Indeed, business travellers, even the novice ones, are more empowered by new travel management tools as well as guided by the expertise of in-house travel managers – both of which helps them improved their productivity and safety while on the trip.
But like other sectors, business travel continues to shift and innovate, thanks to the heavy reliance of modern travellers to technology. If there is any constant in the business travel sector, it is that the playing field constantly changes. To stay relevant in this ever-changing field, here are six trends that will revolutionize the business travel sector for years to come.
1. Wearable Gadgets – Riding on the heels of the smartphone revolution, wearable technology will become an increasingly important tool for travellers making bookings and receiving notifications in the years ahead.
According to predictions by IHS Electronics and Media, the market for wearable devices could reach a whopping $60 billion by 2018. Currently, the mobile booking market is valued at US$25.8 billion (representing 8% of the total travel market) and expected to reach 35% of all online travel bookings by 2018. Examples of wearable gadget that helps business travelling more manageable are smartwatches, which allows the traveller to make quick phone calls on the go.
2. Virtual Payment – Since business travellers are extremely business, so having an easy way to settle bills abroad quickly but securely is a must. Virtual payment is already in use by many organizations; the system integrates a unique, controllable credit card number into the payment process.
The number is a one-use form of payment unique to a particular situation and is invisibly embedded into the whole travel process from booking to reconciliation. There is no physical card, so it reduces the risk of personal abuse and controls exposure.
3. Artificial Intelligence – A traveller can never go wrong with the assistance that Artificial Intelligence brings in their trips. Artificial intelligence is moving into the mainstream very quickly, although you may not even realize you’re using it. Platforms such as Slack, Facebook Messenger, Skype and Microsoft Teams regularly use AI-powered chatbots. Chatbot adoption is growing three times faster than the adoption of mobile apps and will provide a transformative experience for travellers.
Now that business travel is becoming increasingly personalized, particularly with Millennials’ embracing the “bleisure” trend of merging business and leisure travel, chatbots allow travellers to ask open-ended questions and get answers immediately without human interaction – and they are available 24/7.
4. Hotel Multi-Channel Distribution – The diversification of hotel distribution channels has given hotel operators more excellent choice and opportunities than ever before.
Hotels need a distribution strategy that considers all traditional and emerging channels – including Online Travel Agencies and branded internet booking engines, as well as systems that allow customers to book directly from their mobile devices or social media sites.
The key is to leverage a variety of channels – social, mobile, website, email and search – to communicate with customers, build loyalty with incentives and perks, and encourage them to book directly using the right channels and technology.
5. Blockchain – The blockchain is a distributed database that takes both payment and security into a higher level. It basically decentralizes the power structure so no single intermediary can control all of the data.
Since all travelling needs are interlinked with another, blockchain helps travellers to settle their payments and reduces cost by enabling virtual payment as the source of the transaction. Blockchain innovation is in its infancy in the travel industry, but after comprehensive implementation, it will be a game changer that can help reduce the cost of travel and also improve the profitability of key travel suppliers.
6. Incentivized Behavioral Change – Incentivized behavioural change is a way of influencing decision making by using material rewards. Employees get a tangible, valuable benefit in exchange for making a company-friendly decision.
Every year, $1.25 trillion is spent on travel and $250 billion of that is wasted spend. The fact is, most people don’t care about corporate cost, so if you can change behaviour, there is a vast opportunity to return value to the organization. Travel management innovation is not just how modern tech influences the productivity of a traveller; it is also how they benefit from what they’ve been tasked to do for the company.
If you are an aspiring traveller and wants to know more about different topics about recent business travel, you may check out our website at www.hyryde.com.
If you are looking for chauffeur car services that can help you plan ahead of time for your business travels, you may contact Hyryde today at (UK T) +44 20 7117 6023 (USA T) +1 855 901 0303 or email us at email@example.com.