As we unravel the insights from ITB Berlin 2024, it's apparent that the multi-day travel industry is amidst a fascinating evolution, brimming with both challenges and opportunities. At WeTravel, having just returned from ITB Berlin, one of the industry’s largest travel trade events of the year, we're eager to share some invaluable insights that could revolutionize your approach to travel business in 2024 and beyond.
One theme our team encountered was the struggle many organizers face when receiving payments from clients across different regions. Many travel businesses highlighted just how difficult it can be to collect payments in a different currency than their trips are marketed in. With international travel returning to pre-pandemic rates, addressing these payment challenges becomes crucial for travel businesses looking to extend their reach and attract travelers from new markets.
Your solution to this challenge - Multi-Currency Checkout. But what is Multi-Currency Checkout and how does it work? Multi-Currency Checkout functions as an integrated currency conversion tool that seamlessly converts a business's advertised purchase price (typically in USD) into the traveler's currency (such as EURO) at the time of booking. This not only ensures upfront transparency regarding costs for the traveler but also provides them with the flexibility to use their preferred payment method, rather than relying on a Credit Card for currency conversion, which often incurs hidden fees.
Another recurring theme was the importance of resource management to successfully balance multiple package offerings. Attendees expressed a strong interest in finding a more efficient way to monitor their resource inventory and organize traveler information. This demand underscores the opportunity for travel businesses to invest in robust resource management systems to streamline operations and enhance customer experience.
Enter, Inventory Management solutions. Inventory Management solutions improve the booking process for travelers. By providing real-time updates on available services, pricing, and options, customers can quickly make informed decisions.This streamlined approach ensures a smooth booking experience, from selection to payment, ultimately leading to higher levels of customer satisfaction and loyalty.
This technology also empowers travel businesses to make informed choices regarding pricing strategies, promotions, and resource allocation through analysis of historical data and current trends. The tool can automate traveler lists, including vital trip information, streamlining operations and fostering better collaboration with suppliers to reduce the likelihood of errors in the process.
Last but not least, our team uncovered that travel businesses are seeking more educational resources and tools to mitigate their risk. ITB attendees expressed a keen interest in learning about strategies to handle natural disasters, navigate political changes, and mitigate other potential travel disruptions. This highlights a critical need within the industry for accessible and comprehensive educational materials that equip travel businesses with the knowledge and skills to navigate these challenges confidently.
Our WeTravel Academy is a platform dedicated to providing multi-day travel businesses with free educational blogs, webinars, guides and courses, to help support their growth. From risk management strategies to driving inclusivity in travel, the Academy offers a wide range of courses and resources tailored to the unique needs of travel organizers. Touching on subjects like sustainability and creating strong terms & conditions, these tools are available for travel businesses to prepare to face these challenges.
As we reflect on our experiences at ITB Berlin 2024, it's evident that the world of multi-day travel businesses is in a state of dynamic flux, presenting both exciting opportunities and nuanced challenges. From the intricacies of global payments to the fundamental importance of efficient resource management and prudent risk mitigation, the insights gathered from this esteemed event offer valuable guidance for navigating the ever-evolving landscape of travel in the years ahead.
Interested in further exploring the booking and payment trends that we expect to shape the industry in 2024? We invite you to delve deeper into the evolving landscape of travel by exploring WeTravel's 2024 What’s Ahead For Travel Bookings and Payments report. This comprehensive resource offers a closer look at the latest travel tech trends that we anticipate will shape the industry in 2024 and beyond