Five Emerging Technology Trends in Travel Industry 2024
The pandemic jolted almost all sectors barring a few like pharma in the economies across the world. Some industries were actually fighting for survival; the hospitality and travel industry was one of them. As per the International Labour Organization’s report of the total job losses during the pandemic, one-third were from the hospitality sector. The same report estimates 1.6 million people in the travel and hospitality sector lost jobs in the Asia-pacific region alone. However, now the travel industry is slowly and steadily gaining momentum. Despite many covid-protocols in place, it’s again the technology helping the travel industry to operate efficiently. And enabling it to offer the best possible customer experience through innovative technologies. So, let’s look at five Technology Trends in Travel Industry enabling it to get the ball rolling again. Five Leading Technology Trends in Travel Industry Today In an effort to get the travel industry back on its feet, the World Travel and Tourism Council is urging governments around the globe to either remove or simplify visa restrictions, cut down travel taxes and provide incentives to traveling. At the same time, some Technology Trends in Travel Industry are also coming to the fore, making a recovery from the pandemic lump easier. The following five are a few examples of these: #1 Automated Travel Experience & Digital Health During the pandemic, countries around the globe slashed airport development and airline technology budgets, but now both public and private players in travel are increasingly investing in passenger processing automation. Due to the pandemic travel guidelines, the processing time at airports increased considerably – the exercise demotivates casual travellers. That’s when automated passenger processing was needed, and now airports are using biometric technology to combat this issue of hesitancy among travellers. Also, there is a great deal of talk in the travel industry about standardizing and digitizing health verification, which further increases operational efficiency. SITA, one of the world’s leading air transport communication and technology experts, recently announced that it is making a Digital Travel Declaration, which allows travellers to submit health documents ahead of their travel date. And the solution would be available to all the governments free of cost. #2 Cloud Technology to Achieve Airport Operational Efficiency As discussed in the previous pointer, operational efficiency and scalability are becoming a significant concern for airports amid the changing dynamics of the pandemic, and it’s challenging their existing business models. Therefore, all the major airports worldwide are now looking towards leaner operation and maximizing ancillary revenues. Cloud technology is a crucial investment area, where airports have to pump more money to make this model sustainable and prepare for fluctuating passenger numbers. Also, all major airports are planning to deploy more business intelligence units to manage flight operations and asset management. #3 Virtual Reality for Augmented Booking Experience The world is looking at virtual and augmented reality as the future of travel. People can also visit areas where climatic conditions for humans are so adverse that they cannot visit them physically. On the other hand, augmented and virtual reality has a lot to offer to the travel industry of current times. It allows travellers to tour places and attractions virtually before booking tickets or adding those places to the actual itinerary. Many online travel agencies are already offering these virtual and augmented tours to their customers. Recommended: Future of Artificial Intelligence in Travel Technology #4 Recognition Technology for Contactless Transactions When the focus is on minimal human interaction, recognition technology becomes critical for the travel industry. We mentioned using biometric technology to facilitate airport operation; it is also a subset of recognition technology. The technologies like facial recognition, fingerprint sensor, retina recognition come under the broad umbrella of recognition technology, and they all role to play in contactless travel transactions. For example, JetBlue airports in the US use facial recognition technology for identity checks, completely eliminating the need for boarding passes. Similar experiments are happening worldwide, and they are successful – Japan’s Henn-na hotel, the world’s first robot staffed hotel, uses recognition technologies like voice and facial recognition to attend guests. #5 IoT (Internet of Things) To Maximise Customer Experience IoT is an internet-based connection among devices, letting them share data with one another. Internet of Things for the tourism industry means furthering customer satisfaction. IoT unlocks next-level personalization. Hotels are using in-room tablets and screens to allow guests to increase/decrease room temperature, turn on/off the heater, and schedule wake-up calls. Moreover, the use of smartphones for IoT is one of the leading Technology Trends in Travel Industry. It allows guests to navigate hotels and airports quickly. Some hotel chains are offering keyless entry/exit with smartphone integrations. Also, airports use smartphone sensors to push luggage information to a person’s phone automatically. Recommended: 3 Ways Metaverse Can Impact Accommodation Industry The travel industry is picking up pace again with the wave of Technology Trends in Travel Industry mentioned above. And this time, it’s more prepared and equipped to deal with unforeseen challenges like Covid-19 Pandemic.
