In 1916, a renowned American poet Robert Frost wrote a poem in which the speaker stood in a forest with two roads diverging. He was wavering which path was a better one.
One hundred years later, tourism businesspeople do not have to face that dilemma anymore, largely thanks to PATA’s bi-annual report on key factors affecting the evolving landscape of the travel and tourism industry – ‘Issues & Trends’.
The latest issue, Volume 24, 1H2019, is titled ‘Harnessing Digital Disruption for Success in Travel’ and authored by Caroline Bremner, Head of Travel Research of Euromonitor International, a global market research company providing strategic intelligence on industries, companies, economies and consumers around the world.
Packed with insightful and up-to-date information of digital trends, entrepreneurs will be able to get a better picture of the travel business direction in this dynamic digital environment where only travel brands with bold vision and agility survive.
This report will closely look at how travel brands are leveraging new technologies such as biometrics, artificial intelligence, Internet of Things, and the blockchain technology. Here’s an excerpt from the report:
“By 2021, over 50% of the world’s travel sales will be made online, and the importance of providing an omnichannel approach to distribution continues apace. Pure play digital giants such as Expedia and Booking.com are expected to continue to outperform the industry, thanks to data-driven insights that have allowed improved operational efficiencies and continuous improvements in engaging with consumers.
To date, Booking.com has outperformed the market for online travel by a factor of two, whilst Expedia, the larger player, has improved by a factor of 1.3. Meanwhile, Ctrip has outgrown the market five-fold, benefiting from exposure to the dynamic Chinese market and high levels of investment in AI, big data, and the cloud. Ctrip has dubbed this the “ABC strategic pillar.”
Please note that the report is complimentary to PATA Members.