The travel and tourism sector is witnessing rapid growth, yet vast transformation at the same time. The middle-class category is globally expanding, data is giving more power to consumers, and increased awareness and curiosity is driving travel and tourism demand and shifting the way people travel for business or leisure.
With less and less differentiation, hotel rooms and plane seats are becoming the new commodities, and globalization and digital are transforming demand patterns and how travel and tourism services are being delivered. Firms that fail to innovate and provide consumer-centric solutions and services will soon face existential risks. Key issues include:
- How to digitalize the core operations and satisfy today’s highly mobile and technologically-savvy consumers?
- How to unlock the power of the vastly available data to understand the consumers’ preferences and create better travel experiences?
- How to capitalize on social media to design targeted promotions and personalized offerings?
- How to develop an effective pricing model and tool to optimize margins and generate revenue gains?
- How to implement a smart and cost-effective rewards system that increases customers’ stickiness and the organization’s returns?
- How to develop ancillaries and optimize bundling offerings to increase consumer engagement?
At Grenoble Partners, we advise clients on how to navigate this increasingly dynamic competitive landscape, manage these uncertainties and take a value-focused approach to transform the firm for the digital future.