Travel companies are known for capturing and storing massive amounts of data. During every step of the travel journey they collect data such as customer data, flight paths, transactions, yielding, check-ins etc. Every hotel has a CRM package and let’s not forget yield revenue management was invented in the travel industry already years ago. Until recently this data was just stored and travel companies had difficulty actually putting this data to use by combining various datasets. With the sheer amount of computer power, cheap and powerful storage solutions such as Hadoop and many Big Data startups waiting to help out, this information can finally be put to use to make the customer feel more appreciated and better serviced, resulting in more revenue and higher profits.
Especially in the travel industry, such a personal approach is of vital importance and the opportunities for Big Data in the travel industry are therefore tremendous. If we look at the conversion rate on travel website, Graham Cooketells us that 92% of customers of a travel website will not convert and 60% of visitors never return after a first visit. Big data can help online travel companies to deliver the right message at the right time to the right person and with that increase their conversion rate.