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The Rising Success of Online Travel

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With more people than ever favouring the internet to make their travel bookings, the future looks bright for the online travel industry. Online travel has successfully weathered the recession and it seems the industry will have hit an all-time high by the end of 2013.

The internet has revolutionised the way consumers are now booking their holiday and travel arrangements. Using the internet to book a holiday is convenient, cheaper and offers a huge amount of choice as well as the opportunity to price check deals against each other with comparison websites.

Flexibility is another key factor and many consumers will be booking their last minute holidays in 2014 only weeks before they depart, eliminating the need to book a year in advance to obtain the best deals.

Online bookings for travel agents, hotels, flights and car rentals have all undergone significant growth. The rise in sales of portable goods which rely on the web such as tablets and smart phones may also have contributed to the rise in online travel bookings.

Global online travel increase

More people on a global scale are now using the internet to make their travel bookings as opposed to using the traditional travel agencies. Britain is the world leader in online travel bookings and UK consumers used the internet to book 78% of their trips abroad last year, which is a 47% jump on 2008.

The findings from a report conducted by the IPK International’s World Travel Monitor from 2008 to 2012 show that traditional travel agents are losing out to online agencies. China’s internet bookings have doubled to 39% while in Russia the online travel market share has quadrupled to 42% in the last five years.

The Adobe Digital Index report 2013, which was based on the analysis of more than 150 mobile and worldwide travel sites from 2009 to 2013, revealed a 2013 10% increase from the previous year for the US online travel companies analysed. The US online company bookings are expected to hit $54 billion by the third quarter with an 8% to 10% year on year growth in the fourth quarter, a quarter that usually sees a reduction in bookings.

A losing battle for traditional travel agents?

The continued success of online travel agencies has resulted in a shake up for traditional travel agents and in 2011 41 UK travel agents went bankrupt. The bankruptcies are claimed to have been caused by factors such as the Arab spring and natural disasters but the rise in internet bookings is also stated as a reason. In spring 2013, the major holiday operator Thomas Cook shut 195 high street travel agents, axing 2,500 jobs.

The way back for traditional travel agents may be found in the statement made at the time of the Thomas Cook job losses. Manuel Cortes, the General Secretary of The Transport Salaried Staffs Association, which represents Thomas Cook employees said, “The company needs new products if it is to come to terms with the age of the internet and prosper in the 21st century.”

Sanskar Shrivastava is the founder of international students' journal, The World Reporter. Passionate about dynamic occurrence in geopolitics, Sanskar has been studying and analyzing geopolitcal events from early life. At present, Sanskar is a student at the Russian Centre of Science and Culture and will be moving to Duke University.

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Operating With the Blinkers On? Why You Need To Reconsider Your Outsourcing Strategy

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A lot of what makes a business effective is its ability to roll with the punches. If you find yourself constantly adapting to trends, you need to remember that it has to come from a place that will have a positive impact on the business, rather than keeping up with trends for the sake of it. One of the biggest trends in recent years has been outsourcing. And so many companies look towards outsourcing as a way to reduce the bottom line, but is this an effective approach? Is it actually time to stop outsourcing? Let’s show you some components that can help you to decide what would be best, and whether outsourcing will benefit your business or hinder it?

Where Is Your Business Falling Down? 

Skills are pivotal to the success of any company, and when we are lacking the right skills, this is where we turn to outsourcing. However, when we utilise skills from an outsourced entity we end up in the position where we are relying on these people to help us get to the next stage of our business. There are times when we can outsource when it is not to do with the skill. For example, if we had to move our headquarters to a different location, rental truck companies like flexfleetrental.com can help with the practical components. But if you find that your business is falling down in a place as important as a lack of skills, you have got to think twice if outsourcing is the best approach. And this is because if you have someone on board to help you get to the next stage, and then you let them go, are you going to need them to come back further down the line? In which case, surely it is better to have a full-time member of staff fulfilling this position? 

Is Outsourcing More Cost-Effective? 

Everybody uses outsourcing as an approach to save money, but outsourcing costs can vary, but they can also be more expensive when you have gone into it with the right mindset. Knowing your costs is crucial, and calculating the maths is something you will need to do. This guide to outsourcing costs at classicinformatics.com can provide some insight here. Outsourcing can reduce costs, but if your overriding goal is to improve the business, you might want to think about investing in the company rather than cutting corners. Outsourcing can be cost-effective, but only when done over a short period of time. The difficulty of outsourcing over a short period of time is in finding the right person. If you are able to find a person with the right skills, it can be more cost-effective. However, the hunt for the right person can be as expensive.

What Does Outsourcing Do for the Business? 

The goal is to improve the bottom line, but we’ve got to look beyond numbers and metrics. A business is not just successful in terms of its figures, but it’s the people within the business and the cultural components that will ensure its efficacy. Many businesses utilise outsourcing in such a manner that it says to the employees “they are not good enough.” Therefore, this is not going to help the company in the long run. Employees will become dissatisfied with the company and their roles and will go and find someone that will support them. Outsourcing is great for numbers, and if you are the type of entrepreneur that is looking to create an environment where you can rule with an iron fist, outsourcing can be very effective. There are still entrepreneurs who prefer to operate with an “it’s not personal, just business” approach. But if you use outsourcing as a crutch to prop up your business during tough times, you’ve got to think about the long-term impact on your employees. 

