling and ever-evolving career in this thriving field. 2. Current Trends in Hospitality Management Careers 2.1. Technology Integration in the Hospitality Industry The pandemic accelerated consumers' adoption of technology in hospitality industry, while hotels quickly embraced new tools like contactless check-in systems and branded applications. However, a significant digital skills gap persists among hospitality workers, with nearly one in three lacking necessary AI, machine learning, and content-driven marketing competencies. Trends in the hospitality industry presents a tremendous opportunity for individuals seeking a career in hospitality management. Upskilling in digital roles highly sought after by hotel brands, such as digital marketing, cybersecurity, e-commerce sales, data analysis, social media management, mobile app development, and digital guest experience management, can pave the way for a thriving career in the industry. Combining a hospitality management course with specialized training in digital marketing or ICT equips professionals to excel in the digital hotel economy. As the hospitality industry continues integrating technology, skilled individuals with digital expertise will play a vital role in driving innovation, enhancing guest experiences, and staying ahead of the competition. 2.2. Sustainability and Environmental Consciousness 90% of employees believe that companies should prioritize positive impacts on the planet as much as they prioritize profits. Moreover, consumers are increasingly concerned about environmental issues. A survey among 72,000 Hilton guests revealed that approximately 33% preferred hotels with environmental and social programs, emphasizing the significance of sustainability. (Source: ehotelier) Therefore, many hotels embrace sustainable practices, leading to a global shift towards the low-impact hospitality industry. The rise of green hotels contributes to a more environmentally conscious sector and creates additional employment opportunities for hotel staff. The demand for specialized green skills, such as auditing, compliance oversight, and change management, further reinforces the need for specialization in this expanding field. Sustainable hotels and eco-tourism offer a growing array of career options for individuals passionate about the environment, travel and hospitality sector. By pursuing a career in this sector, professionals can contribute to preserving the planet while capitalizing on the increasing demand for sustainability-focused services. 2.3. Personalization and Customization Customers in today's market seek tailored experiences that cater to their unique preferences and needs, prompting hotels and hospitality businesses to prioritize personalized offerings. The rise of technology has played a crucial role in enabling personalization at various touchpoints. From personalized welcome messages to customized recommendations based on guest preferences, hotels harness data and advanced analytics to deliver exceptional and individualized guest experiences. This trend creates exciting opportunities for professionals seeking to excel in hospitality and tourism careers. Roles such as guest experience managers, data analysts, and CRM specialists are in high demand as businesses strive to provide personalized services to their guests. Additionally, expertise in customer relationship management (CRM) systems, data analysis, and guest profiling can significantly enhance career prospects. By staying updated on emerging technologies, honing customer-centric skills, and understanding the importance of data-driven decision-making, hospitality professionals can thrive careers in hospitality industry that are focused on personalization and customization. Embrace this trend, and position yourself at the forefront of delivering unforgettable, tailored experiences in the hospitality industry. 2.4. Focus on Wellness and Health The pandemic has led people to be health conscious, and therefore, they have started prioritizing it, resulting in the growth of people prioritizing health with massive US $1.7 trillion market. With an expected growth rate of 44% in 2022, wellness is the fastest-growing segment of the tourism sector. With this explosion of consumer interest, hotel brands are expanding into the wellness space and acquiring reputable spa, wellness and fitness brands. Hyatt, for example, recently received Two Roads, Miraval and Exhale, and IHG acquired Six Senses. For hotel professionals , this trend opens up a new potential career opportunity that combine expertise in the wellness area with skills relevant to the hotel industry. For those who are passionate about wellness and health and like the idea of a career in beautiful locations and settings, this might be the right pathway in the hospitality and management career. 3. Skill Development & Training Importance for Hospitality Management Careers The hospitality industry is known for its focus on providing exceptional service and creating positive guest experiences. It is a people-oriented sector that relies on the skills and efforts of individuals to ensure customer satisfaction. Skill development is paramount in this industry as it encompasses diverse skills necessary for running a successful enterprise. Hospitality is a deliberate and sustained effort to maintain mutual understanding between organizations and the public, adapting to market requirements. As one of the fastest-growing sectors in the global economy, the industry faces the challenge of aligning its skills requirements with the evolving labor market. With approximately 10% of the global workforce engaged in the tourism and hospitality-related industry, skill development becomes a crucial concern for every entity operating as a hospitality service provider. Effective skill development programs and training initiatives enable professionals to acquire the necessary competencies to excel in their roles and deliver exceptional guest experiences. By investing in skill development and training, individuals in hospitality management careers enhance their abilities and adapt to changing customer demands. Continuous improvement in skills ensures that professionals meet guests' diverse needs and contribute to their organizations' success. 4. Emerging Opportunities for Hospitality Management Careers The hospitality industry is rapidly growing and evolving, presenting exciting career opportunities. To adapt to changing dynamics, the sector emphasizes the importance of skill development and training. The global health crisis has acted as a catalyst for innovation and technology adoption, enhancing customer experiences. Hospitality education has transformed to meet industry demands, ensuring a talented workforce with relevant skill sets. Aspiring students can explore diverse career prospects in hospitality, culinary entrepreneurship, revenue management, media, e-commerce, client servicing, lifestyle consulting, and health & wellness. Bespoke hospitality has expanded beyond traditional hotels, offering personalized experiences like luxury staycations, glamping, and high-end cruises. Culinary entrepreneurship thrives on creativity and unique dining concepts. The health and wellness segment is rapidly growing, focusing on improving customers' physical and mental well-being. Media and technology play significant roles, with social media engagement, e-commerce platforms, and virtual experiences shaping the industry. Customer service, revenue management, and 'human' skills like critical thinking and communication are highly valued. Skill development is crucial for success in the ever-evolving hospitality field. Professionals who embrace continuous learning and stay abreast of industry trends will seize abundant career opportunities in this dynamic sector. 5. Key Takeaway Careers in the hospitality industry offers various opportunities in hotel management, restaurant operations, event planning, and tourism. To succeed in this dynamic field, skill development and training are essential. Emerging trends such as technology integration, sustainability, personalization, and focus on wellness present exciting avenues for hospitality professionals. Digital skills are in high demand as hotels adopt new technologies and emphasize digital marketing, cybersecurity, data analysis, and guest experience management. Sustainability is a growing focus, with green hotels and eco-tourism creating opportunities for professionals with auditing and change management skills. Personalization and customization are key as hotels leverage technology to deliver tailored guest experiences, requiring expertise in guest management and data analysis. The wellness industry is also booming, offering potential career paths for those passionate about health and wellness.

