May 27, 2016
Exploring the Future of Travel @ TravelTechCon
Introducing Travel Tech Con, an independent conference organized by a group of travel startup founders who share a common passion of moving the travel industry forward. Now in its first year, the event this month spanned over two days, the first of which had 15 startups present at the Plug & Play Center in Sunnyvale California. Day two focused on players in the world of travel tech addressing what needs to change in the next ten years to bring an industry with an antiquated infrastructure up to what consumers expect in 2016 and beyond.
Photo credit: EMaze.
From Virtual Reality, Artificial Intelligence, Blockchain, the Internet of Things, Big Data, Open Travel Standards, Automotive Innovations and more, we heard from Adobe’s Head of Global Industry Strategy & Marketing for Travel & Hospitality Mohammad Gaber, Emergent VR’s Peter Wilkins on the future of VR and Travel, OSLET’s Gadi Bashvitz on using personalization to drive conversions, Chute’s Ranvir Gujral on AI, GEIOS’ Michael Frischkorn talked about using IoT to help travelers create more memories, and Roomstorm’s Maksim Izmaylov talked standards, a necessary for efficient global communication.
There was also an interesting panel on emerging automotive tech which was addressed by Roadgazer’s Maria Mokhnatkina, Bosch’s Tom Lindma, Skurt’s Tin Hang Liu and Princeton Optronics’ Alexey Kovsh. The second day was held at Yelp so not surprising to hear from Yelp’s Rachel Zhao who talked about making it global while keeping it local. SFOX’s Akbar Thobhani, Factom’s Tiana Laurence and Norm Rose talked about the opportunities Blockchain can bring.
Think of it as a distributed network that offers value….value that can’t be duplicated. When you’re dealing with strangers, blockchain can offer tremendous benefits. Since travel is so distributed and so global, blockchain is a way to help make travel booking more direct and more efficient, cutting out the umpteen number of middle men that are in the way of a vendor and the consumer today.
This will allow direct booking will increase and improve. Since blockchain is all about being decentralized, it may be harder at first to establish loyalty although new models will certainly evolve to re-engage and build loyalty with customers. The future is here but it's just not distributed…yet. The idea for vendors is that they should be able to continue using their existing systems but supplement them with blockchain to more directly reach their customers.
Blockchain is contextually the next infrastructure platform that could eliminate the middle man in travel as well as help to reduce fraud. Other trends include the growth of services like AirBNB and couchsurfing and as more services like it emerge, identity and transparency will increasingly become more important. And of course, we talked about the interests of millennial travels since their patterns of behavior is so different than the generations behind them.
Millennials increasingly want experiences not physical objects. People are traveling earlier than ever and they want to see the world. There’s less fear than ever before, largely because millennials are more familiar with the world because of social media and technology.
While so many tour companies and destinations still focus on print articles and advertising, they don’t realize that most millennials find their ideas about where to travel and what to do through social media and online networks. They trust what their friends recommend on these social networks over something they might read in a magazine they don’t have a personal connection with. Because they use technology all the time and it’s an integral part of their world, they also expect technology to be part of their travel experiences.