In recent years, technology has reshaped almost every industry, and travel is no exception to this change. When travel-tech was in its nascent stage, it simplified regular tasks like the bookkeeping process, etc. Then it evolved to enhance customer experiences, and now technology has come a long way! It has become a driving force behind the evolution of modern travel.
From the perspective of entrepreneurs and founders, technology has given them the opportunity to merge their passion for travel with innovative solutions for the sector. These solutions are aimed at streamlining travel experiences, making them more personalised, cost-effective, and efficient. It is all about travel experiences now–from inception to execution.
As the sector evolves, businesses and consumers are demanding smarter travel solutions, and this is where technology is stepping in. Founders in this space are creating platforms that are not only disrupting how we travel but also addressing key challenges like pricing efficiency, convenience, and transparency.
The Need For Seamless Travel Solutions:
Travel has always been an essential part of our lives, be it for pleasure or business. However, the traditional systems are cumbersome and inefficient and lack the transparency that businesses and travel agents need. Founders entering the travel-tech space are focusing on solving these pain points. Now there are solutions available that offer agents and businesses greater flexibility, real-time updates, and simplified processes.
For example, technology is playing a transformative role in travel management. Businesses, especially those with frequent travel needs, are moving away from traditional, manual booking processes towards digital platforms that streamline corporate travel. These platforms facilitate automated booking, expense tracking, and integration with other sub-systems, allowing companies to gain better control over their travel operations while optimising costs. In addition to this, the application of AI and ML is also helping optimise booking prices, recommend the best travel options, and improve overall efficiency.
As per Deloitte, the corporate travel sector market is projected to grow at 10.1 percent CAGR and double to US$20.8 billion by FY2030 (source:https://www2.deloitte.com/in/en/pages/consumer-business/articles/tech-enabled-personalised-and-sustainable-solutions-to-drive-indias-corporate-travel-landscape.html) This growth will be driven by an increasing number of businesses seeking smarter and more efficient travel solutions. With this increasing demand, travel-tech startups are becoming crucial in bridging the gap between technology and the travel industry.
How Founders Are Innovating:
For many founders in travel-tech, the journey began with an idea. An idea and a clear vision to solve the bottlenecks that have plagued the travel industry for decades. For instance, the complexities involving booking, pricing, tracking travel expenses, GST filing, etc. were significant obstacles, even more so now as we started using different platforms for booking. By incorporating AI and advanced analytics, founders have created platforms that are offering real-time pricing insights, ensuring that corporate travellers and agents get the best value for money and the best deals for their end-users.
One of the most critical areas in which founders have bridged the gap between travel and tech is the traditional B2B travel booking industry. They have redefined travel operations for clients by ensuring transparency, profitability, and scalability. One of the major pain points for travel providers, especially those in the B2B space, has been the lack of transparency. Tech-powered solutions like this that Flyzy provides have been specifically designed to solve this issue. How? By offering SAAS solutions that enhance operational efficiency by simplifying the booking process. These on-point solutions allow agents and corporate travellers to easily search, compare, and book flights and hotels at special corporate rates. The 24/7 customer support adds to this solution.
Besides this, tech-powered solutions also offer complete visibility into financial transactions, making it easy for travel agents and corporate travellers to track travel-related taxes and expenses from a single dashboard. As per Flyzy, this helps clients save up to 20% on their business travel and also streamlines the process of filing GST and TCS. This is a unique selling point (USP) by Flyzy that no other travel-tech company in India offers at this scale. In addition to this, solutions like streamlined online visa applications that allow users to apply for 20+ countries within 5 minutes are also disrupting the travel sector.
The Changing Travel Landscape:
India, with its diverse market and growing businesses, offers a unique opportunity for travel-tech companies to thrive and come up with solutions that can then be scaled for a global audience as well. Increasing urbanisation and the expanding corporate sector in India are creating a huge demand for innovative travel solutions that are scalable and efficient. Challenges such as regional diversity, language barriers, and complex financial structures are also opportunities for travel-tech founders.
For instance, travel platforms that provide multilingual and multi-currency support are becoming increasingly popular as they can cater to a wider audience both domestically and internationally. In addition to this, the adoption of cashless payments and integration of travel-tech with UPI platforms is another key technology area making travel simpler and more secure.
Case in point: Flyzy partnered with PhonePe to provide Flyzy-powered airport cabs. Under this strategic partnership, PhonePe customers have a hassle-free airport cab booking experience. With just a few taps on the PhonePe app’s travel section, they are able to book Flyzy airport cabs.
As the travel industry evolves, technology will continue to play a crucial role in its growth. With innovations in blockchain for secure payments, IoT for real-time insights, and even virtual reality for virtual tours, the travel experience is set to become more immersive, personalised, and efficient.
The founders in the travel space today are focusing on continuing to enhance travel with technology. By leveraging cutting-edge tools and innovative ideas, they are shaping the future of travel and making it more accessible, transparent, and cost-effective for their end users.
By: Deepak Meena, Chief Executive Officer and Co-founder, Flyzy
Author: Jaun Shahi
Journalist, Sub-Editor, Travellers’ World Jaun is a soft-spoken and gentle soul who thrives as a Journalist with his exceptional observation skills and an eye for intricate details. He is a true multitasker who efficiently handles various tasks and always brings a professional approach to everything he does. His genuine team spirit makes him an integral part of the TW family, as he consistently collaborates and supports his colleagues.
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