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Travel Technology, Airlines and Airports

Bump Revenue with Flight Ticket Reservation System

Article | September 29, 2022

Flight carriers across the world are constantly processing bookings from travelers. To keep up with the demand, they need to be on top of everything. Technological advances have helped airline reservations move away from a manual system. At a time when commercial aviation relied on physical systems, they offered tickets through dedicated reservation centers dotting popular cities. Such facilities had employees to assign paper tickets to travelers. These paper tickets represented the sale of a seat on a flight. But as more and more people could afford air travel, alterations became necessary and a stressful process. The challenges in airline reservation were mostly related to mobility, alterations, and refund and the solution was an online flight ticket reservation system that addressed them all at once. Cut to 2022. Today, we book flight tickets on-the-go using an automated passenger reservation system, thanks to the computerized reservation systems that are crucial for any airline company or tour operator to offer outstanding customer experience to travelers. Airline Reservation System: Getting into the Nitty-gritty The airline industry is not an exception to cut-throat competition, as the number of airline companies has seen a rapid increase in the last few decades. Every company is trying to adopt a new technological solution or business strategy that can help generate higher revenue, offer its customers a satisfying customer experience, and remain up-to-speed with the dynamic demands of the industry. This need to stay ahead of the game led to the creation of the airline reservation system. An airline reservation system is a web-based flight booking engine used to conduct flight bookings. The bookings are made by collating information such as airline schedules, fare tariffs, passenger reservations, and PNRs with the help of global distribution systems. This system provides real-time inventory and rates for travel agents and travelers so they can choose from the many options available. Flight Ticket Reservation System Streamlines Flight Booking Processes A flight reservation system streamlines air ticket booking with key features that make it easy for a travel agent or traveler to book a ticket from their computers or phones. Here are the components of online flight ticket reservation system: Reservation Management Inventory Management Multi-city search Option Payment Gateway Integration A Mobile-friendly design A Customizable System Online Reservation Facility Multi-language Compatibility Why Airline Companies and Tour Providers Depend on Travel Tech Providers? Airline companies like yours make it a point to use a computer reservation system to achieve their revenue goals. Tour operators also rely heavily on flight ticket reservation system so that they can offer their end customers a platform for mobile airline reservation. Let us take a look at the many ways an online flight ticket reservation systems has changed the airline industry: Bookings Don’t Have to Wait Tour operators and travelers can buy flight tickets 24/7 without having to visit a physical counter. This increases convenience and makes the process of booking a ticket hassle-free. Consequently, your business remains available for your customers through your flight ticket reservation system provider around the clock, so they don’t have to struggle to book the ticket. Your Staff Can Focus on More Important Tasks With the help of an online booking system, you can reduce the administrative time that your staff spends on tedious filing and noting down customer information. Easily automate key tasks such as payments, report generations, waiver signing, and reservation and let your staff focus on other important tasks. Additionally, customer success teams can give their time to important issues than mitigating smaller challenges. API Integrations are Your Best Friend Online booking systems allow API integrations with large distributors and well-known brands within the travel sector. This can make your airline visible to a larger customer base. Such tech integrations can get you more bookings and help you with branding. Offer an Enhanced Customer Experience When you integrate flight ticket reservation system solution into your website, you offer end customers a seamless experience. They are in charge of the entire process, right from exploring the flights you offer to checking-in at a time that is convenient for them. Get Insights into Your Business You can get valuable insights through the analytics dashboard that tells you about popular sellers, add-ons, time-slots, and seasons using a flight ticket reservation system technology. You can get a clear idea on what’s working for the customers and what isn’t. You can improve your offerings and business processes to achieve business growth. Last Thoughts Integrating an online flight reservation system into your airline or tour operations business can help you keep up with the current market trends, and grow your sales and market share.

