Asia is a complex and fragmented market with vastly different types of consumer behaviour, languages and cultures. With rapidly changing technological development, the increase of low cost carriers in the region and the capability of the middle class to travel further, the possibilities of travel in Asia are becoming limitless.
But the question remains, how can travel brands tackle such a diverse market?
The revolution in data and analytics is changing what brands know about their customers. At the same time the growth of mobile use by travel consumers’ means that travel brands can service and sell more and for longer. According to a study by LeNovo, about 59% of the respondents in Asia said they searched for travel accommodation online via mobile devices – 13% above global average.
However, as Tim Gunstone, MD, EyeforTravel highlights; “In the battle to win the travel customer, if you don’t use both mobile and data to send contextualised communications then you risk losing customers to the travel companies that do.”
In a recent interview with Tarandeep Singh, IHG’s director of revenue analytics for the Asia Middle East and Africa (AMEA) region, he said; “Data analytics have been able to rewrite our consumer segmentation and break it up by every brand to ensure we are talking to the right audience at all times.” This enables the group to target far more accurately with much higher conversion rates than a few years ago.
All this change means that established business models are showing signs of failing and huge opportunities are in place for the brave and insightful. New business models from start-ups such as TravelMob, HotelQuickly, Stayzilla, GrabTaxi and many others could potentially grow into billion-dollar industries.
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