Products & Services

Europe: Serviced apartment sector continues to see strong momentum

Cockooz London
Cockooz London

The sector continues to innovate, with exciting new brands being introduced and traditional brands being reinvented.

Alternative concepts such as co-living, co-working, student accommodation and home-sharing are merging with the serviced apartment concept, creating hybrids as a response to changing demand behaviors.

Demand for serviced apartment accommodation remains vigorous across Western Europe. RevPAR performance in 2018 in Europe indicates that the sector is still growing at a quicker pace than the traditional hotel industry.

The development pipeline continues to accelerate across Europe and is set to approach 23,600 additional units by 2022, making it one of the most active sub-sectors in the hotel industry.

Business Travel

Asia Pacific: Latest trends in business travel

Jul 01, 2019 / Asia Pacific
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Shutterstock

Amadeus released on Monday new insights into the state of the business travel industry in the Asia Pacific and key technology trends that are shaping it.

It is estimated that by 2025, business travel spend in this region will double and will account for half of the world’s total the Amadeus latest report on trends stated.

Just like personal travel, business travelers want personalized journeys as part of their overall package. Business travel agencies must equip travelers with access to the information and tools that help them enjoy stress-free and efficient journeys, from booking and beyond.

As content is aggregated, business travel agencies will be able to offer more choice to the individual travelers’ profile and allow corporations to control what the traveler sees. This will create a tailored experience right from booking, through to trip, and manage costs for the corporation.

Whitepaper: The Future of Business Travel

Technology

How Facebook's Libra cryptocurrency might fit into travel

Jul 01, 2019 / Libra
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Shutterstock

While travel companies could avoid some payment processing fees by offering Libra and encourage the use of the currency through incentives, it will likely become another payment option in online travel.

Mainstream media headlines about the launch of Facebook’s cryptocurrency, known as Libra, have so far been dominated by government and regulatory implications.

The early involvement of Booking Holdings, Lyft and Uber will not have gone unnoticed although some technology outlets report that the partnerships are non-binding and companies can walk away at any time.

That said, payments are already a huge part of travel by virtue of the size of the industry and the huge volumes of transactions processed daily.

Revenue Management

NYT: Hacking your way to the best hotel rate

Jul 01, 2019 / OTAs
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Shutterstock

Booking at the last minute, playing “hotel roulette” and even resorting to scalpers can yield savings.

Like airline fares, hotel rates change as occupancy changes, rising as availability tightens. And as with airlines, there are better days to seek a deal, often Sundays, when leisure travelers check out, and Thursdays, when business travelers leave.

Getting the best hotel deal also means you have to do the same thing you do when searching for the cheapest flight: sifting through websites, hotel offers and loyalty programs.

Technology

How Google Maps uses machine learning to predict bus traffic delays in real time

Jul 01, 2019 / Google
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Shutterstock

Google Maps this week introduced live bus delay forecasts powered by machine learning in hundreds of major cities around the world.

Google gets real-time data on bus locations from some transit agencies today. Real-time bus forecasts, which started in India earlier this month, can power forecasts in places where transit agencies do not provide real-time bus location data today.

Using a combination of time, distance traveled, and individual events as data sets, the AI makes it possible for Google to provide predictions without a need to rely on bus schedules provided by public transportation agencies.

Details of how Google Maps uses machine learning to forecast how many minutes away your bus is more accurately than bus schedules was spelled out today by Google research scientist Alex Fabrikant.

Related: Is the travel industry heading for a new world order?

Revenue Management

Research unveils top pain points for revenue managers

Jul 01, 2019 / Duetto (sponsored)
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Shutterstock

Duetto recently connected with nearly 100 revenue managers - users and non-users - for specific research on what keeps them up at night.

First, revenue managers almost unanimously suggested they need more tools around automation. Next, a majority of them reported needing more accurate demand and financial forecasts for clearer visibility into revenue, profit and loss numbers, particularly around budgeting.

And lastly, a number of revenue managers said they need better resources around knowing how and when to accept the right group contracts.

Digital Marketing

How Instagram breathed new life into destination marketing

Jul 01, 2019 / Sojern (sponsored)
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Shutterstock

From what to do and where to go, Facebook IQ notes that nearly 96% of travelers explore Instagram to get their dose of daily travel inspiration.

As travel marketers look to social advertising deliver inspiration to potential customers, one particular group is poised to net big results: Destination Marketing Organizations (DMOs).

A few years ago, DMOs were just dipping their toe in the digital advertising water. Now, more DMOs are embracing social advertising to not just engage new travelers, but drive them through to visitation.