4 Data Analytics for OTAs to Improve Customer Experience and Business Operations
4 Data Analytics for OTAs to Improve Customer Experience and Business Operations Overview Different Data Analytics for OTAs Conclusion Demand for travel has grown significantly faster than in previous years, putting additional pressure on online travel agencies (OTAs) to increase customer loyalty and customer experience. Intensifying competitive landscape with new players is a constant struggle for OTAs to sustain their business and retain customers. Data analytics for OTAs is the most valuable asset to derive informative insights about your customers and gain a competitive advantage. In this era of big data, online travel agencies must equip themselves with the right analytics tools to make data-driven decisions and understand evolving consumer behaviors. We know data analysis can be time-consuming, so we are here to explain which data analytics OTAs must focus on to make data-driven decisions. Different Data Analytics for OTAs OTAs have a rich source of information directly from the customers. This helps them understand the entire ecosystem of their customer’s travel. Let’s dive into five data analytics that can make a profitable impact on travel agencies. Customer data analysis Wondering what is on your customers’ minds as they begin to plan their next holiday? Well, the answer to this is customer data analysis that will help you understand the preference and behavior of your customer. It is a gold mine for travel agencies to provide a better customer experience and build better customer-centric products. Commonly data generated by customers are classified as web behavior data, transaction data, product usage data and customer-generated text data. Once analysis is done, OTAs can categorize their customers into market segments and develop a well-defined strategy for customer acquisition, retention and active engagement. Demand forecasting Now that you have gathered customer data, it’s time to focus on demand forecasting analysis. Accurate demand forecasting is an essential factor for revenue management. Using historical booking data and competitor analysis, revenue managers at OTAs can predict future guest demand and manage their hotel suppliers and inventory effectively. One tip we suggest is to segment your forecasts into different categories, such as Geographical origin of the guests Room type Type of traveler (leisure, business, bleisure) Demand forecast analysis will estimate room demand and determine highly profitable room rates in real-time for maximum income. User experience analytics Poor user experience can have a negative impact on your brand, hence the next data analysis that OTAs must focus on is user experience (UX). UX analytics will provide actionable insights on your platform design performance and provide answers to questions like Are they too many touchpoints on your website and mobile? Is my interface conversational for users? Why are my users leaving without booking a hotel? Is my platform content arranged to git user’s intention? OTAs can perform quantitative and qualitative data measurements to build data-informed design so that it’s easy for users to engage how you want them to, such as by booking a hotel or signing up for your newsletter. The end goal of UX analysis is to deliver a frictionless and intuitive user experience, driving better customer retention. Price optimization Moving away from customer-centric data analytics, price management initiatives is one of the most powerful data for improving profitability. According to research, pricing analytics can yield 200-350% ROI. By analyzing various real-time data metrics such as customer buying patterns, weather, seasonal booking pattern, etc., the machine learning models can identify optimum prices to drive conversions. With pricing analytics, the guess work or gut instincts are out of the window, and OTAs can synchronize their pricing strategies in real-time and present the right price at the right time. Conclusion Data is the cornerstone for every travel business’s growth and, ideally, the secret to launching successful strategies and stellar customer experience. In the travel industry, OTAs have the advantage of having valuable customer data, which they can convert into actionable insights and make smarter decisions about their business. Focus on the aforementioned data analytics for OTAs to stay ahead of your competitors, deliver excellent customer experience and sustain optimum business performance. Read more useful blogs for Travel Agencies (OTAs) How Slow Booking System Can Ruin Online Travel Agencies? Why Traditional Hotel Booking Methods Are Costing You Time and Money? Should OTAs Prefer In-House VS Outsourcing Tech Solutions How to Choose Payment Gateways for OTAs? 8 Factors to Consider Before Choosing the Right Hotel Supplier for OTAs How Can B2B Hotel Booking Portal Save Your OTA Business Time & Money? 4 Data Analytics for OTAs to Improve Customer Experience and Business Operations
Why Must Every Travel Business Invest in Online Booking Engine?
