Travel technology: a potential growth driver for the travel industry
Article by YOURSTORY
The modern consumer is evolving constantly. With their growing affinity to the digital, their progress from one stage of the technology adoption lifecycle to another has been impressively quick. But technology hasn’t entirely altered their consumption habits, as a large number of consumers seek the human touch when it comes to consuming services such as travel.
It, therefore, becomes vital for travel companies to ensure quick and efficient delivery of products and services, while facilitating a highly seamless and convenient experience of transacting through both digital, as well as non-digital channels, in order to acquire new customers.
Hence, in today’s digital landscape, companies investing in enhancing their technological capabilities are doing so first and foremost to ensure exceptional service delivery to consumers, rather than to catch up with the competition, which was a strategy most travel companies hitherto adopted.
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Technology’s role in customer experience, however, doesn’t end at simply acquiring the customer. Rather, it’s only just the initial step in what is a long and continuous process. Brands need to retain customers and build trust by creating additional value through constant and relevant communication.
AI, chatbots, and multi-channel service delivery: the holy trinity for new-age travel technology brands
Together, Big Data and AI can perform multiple functions simultaneously. While Big Data algorithms can scan through large sets of data and extract relevant information, artificial intelligence-driven tools such as machine learning can apply predictive analytic algorithms to identify patterns within these data sets to draw actionable insights. This enables travel companies to create micro-targeted marketing campaigns that have a higher probability of generating greater ROI for the brand.
Personalisation of products, services, and communication by leveraging consumer data and insights are among the key applications of AI. Analysing a customer’s online or offline purchase behaviour in the past can help travel companies choose the most effective ways and channels on which to reach them in the future, enabling travel brands to create additional value for customers through tailor-made offers based on their preferences. Machine learning tools like Natural Language Processing (NLP), coupled with predictive analytics and deep learning algorithms, can analyse a customer’s online activities by leveraging non-conventional sources of data, such as social media. For instance, any picture or post users like/share on Facebook or Instagram, or even a page they follow, can offer deep insights into their own behaviour as customers. It is through such acquired insights that a company can develop appropriate content and deliver it to the customer on the channel of their preference.
