Introduction of Online Platforms Changes the Online Travel Market:
Extensive use of mobile travel applications and travel websites or review websites is propelling
the use of online traveling platforms as compared to conventional trip advisors. As per Coherent
Market Insights, 41% of gross travel bookings in India are done online and easy access of internet
plays a key role in it. Moreover, review websites such as TripAdvisor, Expedia, and Google
significantly boosts in increasing the online travel market as it helps travelers in taking traveling
decision as users can get an idea about the place and other relevant issues such as availability of
hotels, weather conditions, and others via these review websites. Travelers are active on social
media sites such as Facebook, Twitter, and Instagram, where posts or reviews of travel
destination can aid in travel decision.
Increasing mobile usage and innovative mobile apps are the key growth drivers:
Increasing use of mobile devices and social media are providing a new medium for
communication. High internet penetration has led to growing use of smartphones and in-turn
mobile applications with dedicated websites for trips and travelling such as MakeMyTrip Limited,
trivago N.V. Airbnb, Google trips, TripAdvisor, Uber, and others. Easy navigation feature in mobile
applications is also one of the key factors behind increasing use of these applications.
Furthermore, travel app offers high flexibility to customers and provides an easy medium to stay
connected with the services providers.
Various payment applications are launched with special safe and secured feature for online travel
applications. Previously, options for payments for travelers were limited to credit or debit card for
online payments, however payment options such as PayPal, MobilePay, RuPay, PayU, Stripe, and
others have emerged in the recent past. For bookings on e-commerce websites, e-wallets remain
preferred payment method, which has increased the number of bank transition for online travel
booking.
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https://www.coherentmarketinsights.com/market-insight/online-travel-market-2504
Online travelling market in Asia Pacific is expected to witness considerable growth in the forecast
period, owing to growth in disposable income of individuals especially in emerging economies,
increased travel frequency from international as well as domestic places, and booming business
travel industry in the region. Increased frequency for business travelling is majorly attributed to
overseas expansion of conglomerates, which requires constant visits and monitoring. According
to Coherent Market Insights’ analysis 2016, over 90% business travelers have mobile phones and
more than half business travelers managed journey from mobile devices.
Global players of the global online travel market are OpenTable, Sky Park Secure, Viator,
FancyHands, Routehappy, Adioso, Tripit, Eater, Euan’s Guide, Hipmunk, Skyscanner, Owners