Innovation is the key to enhance Online Travel & Tourism Industry

The online Travel & Tourism industry is set for unprecedented growth provided payment and logistic issues are resolved. Speaking at the 4th IAMAI Travel & Tourism Summit, Himanshu Singh, Managing Director, Travelocity India & Chairman, Digital Commerce Committee, IAMAI, said, “The total travel market is around $800 billion, the online share is growing rapidly. Payment and Logistics still pose a challenge and success parameter of business is about cracking these problems. These problems that we are facing today have to be countered by all players of the industry together, and this will help the market grow exponentially.”

 

As per IAMAI ‘Internet Economy Watch’ data, E-ticketing continues to grow with irctc.com recording 5.56 million bookings in April, 2012 as compared to 2.26 million bookings in April 2011. Airlines recorded 1.92 million bookings in April 2012, as compared to 1.01 million bookings in April 2011. The data for online travel is based on absolute numbers captured from nine websites.

 

Speakers at the Summit were unison in their view that while, at present, group travel is the key to growth, the future will be more individual traveler dominated. Sharing her thoughts, Swati Moha, Vice Pesident – Programming & Operations, Fox International, said, “While group travel is in vogue, there is a huge spurt in customized individual travel interests. People are looking for less explored destinations than before and with internet penetration on the rise, the industry is set for robust growth.”

 

Globally travel & tourism market is pegged at about US$ 800 billion, the online market share has not reached its optimal point. With internet users in India at around 121 million, focus is now to create a solution for travellers to plan travel online. “Innovative marketing strategy coupled with value additions will sway travellers to book hotels and tickets online”, said Devdutta Banerjee, Regional Director – Revenue Management, India, Bangladesh and Nepal, Starwood Hotels & Resorts. He further added, “Online is the platform for growth. Integration of logistics and services is necessary to fuel further growth.”