Tech’s Impact in Accelerating Growth of Small and Medium-Sized Travel Companies

The data is telling a strength narrative: Travel is returning, in droves. While the traveler data is exciting, we must ask how the wealth is being distributed, how the industry is supporting local, small businesses in the recovery? What’s ahead for small businesses to operate successfully in this new travel era, how is technology providing simple, easy solutions for all travel businesses to reap the benefit of travel’s return?

Global traveler data is indicating a trajectory to pre-pandemic numbers by 2023, according to recent data from UNWTO. According to IATA, “Industry-wide profitability in 2023 appears within reach with North America already expected to deliver an $8.8 billion profit in 2022.” The health numbers provide relief as a report released by the World Travel and Tourism Council in collaboration with Oxford Economics estimated that, in the pandemic’s first year, the tourism sector lost between $4.5 and $4.7 trillion and, in one year, more than 62 million people lost employment.

Like other industries, the hardest hit businesses in travel were considered “small” operations, who predominantly lacked infrastructure to handle the resiliency needed to withstand the pandemic’s long months and received minimal government assistance. According to a pandemic study conducted by McKinsey & Company, nearly 30 percent of small businesses studied—across all industries, not strictly travel—were forecasted to permanently close due to COVID, and “Before the crisis, small businesses accounted for nearly half of all private-sector jobs.”

In the recovery period, with traveler confidence and spending reaching heights like two years prior, small travel businesses need support—from the private and public sectors—to experience the industry’s growth like larger businesses.

WeTravel—the leading booking and pay­ments platform built for multi-day travel businesses, used by more 3,000 travel companies to interact with 500,000 travelers, annually—founded its travel-specific platform with a mission to grow travel businesses through its travel management and payment tools. During the pandemic, the business handled disputes, refunds, and trip management for thousands of its users; in 2021, as travel businesses revived, the business saw 30 percent new user growth, with a continued 30 percent new user increase in 2022, with more than 85 percent of its new users considered SMBs.

Through customer interaction and on-going account management, WeTravel has discovered what tools are helping travel businesses improve their operations, here are a few:

Intuitive automated workflows

Through automation, travel companies can decrease administration time and increase customer and employee satisfaction through personalization, faster communication, and error reduction. Through a partnership with Zapier, WeTravel automates thousands of workflows for travel businesses; through automation, WeTravel’s clients increase conversion, customer retention and employee satisfaction – ultimately, increased revenue for the business. The integration connects WeTravel’s platform to more than 5,000 web services, including Google Analytics, Slack, Gmail, Salesforce, Hubspot, Mailchimp and more.

In addition to its integration with thousands of webservices, WeTravel launched its Brochure Download to help travel businesses capture leads and automatically market the leads to conversion. Through one button addition, searching travelers can download the trip itinerary by inputting basic information, in turn, this allows travel businesses to capture those leads and automatically nurture them to purchase the trip. Since its launch, of the leads captured through the tool, more than 30 percent convert to bookings, increasing a user’s revenue on one trip by nearly three times.

 Tech-driven payment solutions

When you consider the purchase price of the trip you’re selling, it’s important to understand the payment options you can offer your travelers. Like e-commerce businesses, book now, pay later is relatively new in the travel industry, but a well-used–and liked, specifically by travelers–fintech option for high-cost purchase items. Many fintech businesses offer this solution to integrate into your booking process, making it an easy addition to your business’s payment options. Partnering with a fintech platform that integrates directly into your booking process will create a seamless option for your travelers – while ensuring you’re getting the financial commitment from travelers who may not have the entire up-front cost of your trip at the booking time.

If you’re unable to implement—or don’t want to offer—the solution for your travelers, offering installment payments can give travelers the option to digitally pay for portions of the trip’s cost before departure. Through WeTravel’s platform, our clients can set deposit and installment amounts that work for their business – and their travelers.

Data-supported performance analytics

Isolated, integrated booking insights give businesses a look into performance, in real time. Free analytics software like Google Analytics can drastically impact how businesses run campaigns and market their tours. Within WeTravel, the business launched in August 2022, Reporting Dashboards to provide users with customizable insights into their payments and booking data to empower better informed business decisions.

 In concert, these technology solutions—whether used in integration through WeTravel’s platform or as isolated features through other services—are charging SMBs forward with effective and efficient solutions to help not only manage, but successfully operate a travel business to maximize profitability.

From The Sponsor: 

Founded in 2016, WeTravel’s platform was built to automate, integrate and simplify the travel booking process for any-sized group travel organizer and tour operator. Now used by more than 3,000 travel companies—to transact with nearly 500,000 travelers and thousands of suppliers, annually—WeTravel has revolutionized how businesses operate with a suite of integrated administration, marketing and payment solutions that conjoin into an intuitive platform.

For further information visit WeTravel’s Press Page or follow WeTravel on LinkedIn and Twitter.