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Travel Technology, Airlines and Airports

5 Reasons the BMW Performance Center West is a Business Itinerary Imperative

Article | August 2, 2022

With the travel and tourism sector having taken a gut punch this year amid coronavirus concerns, many business groups and professionals are seeking new and innovative ways to enjoy memorable team events, proffer inspiring staff incentives and have some impactful one-on-one with customers and clients particularly those activities that inherently facilitate large crowd avoidance. With that, I’ve found a fabulous option in the BMW Performance Center West. This permanent performance driver training facility, located in Thermal, California near Palm Springs, offers one-of-a-kind experiences for both business groups and individuals that are taught by BMW professional driving instructors on a private course. With up to 5.1 miles of expansive track layouts, the facility offers various driving programs and schools allowing participants to get behind the wheel of “the Ultimate Driving Machine” and learn key skills. Things like proper vision, basic car control, panic braking, handling, last-minute emergency lane changing, distracted driving, high-speed control and precision driving are all taught. Plus, it’s just plain old adrenaline-inducing fun. The facility, which opened in 2015, offers various driving solutions for people of all ages and capabilities, and they also have special programs and meeting space for private and corporate groups. So, your entire department or company at large can get in on the action! There are multiple one- and two-day driving schools and experiences, private instruction, customizable events and the opportunity to experience the expansive, luxurious facility in either BMW or MINI vehicles. Here are my top five reasons why this facility is a must-visit vacation destination, with the finer details courtesy of the BMW Performance Center West: 1. Private Instruction in the latest and greatest models Instruction at the facility encompasses the full line of the newest BMW and MINI vehicles. In fact, there are reportedly over 100 new models available for activities at the BMW Performance Center West. Also notable is the fact that all BMW driving experiences and schools are taught by professional BMW Driving Instructors, many of whom are professional race car drivers with dozens of wins. They even hold two world records: Longest Drift in eight hours (232.5 miles) and Longest Tandem Drift (39.25 miles). These BMW Professional Driving instructors teach you how to handle your vehicle in challenging situations and conditions including accident avoidance, cornering, drifting, car control, braking and more. A skidpad allows drivers to feel oversteer and understeer, simulating hydroplaning or driving on black ice and providing the opportunity to learn how to handle those situations. The skidpad also provides advanced drivers with the thrilling experience of drifting. The tight performance track offers plenty of opportunity to learn how to control a vehicle at various speeds and cornering situations. Drivers can definitely satisfy their need for speed and excitement on one of the four tracks and experience driving scenarios they’ve only ever seen in the movies. 2. A variety of track experiences are available In addition to BMW-dedicated tracks and a polished wet skidpad, some classes take advantage of the FIA certified race tracks of The Thermal Club. There are three tracks there with a combined length of 5.1 miles. The North Palm track is 1.2 miles long, the Desert Palm track is 1.8 miles long, and the South Palm track is also 1.8 miles long. Their newly-opened Off-Road Track allows drivers to experience extreme angles in the BMW X-series vehicles, splashing through water obstacles, driving over bumpy off-road trails and more. The vertical angles are literally steeper than any street in San Francisco and the visual sensation is amazing. Drivers often say, “I didn’t know a car could do that!” 3. A range of performance driving experiences are offered Each BMW Performance Center West’s fun and action-packed driving programs delivers a robust experience that you’re sure not to forget. These include: -- BMW Performance Center Drive: This option packs a real punch with two intense and exhilarating driving sessions capped off with a Hot Lap by a Certified BMW instructor. -- M Track Drive: This is the perfect combination of machine and track with six hard-charging laps on one of the tracks of The Thermal Club pushing a BMW M3 or M4 to its limits. Featuring the facility’s most powerful and responsive vehicles, the M Track Drive will put you behind the wheel of an M car for six exhilarating laps on an FIA Certified racetrack. You’ll follow an instructor’s car for a warm-up lap and also learn the proper line for achieving the best time. Then, try to keep their car in your sights as speeds and g-forces increase, pushing your M car to its considerable limits. -- The Ultimate BMW Mixer / The Track Meet: This is a unique driving and dining