New Modalities of Thought

We'd like to offer these categories as a way to guide early stage entrepreneurs. Often, the success of their businesses is very dependent on how we come up with solutions to the many problems around us. 

 

Blockchain Applications

Can we use distributed ledgers to safe guard how we store our inventory? 

Travel Agencies are issuing airlines tickets through Global Distribution Systems (GDS), namely Sabre, Amadeus and Travelport. The Billing and Settlement Plan (BSP), or Airlines Reporting Corporation (ARC) in the US, is an essential piece to allow accounting and financial processes between the involved parties. 

Agency Management

How do consumers book today? There must be better ways, surely by now. 

Airlines have tended to only use IT systems that have been around for decades. This has been particularly true of the booking engines on their websites that consumers and corporate travel managers use to buy tickets.

Yet today airlines are experimenting with new ways to sell tickets. They are trying new channels, such as chat-based interfaces like like Facebook Messenger and the websites of airlines that they have co-marketing partnerships with.

Dynamic Pricing  

Can we maximize revenue for carriers while simultaneously decreasing cost for consumers? 

industry technology and revenue-management experts say those days are fast approaching. In fact, a few airlines have already implemented what is known as dynamic pricing on some ticket searches within their own channels, according to the revenue management software provider PROS, which works with some 80 airlines worldwide, including Southwest, Lufthansa, Emirates and Aeromexico.

Global Distribution

We know distribution capabilities are old and inundated. Whats next? 

Independent travel agents, online agents, and travel agencies now use increasingly more sophisticated GDS systems to search for the best available travel and accommodations and rates for their clients. Promotional messaging to agents through GDS cores like the most prominent airline national distribution systems (Amadeus, SABRE, Galileo, and Worldspan) alert agents to special rates, fares, and travel packages – an effective marketing tool for passing savings on to agents, and from agents to their customers. 

 

Safety and IoT 

How do we protect travelers and more importantly without invading their privacy?

Travel is one of the largest industries with a high level of competition, where customers expect innovation at affordable pricing. Owing to the pressure due to high competition and demand for better services at a cost-effective price, businesses from this industry have been the earliest movers with IoT.

Revenue Management

There is unprecedented pressure on managing revenue. Does this mean automating revenue managers? 

Hotter-than-ever competition. Overcapacity. Commoditized offerings. Fickle customers comparing prices and products with mere swipes of their mobile screens. These and other forces are squeezing many travel and tourism players, putting unprecedented pressure on prices in some sectors and geographies. But the same forces are also creating new opportunities—because companies that achieve a competitive edge in pricing will see a magnified impact on performance.

Some players have begun experimenting with innovative techniques like personalized pricing and dynamic online repricing. But even before these advances deliver their full impact, companies still have a major opportunity to get more from P&RM.

Virtual Travel

Can we guide consumers to make purchases outside of what they normally know? What about a virtual friend who knows us better than we know ourselves. 

Recent studies have shown that native apps are no longer as popular as they used to be. Consumers are moving toward reducing clutter on their devices and looking at using Facebook and messaging apps like WhatsApp to interact. Given this, retailers now need to find easier mechanisms to reach their target audience and that is where virtual mechanisms can play a significant role.

Content Creation

How do we capture content in a way beyond social media and ultimately gives everyone a chance to be the center of the their universe?

Such is the power of the role that travel and tourism marketers play in the lives of their customers. With so many different touchpoints to engage with, so many ways to facilitate and enhance the travel experience, and so many pain points to help customers overcome, this field offers tremendous opportunities to create content-based connections, build trust, and add value for intrepid world explorers, road-weary business travelers, and everyone in between.