Wednesday, 13 February 2019

Why demand-based data matters

Demand-based analytics promise a step-change in travel brands’ capabilities, unlocking huge insights that will allow brands to better target consumers, build superior products and adjust faster to changing patterns says new research

Demand-based data is increasingly important and can allow travel brands to become both more agile in the short-term and better prepared for long-term trends according to the new Understanding Customer Behaviour Through Demand-Based Analytics white paper from EyeforTravel and Datumize, which is free to download now. Looking at ongoing demand patterns will arm travel brands with a wide-range of capabilities, such as more responsive marketing, better-adjusted pricing, more personalised products, superior forecasting capabilities and increased planning capabilities.

This kind of data is of utmost importance to a youth brand like Contiki, part of The Travel Corporation’s agglomeration of 30 international brands. Raj Dhawan, senior executive, technology at The Travel Corporation, explains that understanding and forecasting demand is critical to keeping Contiki’s catalogue of offerings appealing and up-to-date.

“The one area that we look at regularly is search terms on our website – the cities and countries where people are searching,” he explains. “That may result in us culling some trips and destinations or increasing our inventory on those destinations.

“There are areas and destinations that are hot in the market versus those that are not, and every year that changes a bit. Based on that, our product changes to some extent, with variations that could appeal to the audience that we have.”

Building on this monitoring, the business is experimenting with a machine learning pilot to give these learnings a concrete and immediate use: Depending on patterns of searches, for example for a particular area or cost bracket, Contiki customers will see a website personalised for their type of customer.

“When people search for certain terms, the website is curated based on this,” says Dhawan. “That’s something we are piloting, and that uses machine learning and the search product on the website.”

This is just one example of the insights from brands featured in the white paper. Download the full research now to get more from industry leaders, including Europcar, IHG, Thomas Cook Hotels & Resorts, Vueling and W2M.

Demand-based analytics promise a step-change in travel brands’ capabilities, unlocking huge insights that will allow brands to better target consumers, build superior products and adjust faster to changing patterns. To understand how to unlock the value contained in demand-based data, download the Understanding Customer Behaviour Through Demand-Based Analytics white paper now! It includes:
  • Real-world examples and case studies
  • Industry survey data
  • Data-based techniques and areas of focus that can improve business performance immediately
  • Expert insight.

This white paper features insights from:
  • Europcar
  • IHG
  • The Travel Corporation
  • Thomas Cook Hotels & Resorts
  • Vueling
  • W2M.


Monday, 11 February 2019

Are travel companies ready for the digital revolution?

Travel companies are struggling to transform themselves for the digital age, with digital transformation, technological and data siloes and internal data quality their top three internal challenges

According to the World Economic Forum, digitisation in the aviation, travel and tourism industries is expected to create up to USD305 billion in value through increased profitability up to 2025. This should make digitisation a key priority for the travel industry, however, achieving a strong platform to do so is proving difficult for travel brands. This is one of the findings from the new Understanding Customer Behaviour Through Demand-Based Analytics white paper from EyeforTravel and Datumize, which is free to download now.

In a major survey of the industry featured in the white paper, travel suppliers (accommodation, car hire, cruise, ground transport, airlines & tour operators) said that their greatest internal issue is digital transformation (34.4% of respondents). This is followed by technological alignment (30.5%) and the perennial concern of data siloes and internal data quality (29%), both of which are critical to achieving a digital brand fit for the 21st Century.  

“Our data and the industry interviews conducted for this white paper suggests that a significant proportion of the travel industry is struggling to construct the necessary infrastructure to create strong digital brands,” said Alex Hadwick, Head of Research for EyeforTravel. “Stringent data practices increasingly underpin the modern travel sector, which is emphasised by our finding that the most important trend for travel suppliers right now is GDPR and cyber security, followed by big data and analytics. There is huge value to be unlocked but brands need to get the basics right first by complying with regulations, creating secure, structured and accessible databases and measuring the right metrics.”

The research recommends that brands move data into the cloud and focus on getting a picture of total demand. This is the approach of hotel giant IHG: “Before we had a big data platform, we weren’t able to store and analyze our availability requests,” said Jeff Garber, vice president of revenue management systems at IHG during the EyeforTravel 2018 Digital Data Europe conference. “We had a lot of information about reservations, and customers that had made reservations. As we bring more data into that big data platform, we can really understand the choice model. Our next step is merchandising and being smarter about what people aren’t buying so that we can reduce the clutter we are showing to them.”

Demand-based analytics promise a step-change in travel brands’ capabilities, unlocking huge insights that will allow brands to better target consumers, build superior products and adjust faster to changing patterns. To understand how to unlock the value contained in demand-based data, download the Understanding Customer Behavior Through Demand-Based Analytics white paper now! It includes:
  • Real-world examples and case studies
  • Industry survey data
  • Data-based techniques and areas of focus that can improve business performance immediately
  • Expert insight.

This white paper features insights from:
  • Europcar
  • IHG
  • The Travel Corporation
  • Thomas Cook Hotels & Resorts
  • Vueling
  • W2M.