Top 10 hospitality technology & innovations in 2024
Hotels today use over 20+ software applications to make their business operations much smoother and faster. Through these hotel technologies, you can automate tasks, reduce costs, boost revenue, and provide an exquisite guest experience. In this article, we are going to inform you about what hospitality technology is and why hoteliers should include it in their daily tasks. Keeping up with these technological trends is equally important which is why we have listed the top 10 innovative trends in the hotel industry in 2023. Once you are done with the article, we hope that you will be familiar with the current and expected future trends that will help you to put yourself ahead in the competition. What is hospitality technology & why should hoteliers care about it? Hospitality Technology refers to all different technical applications and solutions used within the industry to boost and enhance daily business processes. It includes software that carries essential technology for hotel operations – that starts from the check-in process, handling payrolls, feedback maintenance from visitors, and all other functions that help in improving the overall experience for hospitality customers. It generally depends on a hotel’s size and complexity of operations that determine what kind of hospitality technologies they use. This type of technology is typically intended to make life easier for business employees. Technology in hotels helps hoteliers to increase automation and ease the workload of the staff. Also, it is intended to make the business processes much faster which will potentially help you to save money as well as time. Also, you can create an ever-lasting experience for customers facilitating brand loyalty. Hoteliers can use such perks to gain a competitive advantage in the industry and mark their place at the top. 10 must-know innovative trends in the hotel industry in 2023 To stay updated with the recent trends, we have come up with a list of 10 must-know innovative trends in the hotel industry in 2023. Read the article to adapt to the current hospitality trends and stay ahead of the competition. 1. Hotel mapping solutions Hotel mapping Solutions are another upcoming trend that aggregates hotel properties from varied sources in an organized manner to avoid any inconsistency and duplication which can be easily spotted today on multiple websites. This makes the customer experience much smoother and confusion-free which will make the booking process much more efficient. Advanced hospitality technologies demand such advancements which reduce any setbacks prevailing in the industry. 2. Price comparison API API for price comparison is really helpful for the upcoming future when you are trying to survive the cut-throat competition. You can get complete access to the real-time pricing of your competitors and use the hotel price Api to build your own pricing strategy and gain a competitive advantage. Technological trends in the hospitality industry like these have made the job of hoteliers much simpler and have facilitated result-driven productivity. Schedule timely discounts and offers according to the demand and attract more customers. This will help you to generate more business than ever and also to set up a strong brand image in the market. One such helpful Price Comparison API is MakCorps which provides you with real-time pricing from over 200+ OTAs in a single search. 3. Hotel booking APIs Hotel Booking APIs can help you increase the bookings by making the process much simpler and handier. You can use these tools to display personalized messages, guest reviews, actual property pictures, and real-time price information, and much more. All of this provides customers to book directly rather than choosing any other OTA. 4. Contactless payment system Recent trends in the hotel industry have switched over to the digitized format to such an extent that every other process is getting more contactless. The onset of extreme conditions like COVID-19 has forced hospitality technology companies to move their business processes in a manner that has a minimum contact level. The new technology for hotels includes contactless payment systems where customers can easily pay for the services directly without any direct exchange of money. This will also help in making customers feel more comfortable with the process and staying in hotels. Modern payment systems have even forced some innovative business owners to even accept cryptocurrency as payment. 5 Virtual reality Virtual Reality is one of the most popular technological trends that has changed the business processes of hotels. It provides potential guests with 360—degree videos of rooms and other hotel amenities. Guests visiting a totally different and new city often face difficulties and remain stuck with the question of quality standards before booking. Thus, options like virtual reality will help such customers actually experience the overall atmosphere of the hotels and will help them in making fast booking decisions. So, if you still haven’t updated yourself with such functionalities, upgrade yourself today to gain an edge over your competitors. 6. Data scraping Data Collection has always been a prime concern for hoteliers and plays a crucial part in forming a business strategy. The traditional methods used are much more time-consuming and sometimes are not even updated in real-time. But with advancements in hotel technology, advanced data-collecting systems have replaced the earlier format. This is where Data Scraping comes in which collects and gathers recent data from multiple sources and brings the most optimum results in a single search. This helps business owners to save significant time inputs and boosts productivity with accurate and updated information quickly. 7. Internet Of Things Trends in the hotel industry have given birth to the concept of the Internet of Things which is a system of integrated sensors, software, and devices that transfer data over wireless networks. This systematic connection keeps a track of customer behavior, lower energy consumption, and collects other valuable data. It provides hotels to optimize their business functions aptly and provides customers with a personalized experience. Customers can easily connect their laptop, or mobile with multiple electronic devices in their room such as lighting, door lock, temperature maintenance,
BNPL for online travel companies: Explained
