SpendEdge announced the completion of its article that assesses the current condition of the UK travel market against the backdrop of the Thomas Cook bankruptcy and enlists key procurement strategies to address the impending market adversities.
While the collapse of Thomas Cook did not yet hammer the last nail in the coffin of the UK travel market, it definitely did change the consumer outlook about the UK travel industry at least for the next few years.
The untimely demise of one of the largest and oldest travel company in the UK, Thomas Cook has compelled the players in the UK travel market to do a reality check on their chances of survival in the UK travel industry.
While it is too early to say that the UK travel market is set to witness a growth slowdown, the bankruptcy of Thomas Cook has changed consumer’s outlook towards the global travel industry. It is prudent for stakeholders in the UK travel market to take a cue from this situation and make necessary adjustments in their strategies to avoid the repetition of the Thomas Cook fiasco.
Factors that will Create Challenges in the UK Travel Market
The shocking curtain call of Thomas Cook has revealed the critical factors that have been corroding the UK travel industry from within. What is even worse is most of the UK travel market enterprises failed to gauge the veracity of such factors and their future impacts on their business. Some of the factors highlighted in this article are listed below:
The Proliferation of Online Booking Ventures
In this digital age, most of the travelers are relying on online booking sites rather than travel agencies to fix their travel itineraries. This is considered as one of the critical factors that are hampering the growth prospects in the UK travel market and is also held responsible behind the Thomas Cook bankruptcy.
The Might of the Media
With the proliferation and improved access to various social media platforms, it takes a few negative reviews to issue the death warrant for enterprises in the UK travel industry. Such enterprises should take that extra and cautious steps while partnering with travel management suppliers who can cater in accordance with consumer’s emotions in the UK travel industry.
Strategies to Adopt to Combat these Imposing Challenges in the UK Travel Market
The need of the hour is solutions that are as unique as the challenges in the UK travel market. Leveraging such solutions can help to address and eradicate any business risks from its source. SpendEdge’s exhaustive repository of procurement intelligence reports has answers to challenges that are typical to the UK travel industry and boast of alleviating the potential risks for some of the leading names. Some of the strategies are highlighted below:
Value-added Services Offered by Suppliers
Engagement with suppliers who can offer a range of value-added services can result in the addition of significant value to the overall travel experience offered by buyers in the UK travel market. Such value-added services include assistance on booking status, flight delay information, mobile or online check-in facilities, seat selection, assistance in lost baggage claims, travel insurance, and meal preferences.
Service Quality Assurance
It is recommended that buyers assess the quality of services provided by suppliers by using various parameters such as in-flight food, entertainment, and medical services; delays in flights; and responsiveness and services of the ground staff. Such suppliers are known to maintain a record of the customer sentiment in the current UK travel market and include regular improvisation in their services.