experience that elevates gift-giving, business networking and client entertaining to a whole new level. It’s a great way to get a taste of what the group events can offer. The mixer is a half-day experience that includes a delicious chef-prepared lunch, three exhilarating driving sessions in a fleet of brand-new BMWs and a Hot Lap around the track with a BMW pro at the wheel. The afternoon is capped off at a private reception with hors d’oeuvres and beverages at the BMW Performance Center. If you do have business needs, the facility has meeting spaces with multimedia capabilities, site-wide Wi-Fi and both indoor and outdoor dining with a delicious catering menu. 4. Both one- and two-day car control schools are available Engage your senses and push through your comfort zone by learning vehicle handling, quick judgment and accident avoidance skills—all developed in a controlled environment with a BMW-certified instructor observing and coaching via radio. These include real-world driving conditions and scenarios—wet pavement, emergency braking and lane changes, distracted driving and more. For the two-day options, participants will build on and reinforce the skills and techniques learned on day one. More seat time and real-time feedback takes driving abilities to the next level. Day two is when things really “click” and safe driving instincts kick in. This is also the day participants will experience an Instructor Hot Lap. There are a wide range of driving school options at the BMW Performance Driving Center that are available to individuals and groups, alike. Below is a brief synopsis of each: -- Car Control School: Take the wheel of a BMW and head out to the track, where professional instructors will hone your driving skills. Understanding stability control, knowing what to do when a vehicle starts to slide on the wet skid-pad and practicing proper vision through the lane-change course will allow you to anticipate situations on a real road. Available as a one-day, or for even more in-depth instruction, two-day course. -- M School: Take the wheel of a high-performance BMW M vehicle and experience the power of M firsthand. Accelerate, corner and brake faster than you ever have before, then learn to maintain control in low traction conditions on the facility’s wet skidpad and keep 400 horsepower under control. End the day with a hot lap in an instructor-driven M vehicle. Available as a one-day, or for even more pulse-pounding excitement, a full two-day course. -- One-Day M School: Learn the theory, physics and mechanics of performance driving. M School builds confidence and consistency while perfecting control, handling, acceleration and braking techniques. -- Two-Day M School: Take everything you learned on day one and push “GO.” Slaloms, drifting, braking, cornering at optimum slip, full- and modified-time laps at speeds you’ve only dreamed of. -- Advanced M School: Game on. M School graduates are an elite class of driver. They’ve proven that they’ve got what it takes to handle the ultimate challenge: BMW’s Advanced M School, held for two full days at road course tracks with pro Instructors, is the closest you can get to a racing experience. -- MINI Motoring School: Take a John Cooper Works MINI Cooper and run it through an autocross course, lead/follow session and some stunt driving techniques, all under the watchful eye of a professional instructor. The mighty MINI will have you grinning from ear to ear all day long. -- MINI Tricks and Stunts School - The first half of the day gets you intimately familiar with the MINI’s handling and capabilities, but the fun meter gets cranked to 11 in the afternoon. They’ll cover silky smooth reverse donuts on the skidpad, J-turns and reverse turns. -- Teen School: There’s a lot for brand-new drivers to keep in mind and the BMW Teen School will allow them to experience how a vehicle feels at the limit in the safety of a closed environment. From wet skidpad exercises and panic braking to performing a double lane change, teens will leave with a solid foundation of vehicle control and a big smile. This option is available as either a one or two-day curriculum. 5. Amenities abound Set against a backdrop of breathtaking mountain views, the BMW Performance Center not only boasts a private course where only you can experience the Ultimate Driving Machine, but also a luxurious modern building, gourmet café, coffee bar and gift shop with exclusive merchandise that you cannot buy anywhere else. Customized corporate retreats and group events held at the BMW Performance Center are a refreshing change from the cliché team-building sessions. All programs are designed to improve dynamics, build trust and facilitate group communication. They have meeting spaces with Multimedia capabilities, site-wide Wi-Fi and indoor and outdoor dining space. In all, this is an unforgettable experience that also makes a great gift idea. With stay at home orders having been lifted, getting behind the wheel of a new BMW at the BMW Performance Center West is a “bucket list” excursion sure to leave you longing for more.