Six out of ten users of online commerce use BNPL (Buy now, pay later) as a payment option. The user base is expanding and is expected to be as massive as 360 million by 2027. Making BNPL a payment option too important to be ignored for any online business, which obviously includes online travel businesses. The market trends and consumer interests are evident, and the online travel industry has to catch up to this trend. As an online travel business, what should be your BNPL approach? If you are inclined to implement it, what are your options? In this piece, we will address these questions in greater detail. Buy Now, customers can split their payments into multiple, often interest-free installments. This deferred payment option is a game-changer for businesses as it attracts a broader customer base and encourages higher-value purchases. For online businesses, BNPL offers several advantages. It can increase the average order value, reduce cart abandonment rates, and attract a wider demographic by providing flexible payment terms. Importantly, BNPL companies bear the risk of customer defaults, making it a risk mitigation strategy for businesses despite the apparent benefits. BNPL services typically work as follows for companies: Payment Options: Once integrated, BNPL becomes one of the payment options available to customers during checkout. Customers can select BNPL as their preferred method when they reach the payment stage. Instant Approval: BNPL providers often perform a quick credit check or assess the customer’s financial health in real time. This approval process can take just a few seconds, and eligible customers can proceed with their purchase. Payment Schedules: Customers can choose how to spread their payments – commonly into 4 or 6 equal installments. These installments are billed automatically over several weeks or months. Customer Engagement: BNPL services improve customer engagement by providing a more affordable way to purchase products or services. This can lead to higher customer loyalty and repeat business. Fees and Costs: BNPL providers often charge companies a fee for using their services, usually a percentage of the transaction amount. However, this fee is offset by the increased sales and customer retention. Selecting the correct Buy Now, Pay Later provider is the first step towards making this decision a success for your online travel business. Here are vital factors to consider when making this choice: Industry Focus: Some BNPL providers, like Klarna or Affirm, serve multiple industries, while others, such as Fly Now Pay Later, focus exclusively on the travel sector. Consider whether you prefer a provider specialized in travel or one with a broader industry reach. Commission Structure: Understand the two main commission structures – merchant transaction fee loans and shopper interest loans. Merchant transaction fee loans involve paying a commission to the BNPL provider, usually a percentage of the purchase amount. Shopper interest loans mean customers pay interest, but you don’t pay commissions. Evaluate which structure aligns with your business goals and customer base. Cost Benefit Analysis: BNPL fees can be higher than those for credit card transactions. Carefully examine the fee structure and consider the cost of customer acquisition and increasing sales volume. Some providers may not charge merchants, which is worth considering. Pre-integrated Payment Partners: Ensure your chosen BNPL provider seamlessly integrates with your payment processing solution. Using payment technology like Stripe, prioritize providers with existing integrations to streamline the implementation process. Security: Fraud is a concern in financial matters, including BNPL. Opt for reputable BNPL lenders with robust security procedures, fraud checks, and customer vetting processes. Ensure that your own online payment solution maintains a high level of security to prevent fraudulent activity. When considering partnership models, you have two main options: Merchant-Partner Model: This common approach involves integrating the BNPL payment option into your website’s checkout process. While widely used, it may require effort to adapt your existing checkout flow to accommodate the new payment functionality. BNPL App Model: In this model, the BNPL provider includes your travel products in their app, creating a virtual shopping mall. Users can access and purchase products, including travel offerings, through the app. Some providers redirect shoppers to your website, while others enable in-app bookings. This model is suitable for businesses with a diverse range of products, but for travel businesses, the merchant-partner model is often preferable. Once you’ve identified a suitable BNPL partner, you must complete an application providing basic information about your company. Most BNPL providers have vetting procedures for merchants to ensure compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. BNPL is no longer just a fad. It’s an avenue that can significantly help your online travel business increase the bottom line. Implementation complexity depends on your chosen partnership model and the preexisting compatibility with your payment technology. If you opt for the merchant-partner model, be prepared for the possibility of building an integration from scratch. Most BNPL providers offer open APIs to link to your payment system. If you showcase your travel inventory in their app, some providers will handle the integration themselves. Vervotech is a leading Hotel Mapping and Room Mapping API that leverages the power of AI and ML to quickly and accurately identify each property listing through the verification of multiple parameters. With One of the industry’s best coverage of 98% and an accuracy of 99.999%, Vervotech is quickly becoming the mapping software of choice for all leading global companies operating in the travel and hospitality industry. To learn more about Vervotech and the ways it can enhance your business in the long run contact us: sales@vervotech.com
Five ways OTAs should assess payment service providers
Unlike what was the norm a decade ago, online travel businesses like OTAs had to depend upon banks to process their payments. Things have drastically changed now that we have so many PSPs (, aka payment service providers), that OTAs have to do due diligence to pick one, and it has become one of the most important decisions they have to make. As an OTA, you know you are an international business. Cross-border payments make things complex for you. But you cannot simply go with a PSP that provides the smoothest UX. When choosing a PSP, the biggest job is to protect your margins. What are other factors that you must assess before taking a final call? We are going to discuss all of that in this piece. We will not be naming PSPs because what goes with your existing tech stack varies. So, we will cover everything you must expect from your payment service provider. Diverse Payment OptionsOnce the be-all and end-all of all financial transactions, traditional bank transfers are less efficient than the many contemporary alternatives. As such, PSPs embrace innovative technologies and offer diverse payment options. Payment technology has evolved in tandem with the rise of online and mobile commerce. Neglecting the preferences of your customers and suppliers can significantly limit your market reach. Particularly if your OTA maintains diverse international relationships, it’s imperative to collaborate with a PSP that aligns with regional requirements. At a minimum, a robust card strategy is essential. Also, your PSP should offer almost all loan payment options. These methods are often favored in specific regions or countries, such as AliPay in China, Paypal in North America, E-wallets, or digital wallets, now integral to the payment landscape, so your PSP must offer them. Read More – Setting legacy code objectives for OTAsGlobal Scalability and CoverageFor an international OTA, managing cross-border payments is an inherent challenge. It’s imperative to ascertain the countries a PSP serves, its approach to facilitating cross-border transactions, its network affiliations, and its licenses. Your