Online Travel Witnesses Shift of Power to Consumers Reports Euromonitor International
20 Feb 2012 • by Natalie Aster
The online travel revolution which has taken place in the last 10 years has led to substantial changes in the travel industry's competitive environment. These are so significant to force companies re-think their business models. In particular, consumers now play a much more central and active role, while technology players have become essential partners for travel companies. Customer knowledge and social interaction are key requirements to compete successfully in this new environment.
The emerging economies have yet to embrace online travel fully, with traditional retailing remaining the norm. However, the BRIC countries have significant potential for growth globally for the next five years.
According to the report “Online Travel: Shift of Power to Consumers” by Euromonitor International, travel players have recognised the importance of social media, with the main focus not on short-term sales but on building and maintaining customer loyalty in the long term, as well as developing brand reputation.
Online Travel: Shift of Power to Consumers
Published: January, 2012
Price: US$ 2.000,00
The success of smartphones and tablets has made mobile applications an increasingly important channel to book travel services. Geolocalisation of travellers allows real time sales of location-based travel products.
The top four global online travel agencies were US-based in 2011, led by Expedia. However, OTAs in BRIC countries such as Ctrip and MakeMyTrip are gaining ground, while 2011 saw the creation of the new European player Odigeo.
More information can be found in the report “Online Travel: Shift of Power to Consumers” by Euromonitor International.
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