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Business Travel

Top 5 Ways Big Data is Transforming the Travel Industry Businesses

Article | December 16, 2020

Data science has lead to marvelous opportunities for many industries. Like so many other industries, the travel industry would greatly benefit from knowing future travel information in advance. Fortunately, there is no need to rely on some fortunetellers anymore, but take advantage of Big Data. Big Data in the travel industry is driving in the right direction, especially after the pandemic, as companies had to be more technologically advanced to cater to their regular operations effortlessly. And big data is now transforming the way businesses used to conduct their operations. It has started taking care of everything that a traveler expects from the traveling organizations in terms of personalized offers to products and more. In this digital period, where everything is hyperconnected, new technologies and big data analysis have become essential for the travel industry to adopt new consumption models and improve the decision-making process. Many industry leaders are already using big data in the travel industry. Still, but you may not understand the real value it can provide for your business or how is big data being used in the travel industry. With a closer look at the ways big data is transforming the travel industry, you can determine how your business can benefit from its use. Before you reach this point, a brief about significant big data challenges in the travel industry can help you understand how you can improve your company. What were Big Data Challenges? Data capture Unorganized structure of data Speed Privacy and security Data ownership Data handling Data storage 5 Ways Big Data is being Used in Travel Industry Businesses So how exactly is big data going to affect your company? Amadeus's research study identifies two segments of change, one is the operations, and the other is marketing strategies. Greater Personalization Companies in the travel industry, such as car rental companies, tour operators, airlines, and more, must find a way to improve their overall functionalities to meet goals. To stand out, you must have a unique approach to market your products. Using big data, you can easily pinpoint exactly what employees are looking for and then establish a concrete base right out of the gate. When it comes to greater personalization offerings, effective uses of big data analytics help making well-informed decisions. By using big data analytics, the applications provide wide-ranging personalization offerings such as promotions, deals, referrals, and more, keeping an aim to generate revenue. Identification of Potential Risks Currently, businesses are struggling to deal with high-risk environments, where a proper risk management process is the need of the hour. Big data in the travel industry has been instrumental in developing new risk management solutions and can enhance the effectiveness of risk management models and build intelligent strategies. This is one potential power of big data is transforming the travel industry. Pricing strategies Price is a critical component to set under marketing strategies. Big data used by travel companies can easily track, analyze, and file the competitors’ prices to get a clear picture of what’s trending. This real-time analytics can help your company track pricing changes and build a consistent pricing strategy for a better workflow for employees. Price strategies can turn into a game-changer for your business goals in the future. Through a transparent idea of what competitors are implementing in their process, your business can execute optimum pricing strategies that would considerably benefit your company by predicting future demand. Security Enhancements As the amount of online transactions has amplified steadily over the years, the rate of fraud has also increased simultaneously. Losing customer data can destroy your business’s reputation. Big data in the travel industry allows companies to plan and implement software that would increase safeguards on sensitive information by leveraging types of technologies, including natural language processing, video recognition, speech recognition, machine learning engines, and automation. This is considered one of the best solutions for how big data is helping the travel industry. Revenue Management Travel businesses use big data analysis to manage their revenue. Big data in the travel industry has become one essential part of companies that effectively maximizes financial aspects. If you have set a goal in your company to achieve specific revenue, then it is crucial to define a market strategy to offer corporate travelers the right services through the right channel. Because of this, you can manage the prices to maximize the revenue of your company. Benefits of Big data From a humble beginning of big data in tourism before the pandemic, it has become a mainstay in the business world. Big data solutions and big data analytics will not only foster taking data-driven decision, but also empower your workforce that add value to your business. According to Harvard Business Review, 99% of companies surveyed reported that they intend to implement big data analytics and AI in the near future. What are other significant big data benefits that you should inculcate it in your business? Here are some of these: Big data benefits for the travel industry by offering real-time monitoring, forecasting of business, and the market. Unlock the true potential of data-driven marketing. Facilitate faster delivery of services and products that meet and exceed the client’s expectation. How Businesses can Analyze Big Data? To understand big data, you firstly need to know the points that need solutions. Then, attempt to identify the answer to your questions such as, ‘how can I get the data to solve it?’ or ‘what can big data do for my business?’ Your big data solutions need to be effortless. It is important to match what you had in mind for pricing and make it flexible to serve your business in the future. Research the most reliable big data tool so that it can serve to provide you the right solution. For example, if you want to introduce more effective promotions and marketing campaigns, you can use Canopy Labs, to predict big data travel behavior and sales trends. The travel and tourism industry uses big data with the help of several tools that are inexpensive or even free to use. Google also has user-friendly tools like Google Adwords and Google BigQuery. So, don’t feel overwhelmed by all the data that’s out there. With the right tools, you can separate the data to find what you need to start growing your business today! Some Success Stories KAYAK sets an example of using big data in the travel industry by innovation and spearheads the technological revolution. It has developed a new benchmark in the travel industry using big data for travel management and operations. United Airlines embraced a “collect and analyze” approach to their big data for travel planning. The company tracks all information using real-time data, including individual and general historical data. The Schiphol Group, which operates the airport, has reportedly invested in data science packages. A team of big data analysts easily analyze, report, and visualize the constant influx of data of employees on corporate trips. These developments are reflective of the growing big data analytical trends in the travel and tourism industry. Following the steps of industry leaders, a lot of companies have started the adoption of big data for travel management and improvising their analytical tools to make more informed decisions for future travel mechanism. You can get more interesting and updated news to rely on how big data in the travel industry is transforming. Future Outlook of Big Data in Travel Industry Many industry leaders are talking about big data in the travel industry, its evolving benefits and the future of big data within the tourism industry. With the effective uses of big data, your company can use information about employees catering to corporate business services to understand the workflow. Hadoop, one of the big data applications in the travel industry, provide suffecient data storage space and presents information from a wide range of sources in a structured manner. It enables tourism companies to take immediate decisions as per requirements. Big Data applications in the travel industry help companies introduce new products to have predictive analysis and critical insights about corporate travelers. What could be anticipated from the future of big data is that travel industry professionals will progressively utilize big data to facilitate their potential benefit. This will genuinely modify what companies would offer corporate travelers equally in the future. With such activities to cater the markets worldwide, big data in the travel industry has formed a clear map. Frequently Asked Questions How is big data being used in the travel industry? Big data in the travel industry is used to observe various marketing strategies and some customer-related patterns and trends. Following these is important to create loyalty among employees as well as customers also. Therefore, the more data a business collects, the more it will understand ways to generate revenue. What is the future of big data in travel industry? The future of big data in the travel industry stays impressive as the market leaders can make decisions that are more informed based on analytics and number-driven data. Big data in the future will boost the efficiency of the services and the quality at the same time. How big data is helping the travel industry? Big data is helping the travel industry in many ways. It is allowing businesses to make more evidence-driven decisions for revenue. These include the ability to anticipate customers' future demands accurately, re-structure pricing, target more marketing strategies, and improve real marketing tricks. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "How is big in the travel industry being used?", "acceptedAnswer": { "@type": "Answer", "text": "Big data in the travel industry is being used with intent to observe various marketing strategies and some customer-related patterns and trends. Following these is important to create loyalty among employees as well as customers also. Therefore, the more data a business collects, the more it will understand ways to generate revenue." } },{ "@type": "Question", "name": "What is the future of big data in travel industry?", "acceptedAnswer": { "@type": "Answer", "text": "The future of big data in the travel industry stays impressive as the market leaders can make decisions that are more informed based on analytics and number-driven data. Big data in the future will boost the efficiency of the services and the quality at the same time." } },{ "@type": "Question", "name": "How is big data in the travel industry helping?", "acceptedAnswer": { "@type": "Answer", "text": "Big data in the travel industry is helping in many ways. It is allowing businesses to make more evidence-driven decisions to generate revenue. These include the ability to anticipate customers' future demands accurately, re-structure pricing, target more marketing strategies, and improve real marketing tricks." } }] }