PSP must have a comprehensive network of licenses, strategic partnerships, and banking relationships. This infrastructure enables seamless money transfers across over 190 countries and through 65 real-time corridors. Currency Flexibility PSPs must demonstrate adaptability in processing multiple currencies, a prerequisite for facilitating cross-border trade. It’s essential to consider the currencies pertinent to your current operations and those your business may require as it expands globally. Opt for providers that support a broad spectrum of currencies, ensuring your present and future needs are well accommodated.Security Assurance The digital payment ecosystem is also filled with opportunities for fraud, so the security of payments assumes paramount significance. You must ensure the chosen payment system adheres to industry certification standards and deploys robust end-to-end encryption. Pay special attention to compliance with the Payment Card Industry Data Security Standard (PCI DSS) to protect sensitive cardholder data. Tech Architecture CompatibilityAs you know, tech architecture compatibility has various facets, including onboarding, system integration, and ongoing support. Your collaboration with a PSP should guarantee top-tier service across these domains, offering swift onboarding, streamlined development processes, and comprehensive ongoing support. Ideally, seek providers offering a REST API for maximum flexibility and control. Providers should enable you to construct global payment solutions via a RESTful methodology, ensuring straightforward integration, scalability, and platform reliability. As you know, tech architecture compatibility has various facets, including onboarding, system integration, and ongoing support. Your collaboration with a PSP should guarantee top-tier service across these domains, offering swift onboarding, streamlined development processes, and comprehensive ongoing support. Ideally, seek providers offering a REST API for maximum flexibility and control. Providers should enable you to construct global payment solutions via a RESTful methodology, ensuring straightforward integration, scalability, and platform reliability. Vervotech is a leading Hotel Mapping and Room Mapping API that leverages the power of AI and ML to quickly and accurately identify each property listing through the verification of multiple parameters. With One of the industry’s best coverage of 98% and an accuracy of 99.999%, Vervotech is quickly becoming the mapping software of choice for all leading global companies operating in the travel and hospitality industry. To learn more about Vervotech and the ways it can enhance your business in the long run contact us: sales@vervotech.com
Decluttering PCI DSS compliance prerequisites for OTAs
More than 75% of sales of travel products happen online. If you are setting up payment infrastructure for your newly built online travel agency or thinking of moving your existing travel agency online, the first thing that should draw your attention is PCI DSS compliance. It applies to the smallest travel companies, and non-compliance could lead to heavy fines from payment processors, which go as high as 100,000 USD a month. Apart from dodging fines, why is it important? What do you need to do from your end? We will answer all these questions in this piece for you. Let’s get to the basics first. PCI DSS stands for Payment Card Industry Data Security Standard, and it’s essentially a set of security guidelines designed to protect the sensitive payment information of your customers. Now, why is this relevant to OTAs? Essentially, PCI DSS compliance is all about safeguarding your customers’ financial data. When travelers book flights, hotels, or other services through your OTA, they trust you to keep their credit card information safe. Meeting PCI DSS requirements means you’re taking the necessary steps to ensure this trust is well-placed. To become PCI DSS compliant, you’ll need to implement specific security measures and practices, such as encryption, access controls, and regular security assessments. It might seem like a hassle, but it’s a vital investment in both your business’s reputation and your customers’ peace of mind. Now comes the question of what you must do to remain PCI compliant. Let’s address this next! Read More – Effective strategies for OTAs to optimize conversionsPCI DSS stands for Payment Card Industry Data Security Standard, and it’s essentially a set of security guidelines designed to protect the sensitive payment information of your customers. Now, why is this relevant to OTAs? Essentially, PCI DSS compliance is all about safeguarding your customers’ financial data. When travelers book flights, hotels, or other services through your OTA, they trust you to keep their credit card information safe. Meeting PCI DSS requirements means you’re taking the necessary steps to ensure this trust is well-placed. To become PCI DSS compliant, you’ll need to implement specific security measures and practices, such as encryption, access controls, and regular security assessments. It might seem like a hassle, but it’s a vital investment in both your business’s reputation and your customers’ peace of mind. Now comes the question of what you must do to remain PCI compliant. Let’s address this next! Level 1: This is the most stringent and typically applies to the largest travel agencies. If your agency processes more than six million transactions per year, you fall into this category. Visa: Visa, for instance, specifies businesses that process over six million Visa transactions annually as Level 1. Compliance involves robust security measures and an annual onsite security assessment. Mastercard: Similarly, Mastercard classifies Level 1 merchants as those with over six million Mastercard transactions annually. Compliance with Mastercard’s requirements includes stringent security controls and regular vulnerability assessments. Discover: Discover follows a similar model, designating Level 1 merchants as those with over six million Discover transactions each year. Compliance involves secure network and application development, access control, and regular security scans. American Express: American Express, too, categorizes Level 1 merchants as those processing over six million transactions. Compliance with American Express requires specific data protection, encryption, and access control measures. Level 2: Travel agencies that process between one million and six million transactions annually fall under this category. Visa, Mastercard, Discover, and American Express: Level 2 compliance applies to agencies within the one to six million transactions range for these companies. It involves stringent security controls, vulnerability assessments, and annual self-assessment questionnaires (SAQ). Level 3: If your agency processes between 20,000 and one million transactions annually, you fall into the Level 3 category. Visa, Mastercard, Discover, and American Express: The compliance requirements for these companies in Level 3 are similar and include ongoing monitoring, security assessments, and annual SAQs to protect payment data. Level 4: The smaller travel agencies, processing fewer than 20,000 transactions each year, are categorized under this level. While the requirements are less stringent than the others, compliance remains critical. Visa, Mastercard, Discover, and American Express: For Level 4, these companies maintain similar compliance requirements, including annual SAQs and regular security scans. JCB: Besides Visa, Mastercard, Discover, and American Express, it’s essential to consider JCB. JCB simplifies compliance into two merchant levels, where Level 1 applies to merchants processing over one million transactions annually, and Level 2 applies to those processing fewer than one million transactions. Specific requirements may include encryption, secure payment processing, and security assessments.The Payment Card Industry Data Security Standard (PCI DSS) outlines a set of security requirements and best practices for organizations that handle credit card transactions. There are 12 key requirements within the PCI DSS framework. 