Navigators of Change Roundtable: Decoding the Future of Travel
Passports remain stowed away, vaccination certificates are a must, and PPE kits shall be distributed on every flight. For how long, is unknown. Amidst the uncertainty of the pandemic, only the brave seeks travel and adventure.
Some are projecting only blue skies for the future of travel. They believe that we will travel and learn to do it even better.
The silver lining to this pandemic cloud is the technology emerging to make travel and tourism more inviting. The industry is reimagining our travel experience with a contactless end-to-end journey. Upcoming innovations are geared towards making skies more friendly to fly, hotels more appealing, airports more convenient and overall travel more engaging. After all, travel should be a joy for the entire ecosystem.
But how long can technology save our travel scenario? Is a digital transformation the all-in-one solution for travelling issues in the pandemic? What is the future of travel?
- The pandemic has led to accelerated growth and quick adoption of technology, especially AI/ML/automation in the Travel and Hospitality sector
- Software as a Service (SaaS) is flourishing
- Segments in travel have changed, booking patterns and booking windows have changed, customers’ expectations have changed, buying power has changed
- Leisure segment is growing because people are working remote
- Alternative Accommodation Sector really isn’t alternative anymore because of such widespread adoption
- Alternative Accommodation Sector can adopt to change better than traditional hotels since they are generally based on technology platforms/in the cloud/app based —they’re half tech, half asset company
- “Microsegments” exist now of traveler demographics
- People are blending work trips into leisure trips – “bleisure” travelers
- Travelers are getting immersed in the destination (tourism) due to social commerce
- There is substantial growth in “global nomads”. Countries will need to create new visa programs to attract global nomads
- In this industry, all choices and tradeoffs cannot be managed on a single platform yet involving micropayments. Emergence of ‘superapp’ — retail marketplace of experiences
Hospitality Technology Consultant / Pricing and Revenue Management Professional / Coach / Published Author / Speaker / Educator
Author of 10 books, including 2 for Lonely Planet and 3 for Rough Guides, Traveler, Destination Advisor and Tourism Expert
Dr Ricardo Pilon
Partner, Principal AI Strategy Consultant, Aviation & Logistics Domain Expert, Senior Advisor & Board Member
VP & Portfolio Head, Travel and Hospitality, Infosys