Learn how big data analytics may be used by Indian tourism or destination marketing startups to promote company expansion.
The COVID-19 pandemic had a significant negative impact on India’s travel and tourist industry. According to a study from the Ministry of Tourism, the state-wide lockdown caused the number of foreign tourist arrivals (FTAs) in India to fall from 2.74 million in 2020 to 1.52 million in 2021, representing a negative growth of 44.5%. However, things changed the following year. According to an IBEF analysis, FTAs increased from 638,524 in January-August 2021 to 3,263,219 in January-August 2022 as borders were opened and lockdowns were lifted.
From an expected $75 billion in FY20, the travel market in India is predicted to grow to $125 billion by FY27. Additionally, the survey stated that by 2028, there will be 30.5 billion international tourist arrivals, bringing in over $59 billion in income. And to gain a competitive edge, startups in destination marketing or the tourism industry are attempting to use technology, particularly big data analytics, to tap into this market. Big data is the broad category of both structured and unstructured data produced by numerous sources, such as social media, online reviews, search queries, and website traffic, which may be mined for knowledge and applied to analytics. Big data has developed into a vital tool for firms in a number of different industries in recent years. Big data can provide companies in the travel industry a competitive edge by helping them better understand their target market, make data-driven decisions, and develop more successful marketing strategies.
Here are some ways Indian tourism startups can leverage the technology:
Recognising the conduct of customers by studying data from multiple sources, such as where customers are from, what they are looking for, and what variables are most important to them when making travel selections, tourism entrepreneurs can obtain crucial insights into customer behaviour. With the use of this data, startups can modify their marketing strategies to better cater to the wants and needs of their target market. Aside from customising itineraries and making recommendations based on consumer preferences, they can use big data to create personalised travel experiences.
Pricing techniques by examining variables like seasonality, demand, rival price, and other characteristics, big data can be used to optimise pricing strategies. Using this, startups may change their pricing in real-time to maximise income and draw in clients who are price conscious and looking for the greatest offers. Additionally, it may be applied to predictive analytics, which enables companies to better plan their pricing, marketing strategies, and overall business plans by forecasting future trends and consumer behaviour.
Competitive research Startups in the field of destination marketing can keep up with trends and spot growth prospects by keeping an eye on the competition. Big data can be used to assess the marketing initiatives, pricing plans, and client testimonials of competitors. In order to better identify themselves and stand out in the market, startups can modify their strategy. the internet Startups in the field of destination marketing can learn a lot about consumer attitude, preferences, and behaviour by analysing data from social media. Collaborations Startups in the tourism industry might use technology to find possible partners in similar industries and form alliances that benefit customers. integration of technology Startups in the field of destination marketing must incorporate big data into their processes by automating marketing campaigns, leveraging CRM software, and using data analytics tools.