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Insurance Article

How Has the Travel Industry Evolved?

April 14 2017
Digitalisation has transformed the travel industry

Read on to know how the rise of technology has completely revolutionised the way people travel

The continuous evolution of information technology has revolutionised the way people travel with traveller personalisation scaling new heights. The emergence of online travel agencies and mobile travel apps has been the game changer in the travel industry. Besides, simple visa reforms, ease of getting passport, dip in flight fares, etc. have given a boost to the global travel industry.

India too has an excellent opportunity to benefit from visa reforms and infrastructure improvements under the new government. In a recent interview, David Scowsill, president and chief executive of the World Travel and Tourism Council (WTTC), said that India’s projected tourism growth was the highest for any major economy.

Investment in the travel and tourism sector in India is likely to increase by 9.3% in 2015 over 2014 when the sector accounted for ₹2.11 trillion, or 6.2% of total investments. It should rise by 6.5% per annum over the next 10 years to ₹4,337.8 billion in 2025 or 6.9% of the total. The travel and tourism sector also has the potential to contribute 46 million jobs to the Indian economy by 2025.

Travel Agents (Offline vs Online)

Travelling is the meant to be fun and relaxing. However, planning a holiday earlier wasn’t as simple and you had to visit a local travel agent. Relying on the travel agents’ recommendations would set your travel agenda. Manual bookings, closed-eye trust, and cash payments were the norm for the travel industry. However, today, thanks to the breakthroughs in technology and high-speed internet, you can plan your own holiday, book your tickets, and make secure online payments. Information technology has opened a completely new world of possibilities and options that were merely dreamt of at the turn of the century.

Easy Access

As the industry and intelligence expanded, internet became the source of information and help for everyone. All the information that you want to know about a place is just a click away. The growing internet traffic has paved the way for online travel agents in the form of websites, blogs, and apps. The availability of travel information online, ease of flight and hotel bookings, competitive pricing, and others has adversely affected the business of offline travel agents.

Importance of Feedback and Rating

These days travellers from all around the world can access online agents and leave their feedback on their portals. People with negative feedback are allowed to post their grievances on the website itself for others to see. Most apps and websites employ star ratings for a simple and quick reviewing and rating process. These ratings allow others to check whether a particular website or online agent is reliable or not. This has significantly eliminated the chances of online frauds while planning travels itineraries, and booking tickets and hotels.

Emergence of Travel Apps

In today’s world our social, and leisure lives are completely entwined with mobile devices and apps. Travel companies also understand the same fact and have started using apps as a way of targeting customers through customised services, special offers, promotions, discounts, and other benefits. Travel apps provide travel companies with an instant and intimate way to stay connected with their customers before, during, and after a trip.

Benefits of Online Travel Agents

Whether it is requesting feedback about a holiday a customer booked online or getting information on the trends in travel and tourism, online travel agents offer travel companies a channel to nurture their customer relations. Besides, they help travel companies to expand their existing customer-base via word of mouth on social media or through travel review websites.

Although the travel industry has evolved tremendously in the past decade, yet the risks associated with travelling abroad remain unchanged. Things can go awry at times on a trip abroad and thus it is recommended to have an international travel insurance to protect you in times of need.

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