1. Install and Maintain a Firewall Configuration to Protect Cardholder Data: Establish and maintain a firewall and router configuration to protect cardholder data. 2. Do Not Use Vendor-Supplied Defaults for System Passwords and Other Security Parameters: Change default passwords and security settings for all systems and software. 3. Protect Cardholder Data: Protect stored cardholder data through encryption and other security measures. Mask PAN (Primary Account Number) data when displayed. 4. Encrypt Transmission of Cardholder Data Across Open, Public Networks: Use strong encryption and security protocols to protect cardholder data during transmission over open or public networks. 5. Use and Regularly Update Anti-Virus Software or Programs: Deploy anti-virus software on all systems commonly affected by malware and keep it current. 6. Develop and Maintain Secure Systems and Applications: Ensure all systems and software are developed and maintained securely, addressing vulnerabilities and security flaws. 7. Restrict Access to Cardholder Data by Business Need to Know: Limit access to cardholder data to only those who need it to perform their job duties. 8. Assign a Unique ID to Each Person with Computer Access: Assign a unique user ID to each individual with access to computer systems and implement robust authentication methods. 9. Restrict Physical Access
Powering up hospitality businesses with generative AI
According to a report published by McKinsey & Company, AI technologies, including generative AI, have the potential to create significant value in the hospitality sector. The report suggests AI can enhance guest experiences, optimize operations, and drive revenue growth. Further, a study by Deloitte revealed that hotels using AI-powered revenue management systems achieved an average revenue increase of 10%. Generative AI algorithms can analyze market demand, competitor pricing, and historical data to optimize pricing strategies, resulting in improved revenue and profitability for hospitality businesses. Additionally, AI-powered personalization and content generation can lead to increased customer satisfaction and loyalty. Now, it all comes down to how? Let’s understand how you can power up your hospitality business with Generative AI. 1. Enhancing Guest EngagementGenerative AI enables hotels, resorts, and other hospitality establishments to revolutionize content creation efforts. With AI-powered tools, businesses can automatically generate engaging and visually stunning content such as hotel descriptions, social media posts, and even personalized emails. By leveraging generative AI, hospitality businesses can efficiently cater to individual guest preferences, create targeted promotional campaigns, and deliver hyper-personalized experiences at scale. 2. Seamless Language TranslationIn an increasingly globalized world, language barriers can often pose challenges for the hospitality industry. Generative AI-powered language translation tools can bridge these gaps effortlessly. Hotels can leverage AI to translate their websites, menus, booking platforms, and even real-time guest communication. This empowers businesses to communicate effectively with guests from different linguistic backgrounds, providing a seamless and inclusive experience for all. 3. Intelligent ChatbotsChatbots have become an integral part of the hospitality industry, enhancing customer service and streamlining operations. By incorporating generative AI , chatbots can deliver more sophisticated and personalized interactions. These AI-powered chatbots can understand and respond to guest inquiries in a human-like manner, offering 24/7 support, handling booking requests, recommending personalized services, and providing instant responses to common questions. It frees up staff members to focus on delivering exceptional in-person experiences while AI handles routine queries efficiently4. Dynamic Pricing and Revenue OptimizationThe hospitality industry thrives on dynamic pricing and revenue management strategies. Generative AI can analyze market data, customer preferences, and historical trends to optimize real-time pricing. By harnessing the power of AI algorithms, hotels can dynamically adjust room rates, packages, and other offerings to maximize revenue and occupancy rates. This data-driven approach helps businesses make informed decisions and stay competitive in a rapidly evolving marketplace. 5. Predictive MaintenanceGenerative AI can be crucial in ensuring smooth operations within hospitality establishments. AI algorithms can predict equipment failures and maintenance needs by analyzing sensor data and historical maintenance records. This proactive approach allows businesses to schedule maintenance tasks, reduce downtime, and provide uninterrupted services to guests. Ultimately, predictive maintenance powered by generative AI helps hospitality enterprises enhance operational efficiency, reduce costs, and maintain a high standard of guest satisfaction. Generative AI is revolutionizing the way the hospitality industry operates. By harnessing the power of AI, hotels, and resorts can elevate their content creation efforts, deliver personalized experiences, overcome language barriers, optimize revenue management, and streamline operations. The integration of generative AI enables businesses to leverage data-driven insights, enhance guest engagement, and stay ahead in an increasingly competitive landscape. As technology evolves, embracing generative AI will be a game-changer for the hospitality industry, unlocking new levels of innovation and providing unforgettable experiences for guests. Vervotech is a leading Hotel Mapping and Room Mapping API that leverages the power of AI and ML to quickly and accurately identify each property listing through the verification of multiple parameters. With One of the industry’s best coverage of 98% and an accuracy of 99.999%, Vervotech is quickly becoming the mapping software of choice for all leading global companies operating in the travel and hospitality industry. To learn more about Vervotech and the ways it can enhance your business in the long run contact us: sales@vervotech.com
Predictive market intelligence: A secret weapon for online travel agencies
