Big Data

What are the Significance of Big Data Analytics in Travel Industry?

In the age of knowledge and content, data is no less a currency. Customers, through their transactions, are leaving a massive amount of data, or big data, in all the industries. This data, which is only getting more enormous in size by the day, has the key to unlocking vast unexplored opportunities, and businesses have started to realize this.

Big Data Analytics

Like many other industries, the travel industry has also begun to leverage the power of operational data analytics to streamline operations, improve business efficiency and deliver an exceptional experience to the customers.

The key aspects of the travel industry that big data and analytics and revamping and upgrading as below:

Unprecedented Customer Experience

Unlike in the past where the quality of customer service was determined by how efficiently and quickly the demands of travelers and guests were met. But big data has set the standards much higher. Today, hospitality companies can utilize the available information about their customers, including from social platforms, and deliver a much superior customer service.

The data can help them conduct a peer group analysis and be proactive rather than reactive by letting them know what the needs and preference of their customers are.

Accurate Pricing

Pricing plays a crucial role in the travel industry. It’s one of the most important criteria in selecting travel and stay, especially when it’s a budget travel. Travelers often filter down their options for flights and hotels by prices and compare the options.

Big data and analytics have been helpful in facilitating a centralized repository of real-time prices by hotels, flights, location, time etc. This helps the travelers make an informed decision about the booking and give them a peace of mind. You can also join Institute for Big Data Hadoop Training.

More Effective Marketing

The travel industry is churning amount a colossal amount of data every day about the customers. Generally, this data is in an unstructured state from which analytics pulls out valuable actionable insights.

Travel businesses are focusing on this data to know their customers better and craft personalized marketing campaigns based on their preferences. Big data and analytics are also helping them identify the optimal messaging, timing, location and channel to grasp the interest of prospective travelers and maximize the ROI on their campaigns. This is enabling them to design more targeted marketing strategies and generate much higher returns when compared with traditional mass marketing approaches.

Enhanced Services

Analytics uses travelers’ data to understand their expectations and purchase behavior and empowers travel companies to improve their services to meet the required standards.

Additionally, the companies are also referring to social platforms and discussion forums to analyze what their customers are talking and what it is they are looking for. Social media has immense strength today and it has empowered people to share their views, ratings and feedback with thousands of other people in real-time. Since more often than not, new purchase decisions also involve referent to online reviews, travel companies are taking it more seriously to ensure that they leverage this data optimally.

Possibilities arising from the application of big data and analytics can only be imagined as of now. Experts suggest it’s only the beginning. Big data analytics has volumes of pleasant surprises for the travel industry in the future.

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