In 2016, global digital travel sales were $630 billion. By 2020, they are projected to reach $818 billion - an increase of 30 percent in just four years. This rapid growth is being fueled by new applications of technology to the travel and hospitality industries. Developments such as travel chatbots and virtual assistants, analytics-based fare forecasting, human-like interactions with digital virtual assistants and facial recognition scanning and surveillance are the new drivers of industry growth.
Did you know that new customer acquisition costs can be five times as high as keeping existing clients? This fact is not surprising to most marketing executives and business owners who know all too well that it costs more to acquire a new client than to retain an existing one.
Abandonment rates for travel websites are notoriously high. In fact, a recent study by Salescycle4 estimates the overall abandonment rate for the travel industry at nearly 82% and nearly 90% for online travel agents (OTAs).
Isn’t it funny how your memory works, or does not work depending on how you look at it? It seems easy to sometimes to remember an event or favorite toy from your childhood, but remembering what you did yesterday morning can often elude you.
If optimization isn't currently one of your top priorities, it is time to make a few changes to your digital marketing strategy if you want to stay competitive.
Like every other industry, the travel & leisure industries use data and analytics to improve their online experiences, provide the best customer service and, of course, increase their bottom line. However, not all data collection or analytical programs are the same, and some lend themselves better to the travel sector than others. If you intend to make better decisions for your travel company, take note of how analyzing travel-related data is transforming the entire industry.
Conversion Rate Optimization is the process of creating or enhancing a website so that it encourages users to take specific actions, such as making a purchase, filling out a form, or signing up for emails or a newsletter, or providing feedback.
Spring break is fast approaching, and many US travelers are making last-minute bookings, searching for deals, and packing their bags for one of the biggest vacation seasons of the year. This means travel websites need to keep a close eye on their online behavior to respond to all of their digital needs and habits to see maximum ROI.
One thing science has proved beyond a doubt: the anticipation of making a purchase is as stimulating to the human brain as making the purchase itself. For shoppers who are looking online for a specific item or service, the search itself is enjoyable, and the purchase – the conversion – just adds to the pleasure.
The e-commerce industry moves at lightening speed. So keeping up with rapidly changing trends or last-minute marketing strategy updates is crucial. But, how do you accomplish this when, like many companies, your IT department is overwhelmed, overworked, or experiencing the ever-common ‘code freeze’?