As an online travel agency, you always look for ways to pep competition. And in today’s fast-paced digital world, it means leveraging the latest technologies to gain a competitive edge. That’s where predictive market intelligence comes in. Using advanced algorithms to analyze data and identify patterns, predictive market intelligence systems can help online travel agencies anticipate demand, optimize pricing, and personalize the customer experience. Here in this piece, we outline five crucial benefits of using predictive market intelligence in the travel industry. Five Benefits of Predictive Market Intelligence for Online Travel Agencies Predictive market intelligence as a solution offers OTAs access to real-time data on customer intent, behavior, and the market as a whole. The data can potentially be translated into revenues and hedging slowdowns. Let’s look at some key benefits of PMA in online travel. Benefit #1: Anticipating Demand and Adjusting Pricing Average airfare changes over 60 times before a flight’s departure date. That’s because airlines are constantly adjusting prices in response to demand. And online travel agencies do the same for applying markups, thanks to predictive market intelligence. These systems can predict future demand and modify pricing by analyzing historical data on booking trends, weather patterns, and other factors. In fact, a study by Mckinsey found that dynamic pricing can increase revenue by up to 5%. Benefit #2: Optimizing Marketing Campaigns In the highly competitive world of online travel, marketing is vital to drive growth consistently and sustainably. Predictive market intelligence can help you optimize your marketing campaigns by identifying the most effective channels and messages. For example, a study by Salesforce found that personalized email campaigns have an open rate of 29% and a 41 % increase in unique click rate, compared to a rate of just 15% for non-personalized campaigns. You can increase engagement and conversions by using predictive market intelligence and proactively capturing the demand.Benefit #3: Personalizing the Customer Experience Customers today expect a personalized experience, and predictive market intelligence can help you deliver just that. These systems can create customized recommendations and experiences for individual customers by analyzing customer behavior, preferences, and demographics. A study by Epsilon says 8 out of 10 customers are more likely to do business with those who offer personalized offerings. Benefit #4: Improving Inventory Management Managing inventory can be challenging for online travel agencies, especially during peak travel seasons. How do you adjust supply during peak seasons? Predictive market intelligence can help you optimize your inventory by predicting future demand and maintaining price parity. Benefit #5: Identifying New Opportunities Predictive market intelligence can also help online travel agencies identify new opportunities for growth and expansion. It helps you in analyzing market trends and customer behavior, these systems can identify new markets or niches you may not have previously considered. For example, a report by Technavio found that the wellness tourism industry is set to grow at CAGR of 8.93% between 2022 and 2027, presenting a significant opportunity for online travel agencies specializing in wellness travel. Predictive market intelligence is a powerful tool for online travel agencies to gauge market dynamics. The upside it offers is huge, ranging from anticipating demand, optimizing pricing and marketing campaigns, personalizing the customer experience, improving inventory management, and identifying new opportunities. With PMA deployment, online travel agencies can get better off their competition and win many more loyal customers. The numbers we have quoted in this piece suggest it’s needed and does matter in the larger scheme of things. Vervotech is a leading Hotel Mapping and Room Mapping API that leverages the power of AI and ML to quickly and accurately identify each property listing through the verification of multiple parameters. With One of the industry’s best coverage of 98% and an accuracy of 99.999%, Vervotech is quickly becoming the mapping software of choice for all leading global companies operating in the travel and hospitality industry. To learn more about Vervotech and the ways it can enhance your business in the long run contact us: sales@vervotech.com
Big data analytics in travel: Five outcomes that bolster growth
The use of big data analytics can single-handedly lift any organization’s operations capability, provide competitive advantages, and highlight new business opportunities. As per a recent study, the global market for big data analytics is expected to reach $103 billion by 2027, with a compound annual growth rate of 11.7% between 2020 and 2027. The numbers suggest the effectiveness of implementing big data analytics. The hospitality industry is also one of its beneficiaries. Big data analytics has become an increasingly important tool for businesses in the travel industry. Travelers leave a lot of data in their pursuit of finding the right travel products. It includes searching for destinations, flights, and hotels. And even during the travel, they leave a long trail of data sets. All this data and the data from involuntary sources are used for predictive analysis, learning trends, and fixing persisting issues. So here in this article, we’ll explain how big data analytics makes business sense for the hospitality industry. We will also highlight five key outcomes. But before we go there. Let’s first understand how this data is analyzed. How is the big data analyzed? Collecting all the open source and the data coming from third-party sources itself is a demanding task. Then, analyzing and extrapolating this data to put it to use is an even mightier ask. That is when the analytics part comes into play. It collects data from all the sources, organizes and segments it into various parts to make sense of it. Big data cannot be processed and analyzed manually. The analytics platforms use modern technologies to extract valuable and actionable insights for businesses. Also, do predictive analysis,as we highlighted earlier, to identify the upcoming trends in a particular industry. Watch the following video to understand how predictive analytics work: Now, let’s narrow our focus to the travel industry and how it benefits from big data analysis. We have identified five outcomes of using BDA that promote growth. Read on! The travel industry can benefit immensely from big data analytics. By analyzing large amounts of data, travel companies can gain valuable insights into customer preferences, behaviors, and needs, leading to a wide range of benefits. Here, we outline five crucial outcomes of employing the learnings of BDA in travel businesses. #1 Improved guest experience One of the most meaningful benefits of using big data analytics in the travel industry is improved customer experiences. By analyzing customer preferences and behaviors, travel companies can tailor their services and offers to better meet their customers’ needs. For example, a hotel might use data analysis to determine which amenities are most important to its guests and use that information to improve its offering and provide a better guest experience. #2 Better upselling opportunities Big data analytics can also help travel companies increase their revenue. Companies can identify opportunities to upsell and cross-sell products and services by analyzing data on customer spending habits. Such as, a travel