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Spotlight

Merit Travel Group

Since 1991, Merit has grown to become an industry leader and one of the largest independent travel companies in Canada. Merit’s 420 travel professionals located in offices across the country provide advice and services to more than 350,000 Canadian travellers every year. Merit Travel Group and its unique specialty brands including Merit Travel, Travelcuts, MeritBiz, Merit Loyalty and Exclusive Tours are jointly owned by the Merrithew Family and H.I.S. Co. Ltd. Based in Tokyo, H.I.S. is one of the largest global travel networks in the world.

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Auberge Resorts Collection Announces Strategic Partnership with Bdt & Msd Partners

PR Newswire | February 02, 2024

The Friedkin Group announced today that the company has entered into a strategic partnership with BDT & MSD Partners ("BDT & MSD"), a merchant bank built to serve the distinct needs of business owners and strategic, long-term investors. BDT & MSD, through its affiliated hospitality investment vehicle, will make a minority investment in Auberge Resorts Collection, the manager of the award-winning portfolio of luxury hotels, resorts, residences and private clubs set in some of the world's most desirable locations. In addition, BDT & MSD's hospitality vehicle intends to invest significant capital towards acquiring and developing luxury hotel and residential assets that will be branded and managed by Auberge Resorts Collection. The partnership reflects BDT & MSD's belief in Auberge Resorts Collection's unique brand positioning and focus on creating one-of-a-kind luxury hospitality experiences. The investment will support Auberge's continued strategic growth in the Americas, Europe and beyond, with a focus on gateway urban markets and high-profile experiential destinations. "This partnership further solidifies Auberge Resorts Collection's position as the leading name in boutique luxury hospitality and marks a new and exciting era for our world-class portfolio," said Dan Friedkin, chairman of Auberge Resorts Collection and chairman and CEO of The Friedkin Group. "BDT & MSD's differentiated, long-term capital and expertise in luxury hospitality investments makes them a perfect strategic partner and will allow us to further grow the strength of the Auberge brand." "Auberge is a world-class manager of distinctive luxury hotel properties, with an exceptional track record of delivering curated guest experiences in the world's leading hospitality markets. We are excited to be a part of its future and look forward to partnering with Auberge's talented team to build on its differentiated strengths and accelerate further growth," said Coburn Packard, partner & head of real estate at BDT & MSD. Since becoming part of The Friedkin Group in 2013, Auberge Resorts Collection has grown into the leading name in boutique luxury hospitality, comprising 27 unparalleled properties across the U.S., Latin America and Europe, with a development pipeline of over a dozen hotels and two additional hotels planned to open in Florence and South Carolina this year. While each property is unique, all share a crafted approach to luxury and bring the essence of the location to life through one-of-a-kind design that reflects the destination, exceptional cuisine and dining experiences that attract both the local community and global traveler, innovative spas and wellness retreats and highly personalized service.

