Personalization in Travel & Tourism – Thematic Research
Summary
In order to succeed within today’s travel industry, the importance of holding an online platform could not be more crucial.
This thematic research report takes an in-depth look at the theme of Personalization including the major impacts it will have on the industry, across the key players and tourists. This report analyzes the key trends within personalization, then presents an array of case studies, observing the impacts and offering recommendations for travel & tourism companies. In addition, the major companies that are and have been involved within personalization travel are then discussed.
“To meet the ever-changing and more demanding consumer today, personalization is a theme at the forefront of the travel industry as an integrated element within customer relationship management (CRM). Described as the ‘action of designing or producing something to meet someone’s individual requirements’ (Oxford), this theme marked the pivotal movement of consumers’ interest in products rather than services”.
Key HIghlights
– Companies can no longer survive conducting mass-merchandising techniques related to a traditional marketer’s framework. Businesses need to be looking at macro or micro-segmentation to eventually reach one to one personalization through unique and optimized offers based on individual behavior. A personalized service utilized effectively can help aid competitive advantage, effectively meet a consumer’s needs, retain brand loyalty, increase satisfaction and will likely raise customer retention rates.
– The three pivotal elements needed for effective personalization involve technology, data and people. With travelers becoming ever more invested within the online travel industry, the ability to gather data and analyze is becoming ever easier. Although in order for all forms of provider to utilize personalization strategies, consumers first have to give consent.
– The 21st century traveler is now surrounded by personalized services through online streaming, shopping and music channels and thus this is almost expected within the travel industry. However, even though travelers now opt for a more personalized service, there is still much perceived risk on issues such as data privacy, confidentiality and security concerns.
– Providers that are prone to investing in personalized strategies are those that revolve around customer service and hence personalization and the tourism industry go hand in hand. Leaders are currently investing time and energy into technological development, data analysis and training investment aiming to improve both online and offline communications, hyper-personalizing services to each individual traveler.
Scope
– This thematic report provides an overview of the effect of personalization across tourists and travel providers today.
– The key trends within this theme are related to a wider range of themes such as the experience economy, niche tourism, social currency alongside those directly affected by personalization.
– Several case studies are included to identify the objectives behind personalization and analyze the different usages across a variety of tourism providers including destinations, hotels, airlines and tour operators.
– Our unique thematic analysis then dives deep into the development of personalization, views surrounding this theme and identifies that on a global scale, travelers aspire for a more personalized service yet data privacy is still a fundamental issue for many.
– Companies that are currently leading within the personalization theme are then listed including the likes of Hilton, Marriott International, Disney World and TripAdvisor.
Reasons to buy
– Understand the re-occurring theme ‘personalization’; the current buzzword in the travel industry today through accessing the impact across a wide of travel providers identifying the leaders and those who are likely to fall behind.
– Access why some traveler markets are more accepting of personalized techniques than others and the reasons behind this.
– Discover recommendations in how to utilize personalization in the most effective ways to increase chances of successful integration and boost retention rates.
– GlobalData’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors.
– It has a proven track record of identifying the important themes early, enabling companies to make the right investments ahead of the competition, and secure that all-important competitive advantage.
