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Technology’s main job next year is to increase revenue

The Best in the Industry honored at WTM London
The Best in the Industry honored at WTM London
Written by Harry Johnson

The preference for technology to help travel companies find new customers rather than help retain existing ones has raised a few eyebrow

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Industry professionals have identified “helping to increase revenues” as technology’s main job over the next twelve months, reveals research released today (Mon 1 November) by WTM London and Travel Forward.

Nearly 700 senior execs from around the globe were asked to rank, by order of importance, various use case for travel technology, for the WTM Industry Report.

Increasing revenues ranked as the most important, with cost reduction third on the list, reflecting two of the biggest challenges travel businesses face in the short-to-medium term.

Technology has always had a significant role to play in customer acquisition and retention, and the WTM Industry Report shows this functionality will be in demand over the next twelve months. Interestingly, the report highlights that the industry is more interested in using technology to find new clients and/or new source markets than it is in retaining and engaging with existing customers. The former ranked second, the latter fourth.

Elsewhere, ideas such as using tech to create new products and services, or using tech to re-engage with staff were given less weight by the sample.

Simon Press, Exhibition Director, WTM London and Travel Forward, said: “This finding should not come as a surprise – travel companies are going to need to increase revenues and reduce costs, and soon, so they can start clawing back some of the losses which oiled up during the pandemic.

“The preference for technology to help travel companies find new customers rather than help retain existing ones has raised a few eyebrows. However, there is an underlying optimism at the heart of this finding, as it suggests the industry is confident that market conditions within the next 12 months will support growth and an expanded customer base.”

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About the author

Harry Johnson

Harry Johnson has been the assignment editor for eTurboNews for almost 20 years. He lives in Honolulu, Hawaii, and is originally from Europe. He enjoys writing and covering the news.

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