USD
GBP
CNY
EUR
INR
JPY
MYR
ZAR
KRW
THB
CX Growth Opportunities in the Travel & Hospitality Industry 2024 to 2025
CX Growth Opportunities in the Travel & Hospitality Industry 2024 to 2025
Customer Perspectives
08-Aug-2024
Global
Customer Research
Description
In 2023, the pent-up demand for travel boosted spending in this industry to almost back to pre-pandemic levels. With increasing demand and the need to recoup revenue lost during the 2020-2022 pandemic restrictions, air and ground transportation, accommodations, and dining prices are high. Revenue growth is also expected due to more consumers spending more on vacations/holidays than in the past. Luxury travel is rising and consumers are stretching their budgets to enjoy their holidays with more activities.
Customers want seamless, omnichannel journeys more than ever, yet only 31% of travel and hospitality organizations can deliver on this wish. Consumers want more personalized travel experiences - travel and hospitality companies are investing in data analytics to allow them to deliver customized itineraries, hospitality perks, and improved onboard flight experiences. The infusion of AI further enables businesses to automate personalized journeys for their customers. AI-based chatbots and intelligent virtual assistants (IVA) enhance CX in the contact center environment, while analytics improve targeted marketing and drive a higher close rate.
The pandemic made contactless technology more prominent in airport shops and dining establishments so that travelers can pay or order off a menu with their smartphones.
Beyond the customer experience, AI and machine learning are helping businesses manage their revenue better with predictive pricing models and process automation.
The primary goals of this study are to determine implementation plans of interaction channels, applications, and solutions in the contact center environment in the travel and hospitality (T&H) industry and to understand purchase trends. It also investigates the factors that influence product selection.
Decision-makers and purchase decision influencers of Travel and Hospitality contact centers were surveyed across business functions including CXOs, managing directors, owners, senior management, middle management, and others.
Author: Alpa Shah
Table of Contents
An Integrated Approach Provides a 360-Degree Perspective
Research Objectives and Methodology of Customer Survey
Travel & Hospitality Growth Environment
Travel & Hospitality Growth Environment (continued)
Technology Trends
Technology Trends (continued)
Key Findings from the 2024 Contact Center Decision-Maker Survey
Call Deflection is a Top Priority but Voice Still Reigns
Improving Brand Loyalty is a Top Priority for CX Leaders
Customer Trust is of Utmost Importance in the Contact Center
Top Five Critical Decision-Making Factors When Selecting a CX Solution Provider
Self-Service Grows
AI Investments Across the Contact Center Solution Suite
High Expectations for GenAI to Improve Agent Performance and Operational Efficiencies
Omnichannel Customer Journey Capabilities Lag Far Behind Customer Expectations
Landry Wins Two Frost & Sullivan Contact Center Awards
Agent Engagement: ezCater Wins the “Good Vibrations Award”
Growth Opportunities Fuel the Growth Pipeline Engine™
Why Is It Increasingly Difficult to Grow?
The Strategic Imperative 8™
Best Practices Recognition
Frost Radar
Benefits and Impacts of Growth Opportunities
Next Steps
Take the Next Step
Legal Disclaimer
Growth dialog™
A tailored session with you where we identify the:- Strategic Imperatives
- Growth Opportunities
- Best Practices
- Companies to Action
Impacting your company's future growth potential.
Popular Topics
| Deliverable Type | Customer Research |
|---|---|
| Author | Alpa Shah |
| Industries | Information Technology |
| No Index | No |
| Is Prebook | No |
| Keyword 1 | Cx Growth |
| Keyword 2 | Travel Industry |
| Keyword 3 | Hospitality Market |
| Podcast | No |
| Predecessor | K927-01-00-00-00 |
| WIP Number | KAE7-01-00-00-00 |