Internet has already become a key game changer and the mobile is the next in line. It is important for the sector to understand the dynamics of these emerging mediums
The Indian travel and tourism market can achieve massive gains during 2010 if the industry takes advantage of the opportunities presented to it. There has been greater interest in India as a travel destination for global travellers due to the reduction in air fares, increasing availability of travel options online, increased spending into destination marketing and rapid adoption of consumer mobile technology. Combined, this offers a clear and visible revival for the economy; particularly for hoteliers who can maximise sales through internet travel portals. More hoteliers are now selling online, although recent figures still indicate that less than 10% of bookings are being processed through the Internet. Analysts predict that the $2 billion revenue generated online in 2009 could reach $6 billion by the end of this year. Compared to the European market, this is a faster and more productive growth of travel & tourism e-commerce, where, after 10 years, the participation of online is still below 50% of all travel bookings.
We already see that hoteliers in India are becoming more web-savvy by adopting channel management technologies to distribute inventory across multiple booking websites while also using these tools to benchmark their competitors rates. Online bookings have helped Indian hoteliers reach a wider global audience which helps hotels realise the impact of online sales for increasing occupancy and revenue opportunities.
The Indian travel market is amongst the first to show signs of recovery. It must be noted that the Indian hospitality segment was not as badly affected as its European or American counterparts. Until early last year, demand for rooms exceeded supply, leading hoteliers to increase rates. As demand fell, a sense of balance occurred; leading to adequate adjustment in selling rates, due to which occupancy levels in India didn’t drop as significantly as other markets. Also, India has done quite well in increasing international awareness as a leisure travel destination. Global marketing campaigns have drawn attention to a historically fascinating country.
The Indian travel and tourism market can achieve massive gains during 2010 if the industry takes advantage of the opportunities presented to it. There has been greater interest in India as a travel destination for global travellers due to the reduction in air fares, increasing availability of travel options online, increased spending into destination marketing and rapid adoption of consumer mobile technology. Combined, this offers a clear and visible revival for the economy; particularly for hoteliers who can maximise sales through internet travel portals. More hoteliers are now selling online, although recent figures still indicate that less than 10% of bookings are being processed through the Internet. Analysts predict that the $2 billion revenue generated online in 2009 could reach $6 billion by the end of this year. Compared to the European market, this is a faster and more productive growth of travel & tourism e-commerce, where, after 10 years, the participation of online is still below 50% of all travel bookings.
We already see that hoteliers in India are becoming more web-savvy by adopting channel management technologies to distribute inventory across multiple booking websites while also using these tools to benchmark their competitors rates. Online bookings have helped Indian hoteliers reach a wider global audience which helps hotels realise the impact of online sales for increasing occupancy and revenue opportunities.
The Indian travel market is amongst the first to show signs of recovery. It must be noted that the Indian hospitality segment was not as badly affected as its European or American counterparts. Until early last year, demand for rooms exceeded supply, leading hoteliers to increase rates. As demand fell, a sense of balance occurred; leading to adequate adjustment in selling rates, due to which occupancy levels in India didn’t drop as significantly as other markets. Also, India has done quite well in increasing international awareness as a leisure travel destination. Global marketing campaigns have drawn attention to a historically fascinating country.
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Source : IIPM Editorial, 2010.
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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