This month we sat down with Michael Levinson, our co-founder and Chief Product Officer, to ask for his thoughts on one of the hottest topics in the industry – artificial intelligence.
- How is artificial intelligence shaking up the travel industry?
I recently came across a very interesting article by PhocusWire suggesting that within the next year, nearly one-third of annual revenue in the travel industry could come from AI. That’s a staggering number! The industry is changing rapidly, and artificial intelligence is a key driver of this transformation.
But for me personally, one of the most important aspects is that AI offers more opportunities for personalization within travel experiences, making each unique and more enjoyable than ever before. It enables understanding customers’ needs and preferences even better, takes data analysis to the next level, and allows maximum personalization of the offer, resulting in greater customer loyalty in the long run. This is why we launched our AI-based social revenue technology platform and are harnessing its power to enhance the travel booking experience. Our clients and their users will soon have the chance to benefit from new AI capabilities as we’re gearing up to introduce an AI assistant.
- How can AI enhance personalization within the travel experience?
With its ability to process massive amounts of data, AI can create individualized recommendations and tailored offers based on travelers’ individual needs, preferences, and online behaviors. Designed to analyze data at full speed, it can customize experiences, make accurate suggestions, and provide assistance throughout the customer’s journey. But the many perks it brings can benefit not only travelers, but also travel providers. Thanks to AI, vendors and travel providers will see increases in average order value of up to 40%, a 3x increase in ARPU, and strong progress towards customer loyalty. Personalization and customer loyalty go hand-in-hand which is why our new AI assistant will contribute to our already impressive results, with the number of returning users surging by 4x.
- Looking ahead, what do travellers have to look forward to as AI develops?
Advanced personalization, intelligent travel assistants, facial recognition, AI concierge services, virtual tours… the list goes on. AI is developing at such a rapid pace that every day may bring new and surprising travel applications. It’s certainly a very exciting time, and travelers can be rest assured that they will find something to their liking. At the same time, their travel searching and booking experience will continue to improve thanks to innovative solutions such as ours.