agency might use data analysis to identify customers who are likely to be interested in purchasing travel insurance and offer it to them at the time of booking. This can help the agency increase its revenue and improve its bottom line. #3 Effective marketing Big data analytics is also helpful in creating more targeted marketing campaigns. With the data on customer demographics and preferences, travel companies can develop targeted messaging and positioning strategies that are more likely to resonate with their audience. For instance, a cruise line might use data analysis to identify customers interested in family-friendly activities and create a marketing campaign focusing on those features. This can help the cruise line reach the right customers with the right messages, leading to higher conversion rates and more effective marketing spending. #4 Better operation efficiency Using the data on internal processes and operations, companies can identify areas for improvement and make changes to increase efficiency. For example, a hotel might use data analysis to determine which check-in processes take the longest and implement changes to streamline those processes. This can help the hotel reduce costs and improve the overall efficiency of its operations. #5 Active risk mitigation Big data analytics is an excellent tool for managing risks. With quality data on customer behaviors and trends, companies can identify potential risks and take steps to mitigate them. Like, a travel agency might use data analysis to identify a possible trend of cancellations for a particular destination and take steps to manage that risk, such as offering alternative destinations or refunding. This can help the agency avoid potential problems and ensure a smooth and successful travel experience for its customers. Overall, big data analytics in the travel industry offers many benefits that bolster growth, from improved customer experiences to increased revenue and enhanced operational efficiency. By leveraging the power of data analysis, travel companies can gain valuable consumer insights to help them better serve their prospective customers and improve their bottom line. Vervotech is a leading Hotel Mapping and Room Mapping API that leverages the power of AI and ML to quickly and accurately identify each property listing through the verification of multiple parameters. With One of the industry’s best coverage of 98% and an accuracy of 99.999%, Vervotech is quickly becoming the mapping software of choice for all leading global companies operating in the travel and hospitality industry. To learn more about Vervotech and the ways it can enhance your business in the long run contact us: sales@vervotech.com
Top marketing strategies for online travel agencies:SEO to social media
The travel industry has seen a significant shift in consumer behavior over the last few years, with close to 150 million travelers booking their trips online. All Online travel agencies (OTAs) are becoming increasingly important. However, with this increasing importance and popularity of a channel comes the need for effective marketing strategies to cut through the noise and reach the right audience. In this article, we will explore the top marketing strategies for online travel agencies, from SEO to social media. Social media has revolutionized the way businesses interact with their customers. For online travel agencies (OTAs), social media has become an essential tool to connect with their audience and promote their brand. With over 4.2 billion active social media users worldwide, the potential reach of social media is immense. One of the most effective social media strategies for OTAs is to create engaging content that showcases their destinations and provides helpful travel tips. By creating visually stunning content such as photos and videos, OTAs can capture the attention of potential customers and inspire them to book a trip. Additionally, by providing helpful travel tips, OTAs can position themselves as experts in the travel industry and build trust with their audience. Another effective strategy for OTAs is to leverage user-generated content (UGC). UGC is content created by users that showcases their experiences with a particular brand or product. By sharing UGC on social media, OTAs can demonstrate the value of their services and build social proof. For example, by sharing photos and testimonials from satisfied customers, OTAs can encourage potential customers to book a trip with them. Social media advertising can also be a powerful tool for OTAs to reach a larger audience. Platforms such as Facebook and Instagram offer highly targeted advertising options that allow OTAs to reach users based on their interests, demographics, and behaviors. By creating compelling ad content and targeting the right audience, OTAs can increase their brand awareness and drive more bookings. Content marketing is a powerful tool that can help businesses of all sizes to connect with their target audience. By creating valuable content that is relevant to your audience, you can establish your brand as an authority in your industry and build trust with potential customers. For online travel agencies, content marketing can take many forms. Blog posts are a popular choice, as they allow you to provide in-depth information about destinations, travel tips, and other topics that are relevant to your audience. Destination guides are another effective form of content marketing, as they provide a comprehensive overview of a specific location and can help travelers to plan their trips more effectively. One of the key benefits of content marketing is that it can help you to generate leads. By providing valuable information to your audience, you can attract potential customers who are interested in your products or services. Once these leads have been captured, you can nurture them with targeted marketing campaigns and eventually convert them into paying customers. Also, content marketing increases brand awareness. By creating high-quality content that is shared widely across social media and other platforms, you can reach a larger audience and build your brand’s reputation. Over time, this can lead to increased traffic to your website, higher search engine rankings, and more sales. Search engine optimization (SEO) is an essential aspect of any online business. It is the process of optimizing your website to rank higher in search engine results pages (SERPs) for specific keywords and phrases. By doing so, you can attract more organic traffic to your website, which can ultimately lead to more sales and revenue. One of the most critical components of SEO is keyword research. This involves identifying the keywords and phrases that your target audience is searching for and incorporating them into your website content. By doing so, you can increase the relevance of your website to these search queries and improve your chances of ranking higher in SERPs. Another essential aspect of SEO is on-page optimization. It involves optimizing various elements of your website, such as your page titles, meta descriptions, and header tags, to make them more search engine friendly. By doing so, you can improve the overall relevance of your website to specific keywords and phrases and increase your chances of ranking higher in SERPs. Link building