The data tells a strong story: travel is returning en masse. While the traveler data is exciting, we have to wonder how wealth is being distributed, how the industry is supporting local, small businesses in recovery? What lies ahead for small businesses to operate successfully in this new travel time space, how does technology provide simple, easy solutions for all travel companies to take advantage of the return on travel?
According to recent data from UNWTO, global traveler data points to a trajectory towards pre-pandemic figures by 2023. According to IATA, “Industry-wide profitability appears within reach by 2023 and North America is already projected to generate profits of $8.8 billion by 2022.” The health numbers provide relief as a report by the World Travel and Tourism Council in conjunction with Oxford Economics estimated that the tourism industry lost between $4.5 and $4.7 trillion in the first year of the pandemic and more in one year. than 62 million people lost their jobs.
Like other industries, the hardest hit companies in the travel industry were seen as “minor” businesses, mostly lacking infrastructure to handle the resilience needed to weather the long months of the pandemic and receiving minimal government support. According to a pandemic study conducted by McKinsey & Nearly 30 percent of small businesses surveyed — across all industries, not just travel — were predicted to close permanently due to COVID, and “Before the crisis, small businesses accounted for nearly half of all private sector jobs.”
In the recovery period, when traveler confidence and spending peaked as they did two years earlier, small travel companies need support – from the private and public sectors – to experience the sector’s growth as larger companies.
WeTravel, the leading booking and payment platform built for multi-day travel companies, used by more than 3,000 travel companies annually to communicate with 500,000 travelers, established its travel-specific platform with a mission to grow travel businesses through travel management and payment tools . During the pandemic, the company handled disputes, refunds and travel management for thousands of users; in 2021, as the travel industry revived, the company saw 30 percent new user growth, with a sustained 30 percent increase in new users in 2022, with more than 85 percent of new users considered SMBs.
Through customer interaction and ongoing account management, WeTravel has discovered which tools help travel companies improve their operations. Here are a few:
Automation allows travel organizations to reduce administration time and increase customer and employee satisfaction through personalization, faster communication and the reduction of errors. Through a partnership with Zapier, WeTravel automates thousands of workflows for travel companies; through automation, WeTravel’s customers increase conversion, customer retention and employee satisfaction – ultimately higher revenues for the company. The integration connects WeTravel’s platform to more than 5,000 web services, including Google Analytics, Slack, Gmail, Salesforce, Hubspot, Mailchimp, and more.
In addition to integrating with thousands of web services, WeTravel launched its Brochure Download to help travel companies capture leads and automatically market leads to conversion. By adding one button, searching travelers can download the itinerary by entering basic information, allowing travel companies to capture those leads and automatically nurture them to purchase the trip. Since its launch, more than 30 percent of leads captured through the tool have been converted to bookings, nearly three times increasing a user’s revenue on a single trip.
When looking at the purchase price of the trip you’re selling, it’s important to understand the payment options you can offer your travelers. As with e-commerce businesses, book now, pay later is relatively new in the travel industry, but a widely used – and especially loved by travelers – fintech option for expensive purchase items. Many fintech companies offer this solution to integrate into your booking process, making it an easy addition to your company’s payment options. Partnering with a fintech platform that integrates directly into your booking process creates a seamless option for your travelers – while ensuring you get the financial commitment from travelers who may not have the full deposit of your trip on the time of booking.
If you are unable or unwilling to implement the solution for your travelers, offering payment in installments can give travelers the option to pay part of the travel costs digitally before departure. Through WeTravel’s platform, our customers can set up deposits and installments that are right for their business – and their travelers.
Data-backed performance analysis
Isolated, integrated booking insights give businesses real-time performance insights. Free analytics software like Google Analytics can drastically impact the way companies run campaigns and market their tours. Within WeTravel, the company launched in August 2022, Reporting Dashboards to provide users with customizable insights into their payments and booking data to make more informed business decisions.
Together, these technology solutions – whether used when integrated through WeTravel’s platform or as isolated functions through other services – provide SMBs with effective and efficient solutions to not only help manage but also successfully run a travel business. to maximize profitability.
