Thursday, 19 March 2015

Advances in data, analytics and technology are creating exciting opportunities for growth in APAC’s travel industry

Asia is a complex and fragmented market with vastly different types of consumer behaviour, languages and cultures. With rapidly changing technological development, the increase of low cost carriers in the region and the capability of the middle class to travel further, the possibilities of travel in Asia are becoming limitless.

 But the question remains, how can travel brands tackle such a diverse market? 

The revolution in data and analytics is changing what brands know about their customers. At the same time the growth of mobile use by travel consumers’ means that travel brands can service and sell more and for longer. According to a study by LeNovo, about 59 per cent of the respondents in Asia said they searched for travel accommodation online via mobile devices – 13 per cent above global average.  

 However, as Tim Gunstone, MD, EyeforTravel highlights, “In the battle to win the travel customer, if you don’t use both mobile and data to send contextualised communications then you risk losing customers to the travel companies that do”. In a recent interview with Tarandeep Singh, IHG’s Director of Revenue Analytics for the Asia Middle East and Africa (AMEA) region he said “data analytics have been able to rewrite our consumer segmentation and break it up by every brand to ensure we are talking to the right audience at all times,” This enables the group to target far more accurately with much higher conversion rates than a few years ago. 

 All this change means that established business models are showing signs of failing and huge opportunities are in place for the brave and insightful. New business models from start-ups such as TravelMob, HotelQuickly, Stayzilla, GrabTaxi and many others could potentially grow into billion dollar industries.  

 EyeforTravel’s 17th Travel Distribution Summit Asia couldn’t come at a more opportune time. Taking place in Singapore, 20-21st May, it will aim to bring together some of the leading APAC experts. 

The changes in the industry mean that the travel professional needs to fundamentally re-visit and discuss how they can work together effectively and profitably.  If they don’t, they risk facing commoditisation of their product and missing the huge opportunity to use data and analytics to increase ancillary product sales. 

For years, EyeforTravel’s TDS Asia event has been the educational meeting place for the innovators in the travel industry.  This year is no different, but we also have added into that mix some of the biggest brands in travel to brainstorm on the future of APAC’s travel.

 Marketing, innovation, technology, analytics, RM and mobile experts from all branches of travel use this event as an annual meet up to predict the future of  travel in the region and to network in view of profitable partnerships.

By Mariah Assuncao, Global Conference Director, EyeforTravel