The travel industry is very dynamic regarding trends, and it’s affected by lots of factors, like the recent coronavirus outbreak. But it’s also influenced by new technologies such as travel apps that allow you to book, plan, share and experience your trip in an enhanced way.
The travel app industry has grown a lot over the past few years, but it still faces some challenges. Over 5% of all the apps are travel apps, this presents a fairly big challenge trying to promote and acquire users, and since people usually travel sporadically it’s hard to know when they will be traveling again, making user retention a rather complicated task. Because of this, it’s really important to measure all your marketing efforts and analyze your acquisition, retention, growth, and usage of your app.
The travel app space is very vast, it includes everything from booking flights to hotels, restaurants, activities, managing budget and even insurance. This means that the user needs to download, register and interact with multiple apps, but what they really want is to have all the features they need in one place (like Airbnb incorporating experiences to their platform). This creates a huge opportunity for companies to integrate and develop APIs that interact with different platforms aggregating and bundling solutions under one app.
Finding and reaching out to your target audience is also a challenge, especially for companies that do experiences and itineraries, because they need to approach their users at a specific stage of their booking journey (usually after they booked their trip but a few weeks before they travel) this also creates collaborating opportunities with companies that offer complementary services, allowing to up-sale and cross-sale services,
External factors also affect market trends and habits. In the case of Rene, a travel insurance app designed to keep corporate travelers safe and healthy on their journeys, the coronavirus outbreak has created a high level of awareness among travelers who want to find the best way of staying protected abroad. Because of this, our downloads have been doubled in the past month alone showing that people are concerned but also that companies acknowledge the threat and they are trying to protect their employees.