The pandemic has pushed the transportation industry's pace to a pause. While recent headlines such as travel bans and major event cancellations make growth like a thing of the distant past, it is necessary to note that before the pandemic struck, the industry was stable and setting records. History stands as a witness, that travel is one of the most resilient industries in the world, amid these obstacles, and while we don't know exactly when travelers will be back in force, we can be sure they will be back. Many devastating incidents have been weathered by the travel and hospitality industry and travel has always climbed back and flourished in any case. Pandemic is unusual in that there is no definite end in sight or economic model to determine how long the virus will pose a risk.
In order to plan for the future, here are some tips for your travel business to evolve post-pandemic:
Although many travel companies cut budgets to retain cash, they can’t forget that marketing is more important than ever before. Travel businesses are an important part of local communities and can continue to find ways to engage effectively in the response to pandemic. Travel firms should also benefit from businesses who have invested in marketing and prioritized it during previous recessions. By building brand confidence and visibility during the recession, companies will speed up their recovery post-recession especially with the help of business loans.
Business contact centers face unprecedented increases in volume as visitors around the world move and cancel their travel. By streamlining digital touchpoints to make it easier for customers to cancel and rebook through digital platforms, businesses may minimize call center volumes. Leading businesses have merged their digital and call center teams, automating the use of analysis software for natural language to evaluate calls and seamlessly optimize consumer demands throughout platforms.
This downturn can be used by travel brands to streamline operations and diversify their market by reevaluating customer support, showing empathy, gaining consumer interest, and enhancing inventory and goods for when demand returns. Travel businesses may check up business loan eligibility and apply for a loan for business to obtain ready capital for such operations.
The pandemic's economic influence is unavoidable. Several regional airlines, small to medium-sized hotels and independent travel agencies are facing financial challenges and bankruptcy. As different parts of the world struggle to monitor the spread of the virus on multiple timelines, recovery will not be homogeneous. It is possible that domestic travel will recover faster than international travel, and some countries will be open before others for business. This means that brands have to re-evaluate what the post-recovery competitive environment would look like. Although it is difficult to forecast the timetable, firms in a position to do so now with the help of business loans need to take action to be prepared to capture market share, reach new markets and sell new services.
As it is important to recognize and attract new customers to reach new markets, there is a wealth of knowledge that enables businesses to evaluate consumer behaviour, identify the right opportunities, apply for a loan for business and search for signs to identify when travel is picking up. Companies will streamline their marketing technology and processes once these markets are established to be able to get the right messages to the right consumers at the right time. It will help brands bounce back more quickly by setting up dynamic segmentation and then lining up the right deals and promotions. It is likely that the changing competitive environment will make investing in direct-to-customer digital channels more important for brands.
In a post-pandemic world, health and wellness activities would become mandatory. To ensure their well-being, all travelers will demand higher standards. Digital tools will allow and extend existing contactless options. Innovations such as contactless payments, for example, have been on the market for a couple of years with minimal acceptance. However, as customers grow more comfortable with the actions and rethink who and what they come into physical contact with, recent behaviors signal an increase in adoption.
In order to personalize digital experiences while allowing social distancing, hotels will also need to accelerate their investments in contactless technologies, such as biometrics, gesture controls, and automation. To fund such projects, they can check business loan eligibility in order to avail a Bajaj Finance Business Loan. It will be interesting to see how businesses adapt and grow and how the start-up community evolves from this case, as we consider the economic implications combined with the proliferation of emerging technology from 5G to artificial intelligence.
Travel would play an enormous role for many countries during the recovery process. In response to such trends, it is necessary for airlines, hotels, and tour operators to catch such a shift early on with consistent operations and marketing strategies. The ongoing crisis will act as a wake-up call for the travel industry to work throughout the aftermath together on open data initiatives. After all, airlines, airports and hotels must smash all the data silos and work together with more businesses in order for travelers to learn and avoid possible risks of getting in direct contact with anyone infected with pandemic.
If you are thinking of taking a business loan, then Bajaj Finance Business Loans available on Finserv MARKETS would be a perfect option. It comes with a flexible repayment tenure, and at attractive interest rates. The whole process of application and approval is clear, fast and can be done entirely online.
Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.