Travel industry has seen unprecedented times this year with Covid-19 bringing down the hotel occupancies and revenues to an all time low. The average occupancies for hotels across the globe is trending at 30% and the revenues of £30 Bn since the pandemic began and lockdown being enforced across countries.
As a result of the situation and limited business available, a piece of which all the hotel and tourism companies are planning to stake a share there has been a flux of bookings picking online and dried demand for the offline sales for corporates, weddings, events etc. The online travel agents have all seen an increase in market share as they provide the flexibility of last-minute cancellations and date change request.
With the attention going on the large B2C platforms the time is ripe to focus on major innovation in the travel and tourism sector and has led to development of technologically advanced platforms that can cater to the pent-up demand in the travel industry. Not only will these platforms ensure the quick bookings procedure they also provide the advantages of immediate refunds into your accounts as the payments are enabled through tokenisation as well where the entire transaction takes under one minute to process. This can also help consumers and their family track every part of their travel real time on immutable ledgers.
Commenting on the developments in this sector Charika Gandhi, Founder, Trippernity Ltd a decentralised and highly advanced travel platform says, “While the crisis has been catastrophic this is the opposite time to capitalise on the peak demand by travellers to book online and with the help of a decentralised platform it will be possible to do that without any payment delays. Most importantly, travellers will be able to save more money on a blockchain based platform as there are no high commissions charged from the suppliers (hotels, flight companies etc).”
Covid-19 has definitely exposed the travel industry to unprecedented and existential challenges but has also exposed the existing loopholes and the adoption of new technologies will help to expedite the long road to recovery.
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