With the rise in online travel and hospitality offerings, the travel and hospitality industry is transforming its services leveraging data aggregation services. 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 and Hospitality companies that have knowledge of their customers’ online spends can make better business decisions. 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 the travel and hospitality industry. The key benefits can be summarised as below.
Data aggregation helps to take better internal as well as customer-centric decisions and speed up the decision-making process. The Travel and Hospitality Industry is meeting the rising demands of customers by forecasting customers’ needs.
Big data and data analytics are enabling companies in this sector to understand customers’ preferences and provide them with the best travelling experience. Data analytics techniques help in finding customers’ interest in travelling to a particular destination.
Leveraging Data Aggregation Services for travel Hospitality Businesses can
- Manage future travel demand of customers’
- Target specific 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 aggregating service helps in strengthening the relationship between the buyers and customers by offering better-targeted products and services. Predictive analytics help 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 modelling to target the right customer at the right time. Most travel providers are using a 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 travellers
- View market demand by active online users
- Offer best travel package with maximum marketing returns
- Use predictive insights to get more bookings on the 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 enable 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 aggregators, companies can make business decisions and take strategic initiatives to drive tourism from online bookings that enhance revenue. It helps in transforming insight into action for targeting marketing.
Data aggregators 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
To ensure benefits from data aggregating, 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 the Travel and Hospitality Industry need to have an in-depth understanding of:
- Market and consumer trends
- Customer demographics for destination or hotel
- Customer demand
- Grievances and Sentiment Analysis
Future might have all the Travel and Hospitality companies going for Big Data implementation to provide customized and personalized service offerings to various identified categories of customers. To ensure this, companies will be leveraging big data using data aggregators.
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 this industry to survive the competitive environment readily created by the early movers.