How to get the most out of your travel technology investment
In our digital world, technology is at the core of the successful running of most businesses.
And, over the past 2 years, it has been at the forefront of the travel industry.
Innovations in tech have helped to regain consumer confidence and restart the sector, and tour operators have had to adapt to drastic transformations.
But what types of technology should you focus on? And how can you make the most out of your travel technology investment?
Read on to find out.
The state of travel technology
Travel companies are embracing innovations in technology, and this trend is set to continue.
During the Covid-19 pandemic, the demand for and use of cutting-edge technologies sped up rapidly. The use of digital certificates, digital tickets and contactless payments was crucial in helping the travel industry to bounce back.
Hospitality Net reported that 2 in 3 organisations moved to more cloud-based business activities in response to the pandemic. Cloud-based technology is only the beginning of the reshaping of the industry, and tourism companies must embrace a more connected, scalable and flexible digital infrastructure in order to grow.
The impact of technology on tourism is huge, and it can provide many benefits for both travellers and travel companies, such as saving time and money, streamlining business processes and gaining useful insights into consumer behaviour.
Travel technology solutions
Whether you are a startup or an established travel brand, technology can assist in many areas of your business. There are an array of solutions on the market that are set to transform the industry as we know it.
- Online booking engines
Used to make and manage travel reservations, integrating products such as flights, accommodation and activities and often provided by a SaaS (Software as a Service) company. More on online booking engines here.
Artificial Intelligence in the form of chatbots and virtual assistants can give consumers a smoother and more personalised booking process. AI is also used to acquire and analyse valuable customer data in order to optimise business strategies.
- Mobile technology
Mobile apps such as Google Maps, Google Translate and Uber as well as airline and accommodation providers’ own apps can assist travellers throughout the pre-booking, travel, and post-travel stages.
- Internet of Things
The use of smart objects and appliances help to streamline and personalise the travel experience.
- Augmented & Virtual Reality
Being used to create immersive travel experiences. For example, virtual tours of luxury hotels such as Atlantis, the Palm in Dubai allow travellers to explore their next holiday destination from the comfort of their homes.
Technology such as facial recognition is set to create a seamless experience in airports, transport hubs and hotels.
- Financial technology
Digital wallets, virtual credit cards, contactless payments and BNPL (Buy Now Pay Later) providers are just some of the innovations in financial technology.
- High-speed internet
Widespread high-speed WiFi & 5G networks have transformed the industry, allowing travellers to have internet access everywhere they go. This is also essential for the growing number of remote workers and digital nomads.
Should your tour operator invest in technology?
The simple answer is yes.
While technology has helped to empower consumers themselves, tour operators must ensure that they utilise the most innovative software solutions in order to compete and keep up with demand.
There are many different types of travel technology solutions that require little investment and provide great results. Identify your business goals and budget and consider which type of technology makes sense for your company before investing.
KPIs to track in travel technology investment
- ROI (Return on Investment)
- Conversion rate
More on conversion rates here.
- Cost of sales percentage
- Engagement rate
- Activity rate
The case of TripBuilder
As we already discussed, online booking engines are one of the most efficient ways for travel companies to manage their customer’s reservations.
Nezasa’s TripBuilder software is a seamless and innovative solution that can streamline the entire booking process, allowing you to plan, book and manage hyper-personalised and flexible itineraries, all on an easy-to-use online platform.
Our automated software means that customers can make bookings 24/7, increasing sales opportunities and saving you time and money. For more information on our cutting-edge products, be sure to check out our website, and to keep up with the latest travel news don’t forget to subscribe to our blog.