How Travel and Tourism business can revive after the Coronavirus Crisis
According to the World Economic Forum (WEF), the travel and tourism industry is one of the largest economic sectors, generating $8.8 trillion annually. Travel and tourism sector has been a key contributor for several global economies. Before the coronavirus crisis, tourism was one of the most successful and profitable industries of the decade.
But since the spread of COVID-19, everything has changed. Citizens all over the world are put in quarantine and everyone is assessing how likely the pandemic is going to affect industries and businesses globally.
The impact of the Coronavirus outbreak on the Travel and Tourism industry is the most severe one.The loss to the corporate travel industry alone is estimated at $46 billion per month, and when we include leisure tourism these figures increase considerably.
This significant impact on the global tourism industry directly affects travel companies and service providers. Flights have been grounded, borders are sealed and COVID-19’s spread has significantly derailed global businesses, industries and livelihoods.
But the looming question at the moment remains: What does the future of travel and tourism look like, and how will it influence the global economy once the dust has settled.
Furthermore, questions on mobility have become quite imperative.
If you have been wondering what will travel be like after the Coronavirus crisis or will travel come back after the Coronavirus outbreak, the answer is, it most certainly will.
Coronavirus will be defeated, quarantine will be over and travelers will be keen on exploring different corners of the world. And all travel businesses should be prepared for this.
In the wake of this crisis, a growing number of organizations are focused on enhancing operational performance, introducing technology solutions, partnering with startups to streamline organizational processes, increase productivity and even reduce losses.
Tourism business after the Coronavirus outbreak can come back stronger than ever and Digital products development companies can help them ‘turn lemons into lemonade’, and reduce economic losses. Companies that use this opportunity to experiment with technology and go mobile will be the first to reap the benefits as the fear fades.
According to Statista, by the end of 2020, spending on global leisure tourism will reach 5.130 billion US dollars, and that number is estimated to grow further.
Time to go Digital
Digitalisation is a major phenomenon that can not be overlooked anymore. If you catch the wave and build something new and innovative, then you can take your business to the next level.
Travel and tourism has been a highly resilient industry. It has bounced back from diseases and natural disasters over and over again. Infact, a recent survey reveals that travel is alive and well.
58 percent of Americans expect to fly between May and September 2020, as long as their destinations are not in quarantine. And a plethora of high-value travel packages will be available to entice travelers once the dust has settled down.
So, think about your clients, and how you can make their experience faster and better. It can be an application to arrange a trip, to book tickets for flights or apartments abroad. It can be an app to connect a tourist to a local guide, or the most interesting sightseeing routes, all in one app.
You may dabble in completely new innovations and tech developments by leveraging voice recognition, VR, Internet of Things, and Artificial intelligence into your solutions.
You may also consider creating your own custom CRM or some cloud-based system for more easy access to data, applications for managing and preparing the workers, etc. to to automate the routine processes. There can be an array of solutions to match your unique business needs.
While the current situation of the Coronavirus outbreak on the travel industry is not favourable, you should not give up or remain inactive.
Now is the time to optimise your business and go digital. Every business is about the future and the possibilities are many, if only you take a step forward.
According to Tourism Economics, once the situation has stabilised we can expect a rapid recovery since travel demand has proven resilient in bouncing back from downturns in the past. Travel levels are expected to fully recover by 2023.
Travel companies shouldn’t be waiting around- most are ripping out roadmaps for this year and strategizing all over again, which includes changing out marketing plans and focusing on product, engineering and innovation at the moment.
For instance, FlexiPerk allows users to cancel or change their travel bookings for any reason and get back at least 90 percent of the money, if they ever do. Over the past few weeks, FlexiPerk has really been on fire — both in terms of usage, those who are already on FlexiPerk, as well as new sign-ups.
Another example of an app is Wishbox. It is known for providing guest experiences. The system allows guests to check in electronically before they arrive at a place, automating the collection of information such as document scanning, e-signing and payment.
The system also offers an online store that allows hosts to upsell additional guest services, manage guest feedback and develop a branded app for direct guest communication.
It is established that after this crisis the traveling landscape will eventually change. Now is the time to really concentrate on technology and innovation- iterating and improving your product and giving your customers a better search-discovery experience and more personalized, rich content.
Travel and the urge to travel is inherent, and hence it will never go down. Demand would rise even more rapidly after the outbreak is over and you should be ready to seize that opportunity with futuristic and digital travel app solutions and stay ahead of the competition.
