When looking for online travel business opportunities, make sure to understand what factors are important. These include Season and time of year, exclusive pricing, and Geopolitical tensions. These factors can all affect the growth of the online travel agent market. To get started, here are some tips to help you make the most of your business. Then, follow these tips and you’ll be well on your way to success. This article will also cover some of the most common pitfalls of online travel businesses.
Exclusive pricing is important for online travel business opportunities
The importance of exclusive pricing is enormous for online travel business opportunities. A survey shows that more than 60% of travelers consider price when choosing their itinerary, and they often opt for a cheaper deal over a name brand. Exclusive prices are those that you negotiate with suppliers and do not have to be pulled from a GDS search. Exclusive pricing increases your chances of converting customers into loyal customers, and is the key to maximizing your business potential.
Geopolitical tensions affect growth of online travel agent market
The global economy is facing tough times, which is impacting the growth of the online travel agent market. Geopolitical tensions are likely to hamper the growth of the industry. Trade protectionism, sanctions against Russia, heightened military tensions and Brexit, to name a few, will have a negative impact. Meanwhile, the annexation of Crimea by Russia will have a negative impact on tourism between the two states.
In 2016, the global online travel agent market accounted for $460.9 billion, a decrease of -3.5% from 2015. However, the growth of this industry will increase significantly by 2025. This is due to the shift in travel trends, staycation, and technological advancement. However, government regulations and the pandemic caused by the COVID-19 virus may hamper the growth of the online travel agent market.