Competitive pricing continues to plague the hospitality industry as competition looks for new ways to price rooms based on a traveler’s search location. And the travel industry is gearing up for the post-Covid world, and the public is too – a recent survey found nearly 80% of American travelers had trips planned in 2022.
People want to travel, but the conditions around travel are shifting so quickly that it’s increasingly difficult to predict what’s coming next for the travel industry. Basic questions like “what should a hotel room cost?” now require complicated answers. Data startups might simplify the equation.
Rather than flying blind, my company, hospitality business intelligence provider Fornova, turned to publicly available web data to keep up with the volatile blend of COVID spikes and travel demand. Through data collection across publicly accessible web sources worldwide, the hospitality industry can meet the changing needs of travelers across the world in real time.
But sourcing and analyzing public web data is a massive undertaking – one that online web data platform Bright Data does best for its customers.
“To address any of these issues, we must first collect enormous amounts of data, analyze this data, and then look for actionable insights within it,” Fornova CEO Dori Stein explained.
Raw public data from the web is a key ingredient for this process. Unlike traditional data sets, this kind of data comes from the daily activities of potential customers – a kind of data Bright Data CEO Or Lenchner calls alternative data.
Alternative data is driven by the growing demand for real-time insights from non-traditional data sources This living, breathing data source is essential to the travel industry’s future. Fornova’s collaboration with Bright Data allows each organization to bring their expertise to analyzing and acting upon the information.
The travel and hospitality industry will continue to face volatile and uncertain conditions as the post-COVID era emerges in different stages and paces around the world. With collaborations in big data though, companies can both meet the needs of travelers now and position their brands to succeed in the future.