Master Degree project - Big data creates opportunities and value for the tourism
Tourismis one of the industries with the broadest prospects for big data applications.In a highly competitive market environment, tourism faces challenges with thecontinuous changes in tourist demand and market size. Nevertheless, theemergence of big data has reframed the development prospects of the tourismindustry. This report aims to analyze how big data technology brings value andopportunities to the tourism industry. Big data technology guides new businessinsights in the tourism industry, promotes business optimization and datamonetization, and explores new markets. Besides, business drivers of big dataanalysis are empowering business initiatives of tourism.
Datamonetization of travel industry
Travel-related organizations leveraging bigdata can create new net income opportunities in the data monetization stage. Somemeasures are listed below:
l Tourism-related organizations could sellinternal data to external organizations to achieve value data monetizationability. For example, travel agencies could sell customer booking informationto the hotels to plan corresponding marketing strategies.
l Valuable internal and external data arecombined and integrated into the intelligent platform. Some travel websitesalready include route planning, accommodation, transportation, dining,shopping, and other surrounding information, such as Booking.com, Tripadvisor.comor Agoda.com.
l Targeted marketing. Customize differentservices or products in different categories to enhance customer relationshipsand reshape the customer experience. Many companies have adopted a customerrelationship management strategy, which can increase the company's profit andmaximize the value of the customer relationship.
Business opportunities analysis
Through the aboveanalysis of big data pivot, the conclusions and business opportunities drawnare as follows:
l Usebig data to track customer preferences to analyze the reasons for bookingcancellations and take adequate measures to reduce the cancellation rate, suchas providing a real-time consultation channel or 24-hour telephone service.
l Thesecond and third quarters are the peak seasons for hotels. Hotels couldcooperate with third parties can increase extra revenue. For example, promotelocal tourism and advertising services such as car rental. In the off-season,promote discounts on housing prices to attract customers.
l Thehotel can provide related translation services according to the client flow ofdifferent countries, or provide different language instructions in the hotel,especially the meal service, and offer suitable set meals according todifferent national dining habits and cultural backgrounds.
l Bookinghotels through the Internet is more popular for customers, and the Internetbrings excellent value. Hotels have more opportunities to cooperate with othercompanies to achieve a win-win business. such as offering free consumptioncoupons after bookings.
Thebusiness opportunities brought by Big data analysis are far more than the aboveanalysis. Through deeper data mining, modeling and analysis, more businessopportunities can be explored.
