After over a year of staying inside, the world is ready to travel again. A recent report by TripAdvisor found that 74% of travelers surveyed globally plan to take at least one overnight leisure trip in 2021 and 64% plan to take more than two. A 2019 study by Market Research Future showed an annual growth rate of 13.6% in the global online travel market. Although that rate slowed in 2020 due to the COVID-19 pandemic, the market is expected to reach $833.52 billion in 2025.
This industry has an interesting dynamic: airlines and hotels both compete and cooperate with search and travel sites. Every travel provider strives to have the best prices, best look-to-book ratio, high customer loyalty, a positive and secure user experience, and zero negative brand associations. In a post-COVID world, staying ahead of the competition is more important than ever. Travel businesses cannot fall back on pre-pandemic processes and former customer loyalty to drive revenue, but must focus on rebuilding their customer base through compelling offers, innovative, risk-free digital experiences and strong brand reputation.