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CheckMyBus and redBus partner in international markets to simplify Bus Travel experience

Business Wire | January 29, 2024

CheckMyBus, the world’s leading metasearch engine for intercity bus, and redBus, the world’s largest online bus ticketing platform, have announced their partnership for Southeast Asia and the LATAM markets. redBus offers online bus booking services in Singapore, Malaysia and Indonesia, as well as the LATAM markets of Peru and Colombia. With this partnership, redBus will provide comprehensive inventory and ease of online bus booking options for both domestic and international travellers through the CheckMyBus platform. Travellers can discover best bus trips on CheckMyBus, the world’s most comprehensive long-distance bus content platform with millions of connections across more than 90 countries. After the rebound of the travel industry, there has been a surge in both domestic and international travel. However, as a result of these changes, flights and other modes of private transportation have become more expensive, leaving budget-conscious travellers in search of cost-effective alternatives. Buses have consistently remained an affordable and budget-friendly option. Through this collaboration, CheckMyBus and redBus are committed to providing the best and most affordable bus booking experience for their users. In addition to domestic users, it is now much easier for international travellers to find the right buses to exciting destinations in South America and Southeast Asia having access to the largest bus inventory in these regions. Marc Hofmann, CEO of CheckMyBus, said: “Our mission is to make bus travel simple. By providing access to the extensive redBus inventory to our global audience, we are taking a significant step toward promoting bus travel in Southeast Asia and LATAM, making it more accessible. We are excited to contribute to the growth of the travel industry by assisting both domestic and international travellers in the region in collaboration with a strong partner like redBus.” Krishnan Ramaswami, Chief Business Officer - International Businesses, redBus, said: “Through this one partnership, we can offer extensive bus ticketing options to the international traveller. Global travellers can book a ticket & discover a range of services in Southeast Asian and Latin American markets as conveniently as locals. We expect this will improve our discoverability in newer markets and provide better accessibility to a larger customer base. We look forward to working with CheckMyBus to improve the ease & convenience of bus bookings.”

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OsaBus Seeks Dynamic Partnership with US-Based Tour Operator to Offer Exclusive European Tours

Business Wire | January 30, 2024

OsaBus, a distinguished charter bus rental company in Europe, is thrilled to announce its quest for a strategic partnership with a US-based tour operator. Specializing in passenger transportation services across more than 60 premier destinations in Europe, OsaBus has earned its reputation as a leader in the industry. As a licensed tour operator, the company crafts and operates its own tours, providing unforgettable experiences for travelers exploring the diverse landscapes of Europe. The primary focus of OsaBus's expansion strategy is to introduce exclusive European tours tailored specifically for US travelers. With a commitment to delivering high-quality and immersive journeys, the company is actively seeking a dynamic US-based tour operator as a strategic partner. This collaboration aims to bring the richness of European travel experiences to a wider audience in the United States. "We believe there is immense potential in offering European tours to US travelers, and we are actively seeking a partner who shares our vision and passion for creating extraordinary travel experiences," says Oskars Lusis, CEO at OsaBus. "Our goal is to establish a collaborative relationship with a US-based tour operator who can effectively distribute our tours and other services, enhancing accessibility for American travelers seeking authentic European adventres." OsaBus is actively seeking affiliate partners throughout the entire United States, with a primary emphasis on identifying a dynamic and forward-thinking American tour operator as a key collaborator. The company is open to exploring various partnership models that leverage the strengths and expertise of both entities to provide unparalleled travel experiences for customers. Potential partners are invited to engage in discussions with OsaBus to explore the vast possibilities and benefits of this strategic collaboration. The company is committed to fostering a partnership that not only expands market reach but also enhances the overall travel experience for US customers.

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Auberge Resorts Collection Announces Strategic Partnership with Bdt & Msd Partners

