The travel industry is growing fast and expected to touch $23 trillion in the next decade. The industry has witnessed a lot of change in the past decade and continuous to see improvements thanks to technological advancements. Big Data is a leading factor steering transformation in the travel industry.
The travel industry faces big challenges in terms of customer demands, delivery of services, along with reliability and safety. In a highly competitive environment, the leading travel companies use the wealth of data available to deliver value to their stakeholders. The industry collects invaluable data at every step of the journey – customer information, transactions, check-ins and preferences, among others. The increasing adoption of mobile apps and websites backed by powerful cloud and data storage solutions have enabled travel companies to deliver better services, helping them improve profits, cut losses and improve customer engagement.
Big Data offers the following solutions for the travel industry:
- Discovery analytics – Thanks to the many new data sources available, organizations can use it to discover areas that lead to better customer engagement, higher reliability and reduction of losses. It helps travel companies predict patterns which can be used to optimize service delivery and offer personalized solutions to consumers.
- Loyalty programs – Big Data can be used to drive loyalty programs at travel companies. Loyalty programs can be helpful for gathering valuable consumer information. Companies can use insights generated through this data to increase loyalty, sales and personalized promotions. This leads to increased customer acquisition and retention, along with profits.
- Pricing strategies – Through various data streams, your business can implement optimum pricing strategies. For an industry so sensitive to fares, pricing strategies can be a game breaker for your business. Through rapid analysis of historical fare data, competitor prices and demand, you can offer fares that benefit both your business and customers.
- Predictive analytics – Through data gathered from sensors and other equipment, you can reduce downtime and predict failures more accurately. You can use these insights to schedule preventive maintenance for aircrafts and can improve equipment life and reduce maintenance expenditure. It builds reliability and consistency in your systems.
Just like your business, e-Zest believes in giving a smooth ride to our partners. We help you make the most out of your business data. Our big data solutions for travel industry have assisted many companies to move away from the traditional, manual approach to a modern, data-driven approach.
Come and experience the difference with e-Zest. Drop us a mail at firstname.lastname@example.org and our representatives will get back to you.