The Road Ahead For the Travel Industry and Our World
The COVID-19 pandemic has had a devastating effect on the world economy. However, things have started to get better after 2021. So, travel agencies, their employees, and travellers should be ready to capture the opportunities that will inevitably present themselves after the COVID-19 storm begins to settle and we return to normalcy.
The Worst for Travel and Tourism Industry Is Behind Us
COVID-19's economic effects on organizations and employees have been much worse than the financial crisis of 2008-9. In the aftermath of the coronavirus pandemic, few industries have suffered as much and as quickly as the travel and tourism sector.
The unforeseen effects of the coronavirus pandemic on travel and tourism worldwide have meant that we have had to inevitably part ways with many upcoming and dynamic travel and tourism companies. However, many have stayed resolute in their mission and it may start to bear fruit soon.
The impact of COVID-19 on the travel industry is undeniable. The WTCC also estimates a loss of $2.1 trillion in revenue in the travel and tourism industry due to COVID-19. Tourism and travel is unarguably the worst-hit sector, with the ban on international flights almost entirely shutting down this sector.
However, the return of the good times for the tourism and travel industry may not be as far off as originally anticipated.
The success in controlling the COVID-19 pandemic has meant that many countries have opened up completely for their residents and now the plan is to get their country’s tourism industry rolling once again. The tourism industry is the lifeline of several countries’ economies and therefore getting it back on its feet is critical.
Many governments have already prepared SOPs for all those who wish to visit their countries for tourism. Being fully vaccinated with approved COVID-19 jabs and testing negative for COVID-19 before boarding a flight to the country is one of the primary requirements for travellers/holiday-goers.
All other countries with a low number of COVID-19 cases and related cases can introduce similar SOPs for tourists/visitors to get their travel and tourism industry back on its feet.
Opportunities for Businesses
Coronavirus has negatively impacted companies all over the world, with an overwhelming number of people reporting that it has affected their business adversely. However, what is interesting to note is that most businesses believe the impact of COVID-19 will be short-term, instead of long-term.
While companies are optimistic about the future, the reality is that corporations and businesses have suffered massively in terms of revenue since 2020. While there has been a recovery of sorts in 2021, most businesses expect sales and revenues to remain below 2019 levels for some time to come.
Perhaps, there is a need for countries and businesses to modify their strategies to discover and capture the new opportunities being presented by the COVID-19 pandemic.
For instance, an idea to kickstart travel and tourism that is gaining attention these days is ‘regional travel bubbles’. This is permitting travel between two or more neighbouring countries or countries within the same region once it’s safe to do so. Countries that have already entered into such a commitment include Australia and New Zealand, the Baltic States, Vietnam, and Thailand. These are countries/regions with comparatively low COVID-19 cases and deaths and therefore it makes sense for them to open their borders for travel within their region.
People travelling between these countries would probably want to know what parts of the destination country are safe for them to travel to (COVID-wise) and the availability of hotel rooms in these places. Travel agents planning the itinerary for these travellers will benefit from the use of travel and expense management software that can help clients find the right places to stay at the right prices.
A travel and expense management software can also be planned by travel companies to plan holidays for clients within the same country.
Countries like China and the United States are looking into the potential of ‘provincial tourism’ which is promoting domestic travel and encouraging vacationers to plan their next holiday within the country. Considering that there are a lot of tourist spots within both the United States and China, there is huge potential for domestic tourism to reach great heights in the coming months and years.
The Way Forward
As with all things, challenging days are the catalyst for positive change. Inevitably, we'll see a rise in the new travel industry: one that has a positive impact on both the economy and the environment. At the heart of this change will be COVID travel technology trends.
PPC advertising, social media marketing, mass media advertising, as well as in-house deals and commissions to travel agents, are all common marketing methods used by travel companies to drive clients to their sales channels. Each day, smart travel agencies use marketing effectiveness methods and algorithms to determine the best mix of marketing spend across different channels.
Many of these actions, however, are no longer useful. Attempting to attract new customers during periods of low demand is both costly and unproductive. Instead, any marketing budget should be spent on existing prospects using an innovative travel CRM platform.
Customers that are already familiar with your brand are more likely to respond to any contact or offer. As a result, advertising and communication efforts should be directed toward these people, with spending on platforms that bring in other customers put on hold to save money.
Travnet Tech has the perfect solution for meeting this need. Not only can our innovative travel CRM platform help you better manage existing prospects in your sales pipeline, but it also lets you win new customers by making it easier to manage CRM activities. This includes all kinds of requests and notifications. And we have only scratched the surface here. There are many more features of this innovative travel CRM platform for you to explore.