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Travel and Hospitality industry is progressing ahead with opportunities for innovation. With rise in online travel and hospitality offerings, travel and hospitality industry is transforming its services leveraging data aggregation services. The industry is strategically using big data to take smarter business decisions. Data Aggregation Services are especially required in the Travel and Hospitality industry for concise predictive analytics, enterprise decision making, price and promotion modelling and others as well.
Travel & Hospitality companies that have knowledge of their customers’ online spends can make better decisions on service offerings, boost sales, manage rates, bridge the gap between lead time and improve efficiency. Data Aggregation promotes smart strategic planning, tactical decision-making, and organizational effectiveness. It provides qualitative as well as quantitative research on evolving market dynamics that influence travel and hospitality industry. This information is of great relevance to professionals from travel and hospitality domain including senior executives, marketers, strategists, and research professionals. The benefits are discussed as below:
Several traveling companies are using Data Aggregation services to speed up decision-making process. Data Aggregation helps to take better internal as well as customer centric decisions. Travel and Hospitality Industry is meeting rising demands of customers by forecasting customers’ needs.
Big data and data analytics are enabling companies in the travel & hospitality sector to understand customers’ preferences and provide them best travelling experience accordingly. Data Analytics techniques help in finding customers’ interested in travelling to a particular destination.
Leveraging Data Aggregation Services, businesses can:
- Manage future travel demand of customers’
- Target specified markets
- Target just the right consumers during a particular period
Concise predictive analytics is helping players in the travel industry forge better customer relationships. Data Aggregation helps in strengthening the relationship between the buyers and customers by offering better-targeted products and services. Predictive analytics helps in finding most favourable destinations, tourism packages, lodging and dining preferences for each customer. With the help of Online Analytical services as price prediction, the probability of purchase increases. Online travel advertising offers customer centric services by targeting the right audience at the right time.
Price and Promotion modeling
Online travel agencies are employing Price and Promotion modeling to target right customer at the right time. Most travel providers are using certain type of intermediaries such as Criteo or Facebook, to publish their online travel ads for price and promotion modelling. Collaborative filtering algorithm is being used by Criteo to provide the best travel deals including air tickets and hotel stay. Social-based advertising is being used by Facebook to target ads across its wide user-base.
Companies use Price and Promotion modelling to:
- Lower, raise or hold rates depending on the number of expected travelers
- View market demand by active online users
- Offer best travel package with maximum marketing returns
- Use predictive insights to get more bookings on company’s website
Data Aggregation Services enhance marketing decision-making by offering patterns of how customers shop for travel tickets and hotel accommodation, online. Business Intelligence provides insights that enables in making decisions that enhance visitors and ROI. These customers’ insights and analytics when combined with actionable marketing and management reporting improve business performance.
With Data Aggregation Services, companies can make business decisions and take strategic initiatives to drive tourism from online bookings that enhanced revenue. It helps in transforming insight into action for targeting marketing.
Data Aggregation Services help in:
- Designing marketing campaigns
- Refining advertising and remarketing
- Launching email campaigns to target markets
- Customizing web and social content to target persons
- Informing hotel members of upcoming need periods
- Executing Targeted promotions
Companies in the Travel and Tourism industry can get benefited from Big Data analytics. These companies should use Data Aggregation for keeping track of customers’ preferences, competitive rivals and emerging trends in the industry.
Company Analysts and Executives need to consider and implement emerging trends in the Travel and Hospitality industry. Data Aggregation Services should be used for better decision making. To ensure benefits from Data Aggregation Services, businesses need to transform their operational processes, employee skills, decision making styles and corporate cultures. This may lead to drastic transformations but will lead to enormous benefits. Employees adept at data management, business analytics and solving other business problems need to be hired.
Companies in Travel and Hospitality Industry need to have in-depth understanding of:
- Market and consumer trends
- Customer demographics for destination or hotel
- Customer demand
- Grievances and Sentiment Analysis
To gain competitive advantage, companies need to have a travel intelligence platform along with in-depth technical expertise in travel industry. Analysts and Industry leaders need to implement targeted media campaigns that reach customers in the form of audio, video, or graphic formats through multiple channels. Customized Social advertising needs to be carried out to reach wider audience.
In future, all the Travel and Hospitality companies will need to go for Big Data implementation to stay with the times in harnessing the power of Big Data Analytics in providing customized and personalized service offerings to various identified categories of customers. To ensure this, companies need to leverage big data using data aggregation services. A futuristic approach keeping in mind consumer preferences and lifestyle is needed to stay ahead in the competition. Businesses in the Travel and Hospitality sector need to understand the evolving dynamics of travel and hospitality industry. Online Travel and Hospitality businesses carry abundant data in the form of cookies, log files, and other sources. The need is to utilize this data strategically and offer customers an enriching travel experience as per their preferences. Understanding future travel demands will enable businesses in the Travel and Hospitality industry to survive the competitive environment readily created by the early movers.