What to Expect This Year in the Corporate Travel Industry
The previous year, 2022, had its ups and downs, just like every other one.
With employees taking domestic and international flights for business purposes, the business travel industry is expected to grow. It is only February, and experts say that the number of employees taking business trips will be much higher than that of the previous year.
Mainly because of this, businesses are looking forward to managing their trips with better incentives, and with new rising business trends, this can become easier for many.
Since personalised travel is on the rise, it calls for self-booking. Many travellers now prefer to book their travels and use tools that align with their plans. This trend of self-booking is one of the significant trends that companies should look out for.
Companies can encourage employees to use corporate travel software that will allow them to book flights and accommodation according to their liking.
This self-booking trend in the business travel industry, likely to be witnessed in 2023, occurred mainly because of generational shifts.
Increase in Air-Fare and Hotel Pricing
The rising inflation regarding fuel worldwide means that travel prices across the globe would see an increase. Labour shortage and inflation are all the more reasons that contribute to increased airfare.
Not only are the airfare prices expected to rise, but due to the travel rebound, hotel and accommodation costs are likely also to rise.
Use of AI and Virtual Assistants
Artificial intelligence (AI) and virtual assistants have been in trend for several years. Regarding business travel, AI and virtual assistants would be a boon for the said industry majorly because travellers are always on the go and require quick interaction with faster response time.
Using advanced technologies like AI and virtual assistance should be on the lookout for every corporate travel agent. Businesses can use these technologies to improve their travel and expense management procedures and comprehend business travellers’ preferences and travel patterns.
Blockchain for Improved Security
Blockchain is a system of recording and collecting information, making it almost impossible for hackers to modify the information. Due to its security features, it is an ideal technology for making business travel transactions more secure.
The business travel industry is heavily dependent on information exchange between two or more businesses, making it a crucial technological advance.
Business Travel is a Perk
Another corporate travel trend that is likely to flourish for the rest of the year is travellers seeing business trips as perks. Many employees are now seeing business trips as a great opporunity to grow both professionally and personally.
Studies conclude that employees that often travel on business trips feel more empowered and engaged.
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