PR Newswire | February 02, 2024

The Friedkin Group announced today that the company has entered into a strategic partnership with BDT & MSD Partners ("BDT & MSD"), a merchant bank built to serve the distinct needs of business owners and strategic, long-term investors. BDT & MSD, through its affiliated hospitality investment vehicle, will make a minority investment in Auberge Resorts Collection, the manager of the award-winning portfolio of luxury hotels, resorts, residences and private clubs set in some of the world's most desirable locations. In addition, BDT & MSD's hospitality vehicle intends to invest significant capital towards acquiring and developing luxury hotel and residential assets that will be branded and managed by Auberge Resorts Collection. The partnership reflects BDT & MSD's belief in Auberge Resorts Collection's unique brand positioning and focus on creating one-of-a-kind luxury hospitality experiences. The investment will support Auberge's continued strategic growth in the Americas, Europe and beyond, with a focus on gateway urban markets and high-profile experiential destinations. "This partnership further solidifies Auberge Resorts Collection's position as the leading name in boutique luxury hospitality and marks a new and exciting era for our world-class portfolio," said Dan Friedkin, chairman of Auberge Resorts Collection and chairman and CEO of The Friedkin Group. "BDT & MSD's differentiated, long-term capital and expertise in luxury hospitality investments makes them a perfect strategic partner and will allow us to further grow the strength of the Auberge brand." "Auberge is a world-class manager of distinctive luxury hotel properties, with an exceptional track record of delivering curated guest experiences in the world's leading hospitality markets. We are excited to be a part of its future and look forward to partnering with Auberge's talented team to build on its differentiated strengths and accelerate further growth," said Coburn Packard, partner & head of real estate at BDT & MSD. Since becoming part of The Friedkin Group in 2013, Auberge Resorts Collection has grown into the leading name in boutique luxury hospitality, comprising 27 unparalleled properties across the U.S., Latin America and Europe, with a development pipeline of over a dozen hotels and two additional hotels planned to open in Florence and South Carolina this year. While each property is unique, all share a crafted approach to luxury and bring the essence of the location to life through one-of-a-kind design that reflects the destination, exceptional cuisine and dining experiences that attract both the local community and global traveler, innovative spas and wellness retreats and highly personalized service.

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CheckMyBus and redBus partner in international markets to simplify Bus Travel experience

Business Wire | January 29, 2024

CheckMyBus, the world’s leading metasearch engine for intercity bus, and redBus, the world’s largest online bus ticketing platform, have announced their partnership for Southeast Asia and the LATAM markets. redBus offers online bus booking services in Singapore, Malaysia and Indonesia, as well as the LATAM markets of Peru and Colombia. With this partnership, redBus will provide comprehensive inventory and ease of online bus booking options for both domestic and international travellers through the CheckMyBus platform. Travellers can discover best bus trips on CheckMyBus, the world’s most comprehensive long-distance bus content platform with millions of connections across more than 90 countries. After the rebound of the travel industry, there has been a surge in both domestic and international travel. However, as a result of these changes, flights and other modes of private transportation have become more expensive, leaving budget-conscious travellers in search of cost-effective alternatives. Buses have consistently remained an affordable and budget-friendly option. Through this collaboration, CheckMyBus and redBus are committed to providing the best and most affordable bus booking experience for their users. In addition to domestic users, it is now much easier for international travellers to find the right buses to exciting destinations in South America and Southeast Asia having access to the largest bus inventory in these regions. Marc Hofmann, CEO of CheckMyBus, said: “Our mission is to make bus travel simple. By providing access to the extensive redBus inventory to our global audience, we are taking a significant step toward promoting bus travel in Southeast Asia and LATAM, making it more accessible. We are excited to contribute to the growth of the travel industry by assisting both domestic and international travellers in the region in collaboration with a strong partner like redBus.” Krishnan Ramaswami, Chief Business Officer - International Businesses, redBus, said: “Through this one partnership, we can offer extensive bus ticketing options to the international traveller. Global travellers can book a ticket & discover a range of services in Southeast Asian and Latin American markets as conveniently as locals. We expect this will improve our discoverability in newer markets and provide better accessibility to a larger customer base. We look forward to working with CheckMyBus to improve the ease & convenience of bus bookings.”

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OsaBus Seeks Dynamic Partnership with US-Based Tour Operator to Offer Exclusive European Tours

Business Wire | January 30, 2024

OsaBus, a distinguished charter bus rental company in Europe, is thrilled to announce its quest for a strategic partnership with a US-based tour operator. Specializing in passenger transportation services across more than 60 premier destinations in Europe, OsaBus has earned its reputation as a leader in the industry. As a licensed tour operator, the company crafts and operates its own tours, providing unforgettable experiences for travelers exploring the diverse landscapes of Europe. The primary focus of OsaBus's expansion strategy is to introduce exclusive European tours tailored specifically for US travelers. With a commitment to delivering high-quality and immersive journeys, the company is actively seeking a dynamic US-based tour operator as a strategic partner. This collaboration aims to bring the richness of European travel experiences to a wider audience in the United States. "We believe there is immense potential in offering European tours to US travelers, and we are actively seeking a partner who shares our vision and passion for creating extraordinary travel experiences," says Oskars Lusis, CEO at OsaBus. "Our goal is to establish a collaborative relationship with a US-based tour operator who can effectively distribute our tours and other services, enhancing accessibility for American travelers seeking authentic European adventres." OsaBus is actively seeking affiliate partners throughout the entire United States, with a primary emphasis on identifying a dynamic and forward-thinking American tour operator as a key collaborator. The company is open to exploring various partnership models that leverage the strengths and expertise of both entities to provide unparalleled travel experiences for customers. Potential partners are invited to engage in discussions with OsaBus to explore the vast possibilities and benefits of this strategic collaboration. The company is committed to fostering a partnership that not only expands market reach but also enhances the overall travel experience for US customers.

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