Why Must Every Travel Business Invest in Online Booking Engine? Why is an Online Booking Engine a Must for Travel Agents? Features of Booking Engine Advantages of Online Booking Engine for Travel Agents Conclusion Why is an Online Booking Engine a Must for Travel Agents? Are your customers abandoning your website before making a booking? Do your customers complain of complicated website experience or checkout process? Then it’s time you invest in a robust booking engine. A booking engine is the backbone of every travel business. It is a SaaS application that enables travelers to easily make online hotel reservations and manage travel companies’ business operations. A booking engine for travel agents acts as an intermediary between travelers and travel providers. The front end, which is customer-facing, lets travelers search and book rooms, whereas the back end allows travel providers to manage, search, view reservations, manage suppliers, apply business rules, track bookings etc. A booking engine removes friction points throughout the booking process and minimizes the chances of cart abandonment. Also, it maximizes a company’s gross revenue by increasing customer reach. Let’s understand the essential features and advantages of a booking engine for travel companies which will help you evaluate your software provider. Features of Booking Engine As various software companies are selling booking engines, finding the perfect booking engine that would meet your company’s needs, preferences, and budgets can be challenging. Here are some of the must-have features of a booking engine for travel agents. Easy navigation Just like eCommerce, travelers expect the booking process to be fast, easy and convenient. Make your user interface straightforward and clear with easy access to search for dates, check room availability, view room images, and complete payment. Simplicity and easy navigation will result in less complexity and confusion for your website visitors. Faster load times We are all aware of how smartphones have changed consumer shopping behavior. So, your next focus must be on a booking engine that’s optimized for smartphones. A mobile-friendly booking engine that’s fast loading is sure to increase your sales and conversion rates. Multiple languages and currency options If you want to enter the international market, then allow your customers to book their reservations in their preferred language. Along with multi-language options, it would be an advantage if the booking engine supports payment in multi-currency. Flexible and secure payment options Ensure your desired booking engine provider is integrated with various payment methods such as PayPal, Amazon Pay, Google Pay, Apple Pay, etc. Since online payment is convenient for both travel providers and travelers, it is necessary that a booking engine maintains Payment Card Industry Data Security Standard (PCI DSS) Compliance for secure payment transactions. Integrations When it comes to room rates, room availability, pricing, hotel data duplication, booking engine software must be reliable, and that’s why real-time integrations with channel managers and hotel mapping tools are necessary. This way, you can save your business from pricing errors, overbookings, inconsistent hotel listings, manual data transfer, and much more. Advantages of Online Booking Engine for Travel Agents Some of the advantages of the booking engine are: Customer loyalty: Customers love a seamless booking experience, and a booking engine will increase customer satisfaction, leading to customer loyalty for your brand. Gain valuable business insights: An online booking engine for travel agents gathers data on customers’ shopping patterns that helps you understand your customer and focus on areas on how to improve conversion rates and ROI. Also, if you are in the B2B space, booking engine software will help you gather insights into your suppliers, their performance, etc. Increase total booking revenue: With the booking engine, you can offer diverse travel products to your customers, such as flight tickets, hotels, transfers, car rentals, and much more. This automatically increases your total booking revenue, taking your business profits to the next level. Build brand reputation: An intuitive travel website brings a better opportunity of converting leads to sales while improving brand image effortlessly. Access to large hotel inventory: You can integrate your booking engine with multiple suppliers, wholesalers, and GDS to gain access to maximum hotel inventory, which will help you offer various options to your customers and maximize revenue. Conclusion Let’s face it, even with maximum hotel inventory, your customer reach strategy can fall flat without the right tech stack to optimize its execution. That’s why we strongly recommend an online booking engine that suits your travel business needs and will help you streamline your business efficiently and increase customer reach. Read more blogs on Booking Engine Step-by-Step Guide – Go Live with ZentrumHub Know all about Hotel Booking Engine, Functionality, Cost, Types, and Ways to Build Ideal Features that a Hotel Booking Engine Must Have Why Must Every Travel Business Invest in Online Booking Engine?