It proves harder to keep a business going when you are forever outsourcing. It is a common trend that will continue for years to come but we have to remember that outsourcing is not always the most effective solution. We are forever blinkered in our approach to doing business, and this is driven by the desire to make money. But a business is so much more than that. It is an entity that should provide a need within society or provide for a certain demographic. So if you are thinking about either utilising outsourcing or giving it up, it is important to make sure that all of your lightbulbs are on.

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How To Make Business Life So Much More Favourable

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If you have a business or you’re heavily considering starting a business, then you’ll know all about the perils and the difficulties that will come with it all. While it seems like such a wonderful idea from the outside looking in, it’s actually something that can really take its toll on you if you’re not prepared enough both mentally and physically. 

You’ll always be looking for ways to make business life an awful lot more convenient. The idea in this game is obviously to work hard as you never get anywhere without a serious commitment. You’ll really want to focus on working smart, however. Hard work for no reason is foolish when you have much better ideas and techniques staring you in the face. Business life can be a real hassle if you get things wrong and have to go through laborious days. Here are just a few ways to make your days, weeks, and months a lot more favorable for you: 

Get The Right People Around You  

Who you share your time with in business matters so much. If you have all of the wrong people, then you could be on a downward slant over the next few years. If you have good people with the right attitude and intentions, then you’ll likely become a lot more successful. In terms of using the right people, we’re talking about networking, hiring staff, bringing in specialists, soliciting advice, and so many other areas. Business is an interpersonal game, so make sure the right groups and individuals work with what you’re trying to achieve. 

Embrace Technology A Lot More Than Perhaps You Are Right Now 

If you’re already someone who wants to milk every platform they have, then this idea won’t worry you too much. There are so many pieces of ai powered software around that will help you with what you’re trying to achieve. Analytics, ads, management, and so many other areas can be bolstered with good programs. 

Set Up Genuine Plans With Achievable Goals 

This sort of goes without saying because you’ll likely have plans for the tasks ahead. This is more the idea of creating more structured plans for areas that are perhaps freer and less structured. Setting goals for everything you do can lead you to understand more about what needs to be done. It also gets everyone even more motivated. 

Take Care Of The People Working With You 

In terms of those you’re with, you’re going to need to treat them properly. It’s amazing what can happen if you neglect how they feel and the work they put in. The best leaders will always hone in on each individual and check in with them. 

Outsource Certain Jobs That Are Tedious

Sometimes, there are particular tasks that – although they need to be done – take up lots of unnecessary time and stress. If you are outsourcing admin, for instance, it makes life a lot easier for you as you all can focus on the productive and progressive side. 

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Current Trends in Business That Every Entrepreneur Should Work Towards Achieving

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The world of business is changing and with it the trends that entrepreneurs should be working towards. Entrepreneurship has become a lifestyle as opposed to just a paycheck. With an entrepreneurial mindset, you can do anything. Check out these current trends in business that every entrepreneur should work on achieving:

E-Commerce

E-commerce has been a significant trend for the past few years, and you can expect it to continue being so. E-commerce has multiple benefits, including increased revenue, high availability of products, and a more significant customer base.

E-commerce allows businesses to be present on all digital platforms, which helps them reach out to more customers quickly. In addition, it makes it easier for companies to reduce overhead expenses as there are no physical stores that have rent costs associated with them or inventory levels that need maintenance constantly. Statistically, e-commerce has grown rapidly in the past few years from 25% – 30% year on year.

Financial Apps and Software

The software aspect comes into play when considering how businesses manage their finances moving forward. Companies must adapt to technology. Otherwise, they will find themselves left behind by competitors who embrace emerging technologies such as cloud computing and mobile apps. It is also easier to make purchases using these apps and communicate with the sellers. Incorporating such software with equipment and partnerships with a payment processing company will diversify the business activities and set you up for expansion.

These apps allow them to move away from traditional forms of financial management such as spreadsheets and accounting software to financial management apps such as Xero. With these new apps comes the ability to monitor business finances from anywhere, which can help businesses grow faster than what they would ordinarily be able to manage with slower conventional processes.

Blockchain Tech

Blockchain tech is the current trend in business that every entrepreneur should work towards achieving. You can apply this technology to many different industries, and entrepreneurs need to find their niche within this growing market. It’s also critically important not to overlook blockchain tech when deciding which cryptocurrency or token you want your company associated with.

Both positive and negative factors are involved in choosing one solution over another, but it all comes down to finding what works best for each situation. For example, today’s most valuable aspect of blockchain tech is its promotion of secure transactions between parties while eliminating third-party transaction fees (or at least significantly reducing them).

It means that businesses operating on a global scale could potentially enjoy significant savings in maintaining financial records. Transparency is also an important selling point for blockchain tech. The decentralized nature of its design makes all transactions public and easily accessible by anyone who has access.

Fraud and Cyber Crime

Another current trend that every entrepreneur should work towards achieving is fraud and cybercrime. In today’s modern world, the internet has brought the business community closer together as it allows you to reach a global market from almost anywhere with an Internet connection. Unfortunately, this means those who want to take advantage of this have access to millions of more potential customers, making it easier for fraudsters to steal money from unsuspecting victims.

Businesses that are not careful can fall victim to several types of cybercrime, including phishing, spoofing, pharming, and identity theft. These crimes are increasing at an alarming rate as more people use the internet for business purposes which means scammers often target them.

Conclusion

Today, business is becoming increasingly challenging. The traditional ways of doing things don’t work anymore, and it’s time for entrepreneurs to adapt to stay relevant within the industry. However, the industry itself is evolving rapidly, and it’s challenging to keep up with the changes that are happening every day. Fortunately for you, this post is here to help you understand the current trends that every entrepreneur should work towards achieving.

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