The online travel market is being constantly reshaped and is ever evolving due to regular technological advancements. These include the introduction of AI to enhance data collection, the rise of aggregator sites which present direct suppliers with strategic challenges, and emerging players that are often exclusively online meaning their significant capital is less likely to be tied up, allowing them to be more flexible in a fast changing environment. This report analyzes the online travel space, the key trends within it, and the challenges and opportunities facing the companies present within it.
- Travel companies now face two major challenges from online distribution: control over price and availability and the management of website content. To maintain price control, tourism companies must structure rates effectively according to the demand in the market and monitor competitiveness in a very much price driven industry.
- Online loyalty programmes are now seen as a key way to drive customer loyalty and ensure that a consumer does not switch to a different provider through creating a more personalized experience. It is imperative for tourism companies to keep their online reward programmes constantly updated, offering new personalized experiences which have been formed through effective data collection by tracking a customer's online journey or by utilizing chatbots when they visit the website.
- Travelers now no longer want a standardized product/service which is sold to the masses, they want to be in charge of how they experience and consume their vacation, whilst feeling that their own experience is exclusive to them. Online travel can offer this in abundance.
- GlobalData's Key Trend report looks at the key trends & issues within the online travel industry, as well as the opportunities and threats. It also offers an insight into key company strategies, consumer groups, and looks at the industry's performance.
Reasons to buy:
- Gain an insight into the online travel industry's leading players.
- Understand the key traveler types online travel companies can look to attract
- Look at the market and understand its dynamics
- Gain a detailed understanding of the key trends, issues and challenges facing online travel companies