Big Data Making Things Easier For Travel Industry
The worldwide travel scene is predicted to rise to 10 percent of the Global GDP within 2022 with a yearly revenue reaching to 10 trillion USD and in this contemporary digital age, we can expect much more efficiency with such a magnum industry with effective incorporation of Big Data. In fact, it won't be wrong to summarize that given the massive consumer insight offered by the Big Data, it's impossible to ignore it. Smart travel agencies at large, as well as, airline companies, railways, cruise companies as well as hotels are all taking to Big Data these days to maintain their competitive edge in the market.
Versatile sources for Big Data
Sources are many and varied for collecting Big Data. One is the browsing history of potential customers on major search engines, flight & hotel bookings, unencrypted surveys, information derived from credit card, inputted addresses- all act as major source for Big Data on consumers. Then, of course, who can forget the vast spread of data scattered across the social networking profiles? Thus, it's never tough for travel businesses to gather the Big Data & peep inside the customers' minds.
Why Big Data is so important?
Predictive Analytics
The most important benefit of Big Data for travel or for any industry as such – is that such a large database helps with predictive analysis. The database gathered offers a full-fledged picture of the customer's activities, behavior pattern, search queries and even likes or dislikes. This way, it becomes easier for travel companies to predict what the customer might expect or look for while planning to travel. For example, if the data on a particular customer shows that he loves to gorge on pizza, it can be assumed that he would prefer a travel to Rome. Based on that data, a travel agency or a travel management company can forward him links of top things to do in Rome.
Personalization of travel offerings for customers
This is definitely the most important benefit Big Data assures for travel industry. The aspiring traveler or the client, like any industry, is the most important focus for any company related to travel industry and the greatest application of the Big Data for travel industry lies in easy personalization of travel offerings- matching up with every category of customer base. The Big Data aggregated & analyzed enable travel companies with better decisions on what to offer to customers, as per their specific preferences. This way, it saves the travel companies from forwarding generic offers to customers that might not always appeal to the specific wants of a traveler.
For example, Big data analysis is largely taken up by travel companies while forwarding hotel deals or data to customers while they are booking hotels online. The data gathered would help to make informed assumption on whether a target customer would need a pet-friendly hotel or a 5 star resort only.
In short, Big Data helps the travel companies to comprehend ongoing requests or wants of the customer base, track patterns in the consumer behavior & then package offerings which they might look up to in near future.
Enhanced business experience
When you can give the client something they are expecting without them having to look for it on own, it always assures happier customers that in turn signifies enhanced business for you. As Big Data is helping the travel companies to present the customers with personalized offers based on analysis of their database- it automatically pulls in ready loyalty from customers and better conversion rates for the companies.
Winding up, it can be said, Big Data analytics will always make a travel company more knowledgeable, profitable and effective in all major areas of the business- including, operations, marketing, revenue & risk management
