Shorter buying cycles and hyper-customized itineraries may increase spending and revenue – but they complicate managing bookings – from keeping tabs on inventory to collecting payments within a 30-day booking window.
The solution to keeping up with traveler’s changing preferences is implementing Inventory Management technology to automate the process.
The Latest Trends and How They’re Impacting Booking Management
According to WeTravel's Annual Travel Report, based on insights from over 600 global travel businesses across six markets, most travelers are booking trips less than one month before departure. The Report also explains that 36% of travel businesses acknowledged that customers are spending more on add-ons to customize their trips.
Why is Having an Inventory Management Solution so Important
Without the right automation tools in place, like inventory management solutions, travel companies can be left scrambling to keep up with the complex administrative work involved in balancing multiple package offerings. Automating these tasks for travel businesses saves time and minimizes errors, ensuring a hassle-free experience for both the business and the traveler.
Efficiently managing resources not only enhances the booking experience for travelers by providing real-time information on availability, but it also enables them to take back control by customizing their trip.
What Are The Strategic Advantages of Implementing an Inventory Management Solution?
Streamlined Booking Experience
Implementing an Inventory Management solution significantly enhances the booking experience for travelers. With real-time updates on available services, pricing, and options, customers can make informed decisions swiftly. The streamlined process ensures a seamless booking journey, from selection to payment, contributing to increased customer satisfaction and loyalty.
Insightful Capacity Analytics
Inventory Management provides travel businesses with valuable analytics and insights into their available resources and capacity limits. By analyzing historical data and current trends, businesses can make informed decisions regarding pricing strategies, promotional offers, and resource allocation. This strategic advantage allows businesses to optimize their inventory, preventing overbooking or underutilization of resources.
Automate Traveler Management
An Inventory Management solution goes beyond resource tracking by automating traveler management. It can automatically generate comprehensive traveler lists with essential details, streamlining operations and enhancing collaboration with suppliers. This automation reduces the risk of errors in manual record-keeping, ensuring accuracy and efficiency in managing traveler information.
As travelers become increasingly reliant on add-ons and customization to their itineraries, inventory management is the solution. It not only provides valuable capacity analytics but it provides real time availability information to your customers.
