Big data has been the most promising technology in this era. All the major industries have adopted Big Data Analytics to make their business operations hassle-free. Among the industries, the most profitable one is Travel and Tourism.
This is going to be a never-ending industry that will have continuous profits. So, how has Big Data Analytics disrupted the Travel Industry? As one of the top-rated Digital Transformation Companies, we have discussed them in detail in this blog.
Impact of Big Data in Travel & Tourism:
Travelers would generate dozens of data in all their regular activities which includes searching for the desired destinations, planning for activities within the nearby locations, food and much more. All these details are to be recorded which can be completely managed by Data Analytics.
The collected data can be used as insights for making decisions about the industry in the future. Most of the Travel firms have already gone into Predictive Analytics to figure out the upcoming travel trends and implement them accordingly.
The best example to prove this is: “25% offer on your next trip with us”!
You would definitely get this message notification popped up on your phone if you are a regular traveler with them. This is happening purely because of Big Data Analytics! Right from your personal interests to suggestions, offers on the next travel.
So, what is Big Data assisting with the Travel & Tourism industry?
Managing the Revenue
Right off the bat, the major challenge is to sell the product to the customers instantly. The thing is, it should be sold at the correct rate at the correct channel. To make this happen, external data is a must.
The internal data include customer expectations, number of available rooms in a resort, number of available seats in a hotel, current bookings, nearby locations to visit, food availability, and much more. While the external data refers to other factors such as Weather conditions, flights/ other vehicle availability, local events, etc. Both these combined data is required to enhance a Travel & Tourism business.
These data are the predictive analytics report which can be used further to process in accordance with the user expectations. Hotels can thus maximize their rates on rooms as well as foods depending on the increased demand in the data.
It also helps in optimizing the business. It means that one can go ahead of the competitors and work fine to enhance the business with good revenue. Good revenue management will always require a combination of both analytics and future insights by also considering the competitors of your business.
Handling the Reputation
Most of the businesses fail when they lack a reputation. Running a travel and tourism business will require great customer service. It requires a lot of money, time, customer feedback insights, and much more. By considering all these as data, one can provide a good reputation.
One can save positive ratings & reviews from the customers which can be maintained as a portfolio. It can bring in new customers to your business. Added, they can also store the information of those travelers to drive their core services.
Moreover, there are multiple online platforms and social media websites where people can register their reviews. New customers will definitely look into these reviews before getting boarded into the resort/restaurants.
Big Data Analytics in Travel can provide smooth functioning, right from payment, billing, etc to make the operations fully robust. An enhanced and well-reputed business can make a huge amount of profits instantly.
Enhanced Customer Experience
Customer Experience is a major factor that influences every single industry. A loyal customer is an essential thing which a business has to gather. There are chances that they could influence other customers as well.
In particular, Hotels and Resorts are the premier industries that deal with customers in person compared to others. They would also work on multiple volumes of customer data, which can enhance the customer experience.
For instance, if your previous customers provide negative comments, you can address them with a positive smile. Similarly, consider those negative comments and try to rectify them which can improve your business.
Added, with these data businesses can make data-driven decisions. Businesses can make the required decisions based on the data and services which you provide.
Researching on the Latest Trends
Market Research is the next thing that has to be considered. It includes the main competitors of your business. You can check for their growth rate, their recent works, marketing strategies, and much more. You can check if you have done all these with the gathered data from competitors.
These data can help you in researching the strength, weakness, reputation, growth rate by comparing with your competitors. In addition to this, businesses can also grab the current trends in the industry and work accordingly.
Big Data Analytics Companies can also help other industries in making huge amounts of profits which includes meeting the future demand, optimizing business & prices, targeting the required markets, etc which can improve the customer experience.
With the gathered data, one can start targeting the required audience in a hassle-free manner. It includes data such as expectations, special interests, etc. For instance, there can be a couple of travelers whom you can come across. It can be a person along with the family who is looking to travel for vacation purposes.
While on the other hand, there are another set of audience who would travel frequently which includes business people, and professional travelers. So, check out your target audience and start targeting them accordingly.
Start understanding their requirements, make sure it is feasible for you, make broad market research, get valuable feedback from your previous customers, etc to take your business to the next level. This would help you in getting a loyal customer by satisfying their criteria.
We can expect a great improvement in Travel & tourism sector by implementing Big Data in the current era. However, other emerging and popular technologies such as Artificial Intelligence, Cloud Storage, Blockchain, etc are also taking an uprise here!
If you belong to such businesses and looking to Digitally transform this, we are here to help you! Being stated as one among the top Software Development Companies we can help you in achieving your business goals instantly.
Get in touch with us and let us know your requirements and help you in making them true!