is another critical component of SEO. This involves acquiring high-quality backlinks from other websites to your own. Backlinks are essentially “votes” of confidence from other websites, indicating that your content is valuable and relevant. By acquiring high-quality backlinks, you can improve your website’s authority and relevance, which can ultimately lead to higher rankings in SERPs. Overall, SEO is a powerful tool for online travel agencies looking to increase their visibility and attract more organic traffic to their website. By leveraging various SEO techniques, such as keyword research, on-page optimization, and link building, you can improve your website’s relevance and authority and ultimately achieve higher rankings in search engine results pages. Influencer marketing has become a popular strategy for brands to reach their target audience. It involves partnering with individuals who have a significant following on social media or a blog. These influencers have built a loyal following by consistently creating content that resonates with their audience. By working with influencers who align with your brand values and target audience, you can reach a wider audience and improve brand awareness. One of the benefits of influencer marketing is the ability to create sponsored content. This means that the influencer will create content that features your brand and promotes your products or services. This content can take many forms, such as social media posts, blog posts, or videos. By creating sponsored content, you can leverage the influencer’s creativity and expertise to showcase your brand in a unique and engaging way. In addition to sponsored content, influencers can also share their personal experience with your products or services. For example, if you run a travel company, you might partner with travel influencers who can share their experiences using
Sentiment Analysis: What it is and how it can transform your hotel guest experience
Think about the last time you booked a hotel. How much did you research on Google, Instagram, and Facebook before making a purchase? Or how many times did you read hotel reviews on TripAdvisor, Google, and Expedia to book the hotel confidently? It’s natural to perceive other’s experience with the products or services you are about to invest in. In this digital age, there has been a surge of online reviews, guest ratings, and review apps which has empowered shoppers to make an informed booking decision. In fact, a TripAdvisor study says 81% of people frequently or always read reviews before booking a hotel. To survive the intense competition in the travel space, any online travel business must focus on reviewing sentiment analysis. Understanding how your customers feel about your product offerings or services will help you tailor your products and services according to your customer’s needs. In this blog, we will break down sentiment analysis on guest reviews and how it can help travel companies enhance their products and services. What is sentiment analysis? If you ever wrote an online review of a hotel, commented about a product, or replied to brand surveys, then you have been through sentiment analysis. Sentiment analysis or opinion mining is a technique to analyze textual data and interpret the sentiments behind it. With a mix of statistics, machine learning, and natural language processing (NLP), algorithms can identify and classify a reviewer’s feelings, thoughts or judgments into positive negative neutral Most of the guest reviews on TripAdvisor, Google, Expedia, Yelp, etc., help travel businesses to understand their customer’s feelings about their travel products and offerings. However, sentiment analysis is not only to understand guest’s or customers’ feelings (for example, “the stay at this hotel was fantastic“). Data analysts are also interested in facts (for example, “the room didn’t have Wi-Fi”). Any data that displays the pros or cons of the hotel stay is relevant to the business’s growth strategy. Why is sentiment analysis of guest reviews essential? Analyzing guest reviews about their hotel stay allows hoteliers and travel agencies to learn what makes their guests happy or dissatisfied. This analysis can enable travel companies to tailor travel products and services based on their guest’s needs. For example, a guest review could be, “The front desk communication regarding check-in was pretty bad and disappointing.” NLP-based sentiment analysis can label such reviews as negative and help brands take actionable steps to reduce dissatisfied guests. Sentiment analysis can help hotel businesses, OTAs, and tour operators understand the following: How guests feel about the hotel property Hotel amenities that guests enjoyed Hotel amenities that need improvement Hotel operations that need improvement Hotel brand perception amongst guests This methodology gives a holistic understanding of improving your overall offerings and enhancing your guest experience. Sentiment analysis for guest feedback Once you have decided to incorporate sentiment analysis into your business, it’s time to identify the best sentiment analysis tools in the market. Sentiment analysis tools help to determine what to look for in customers’ text, such as reviews, social media posts, surveys, etc. The ML-based sentiment analysis tools perform more than scanning positive, negative and neutral keywords. The process involves data collection data processing data analysis data visualization Let’s decode a guest’s review of Ritz Carlton, Atlanta on TripAdvisor. Here’s how sentiment analysis AI breaks down the textual data into smaller sections: “I mainly travel to Marriott properties and have stayed at and enjoyed Ritz-Carlton properties around the world.” “I can say was really a disappointment.” “Mediocre amenities, fair service, multiple items in need of repair or replacement, fair service and average food.” For each section, a sentiment is assigned. The first sentence is positive, while the second and third sentences are negative. Overall, the sentiment analysis identifies this comment as negative. Now, the decision maker can understand what their guest feels about their brand and respond accordingly. What are the benefits of sentiment analysis on guest reviews? Online guest review sentiment analysis can help travel businesses in the following ways: Identify and understand real-time insights on how customers feel about your business Sentiment analysis provides upselling opportunities Analysis and processing of large dataset to enhance your travel products Enhance hotel operations and staff performance to deliver better guest experience Helps detect the intent behind the guest reviews Accurate and unbiased results Conclusion When it comes to understanding guest experience, the key is to look out for guest feedback. By using sentiment analysis to review guest feedback on your travel business, you can focus on areas of improvement and create better guest experiences. Sentiment analysis is not a one-time effort and needs continuous monitoring. It helps decision-makers find the real value of their business among the customers. So, if you want to understand your guest’s emotions and how they feel about your brand, then it’s time to incorporate and invest in sentiment analysis tools and take your guest experience to the next level.
