One of the popular industries, travel is significantly establishing its presence through its digital presence. Travel companies are accelerating their business, reaching the maximum customer base through incorporating enhanced technologies and building user-friendly travel applications. Now, statistics reveal that there has been a great impact on the industry. The data of the Civil Aviation Organization shows:
When Covid hit the travel industry back in 2020, companies incurred losses of around $370 billion in terms of generating revenue. Let’s understand what exactly happened:
- In two months respectively, March and April, the airline industry came to that point, where the overall sales came to 0.
- The tourism industry was mostly affected during summer due to the short-lived time.
- All companies across the travel industry faced several challenges in terms of their overall business growth.
Travel application industry and market forecasts
Irrespective of any industry, any company’s goal is focused on the overall revenue growth of its business. Now, travel companies have seen a major downfall in their sales and further revenue during Covid. Let’s look at the overall statistics on how it got affected and market speculators forecast the growth of the travel industry.
After covid, since the last few months of 2021, till today, the revenue generated around USD 334.4 million. As traveling across the globe and intrastate is not a challenge, due to the spectacular decrease in the covid cases, people are traveling without worrying. The speculators are expecting that the travel app development services and respective sales will grow to around USD 507 million by 2026.
A Few Crucial Trends of Travel Application Development You Must Consider
Companies competing in the travel industry follow some crucial trends. Let’s have a glance at them to understand the exact scenario of these companies.
- Establish a bond with the travel
All brands try to establish a bond with their travelers before reaching them out offering trip plans. This is called owning the traveler. They try to keep the travelers engaged for the trips. Because the motive is not that a traveler books their trip just for once, it should be continued.
For this, they should be interacting with company agents and stay in communication with them continuously. Also, once the trip is over, travelers should be sharing their feedback with company agents. So that company can enhance its quality of services. So, communication from both sides, and staying engaged are the two most important factors here.
- On-demand conversation
Due to the blessings of technological advancement in Android app development services, people use voice search to look for information on their smartphones. The chatbot is the most advanced technology that has been integrated into travel applications. So interested users tend to enjoy digital talking while they look for their travel-related queries.
Top 3 Revenue Models to consider
The success of any travel company depends on the revenue model that it follows. The next part of the blog will tell you what revenue models help these companies to reach their business goals.
Vouchers and coupons
Everyone wants to pay less for any kind of service, so having a budget-friendly trip is the expectation of any traveler. Here, companies release many coupons and vouchers to reduce the cost of travel for any package, so that it becomes budget-friendly for any traveler. Availing of these coupons or vouchers will let the traveler experience a budget-friendly trip. And the more attractive these coupons will be, the more these travelers return back to the company, looking for the next trip. There Travel application development plays a crucial role here. Often, they get the benefit of these coupons if they book any trip from that company’s travel application.
Often the search results of Google AdWords are compared to the sponsored places. Therefore, if you want your application and service offerings to appear on the first page of Google, you need to invest a certain amount in AdSense to be visible to the users on different other applications as an advertising mode. This way when visibility increases, the chances of sales will also increase.
Therefore, these are the basic factors and pointers that matter if you are planning to develop a travel application. Here comes the benefit of travel app design and integration of trending solutions to the application. People love to travel, so the future of the travel industry is always bright if not any kind of disaster like Covid hit the market.