Navigating the future of corporate travel: Key trends and insights from Lora Ellis of FESTIVE ROAD
The corporate travel sector is continuously evolving, driven by emerging trends and the need to enhance traveler experiences. At the recent GBTA convention in Atlanta, Serko’s VP of Sales, Mike Daly, caught up with Lora Ellis, Head of Consulting at FESTIVE ROAD, to discuss the key trends shaping corporate travel's future.
Here’s what you need to know:
ESG at the core: Purpose-driven travel
One of the most significant trends in corporate travel is the focus on Environmental, Social, and Governance (ESG) considerations. As companies increasingly prioritize sustainability, online booking tools are being leveraged to influence traveler behavior at the point of sale. For example, travelers may be informed about the environmental impact of their flight choices, such as the carbon footprint associated with a particular route. Companies are also implementing carbon budgets, allowing stakeholders to manage both cost and carbon impact. This trend highlights the growing importance of sustainability in business travel and the role of technology in supporting these goals.
Dynamic content: Enhancing traveler experience
The demand for dynamic content is reshaping the online booking landscape. Travelers now expect a seamless experience that mirrors the ease and convenience of consumer travel apps. Corporate booking tools increasingly integrate diverse content options, including flights, hotels, and other travel services, to create a user-friendly interface. This approach not only improves traveler satisfaction but also helps companies manage travel costs more effectively. By offering a B2C-like experience in a B2B environment, companies can increase user engagement and compliance with corporate travel policies.
API explosion: Empowering buyers with greater control
The rise of APIs (Application Programming Interfaces) empowers corporate travel buyers by providing greater control over their travel programs. APIs integrate various services and technologies, creating a more cohesive and customizable travel ecosystem. This flexibility allows companies to tailor their travel programs to meet specific needs, from direct agreements with booking tools to managing microservices. Seamlessly linking different parts of the travel program is critical for delivering a streamlined and efficient travel experience.
Data-driven insights: Understanding traveler behavior
Data analytics is becoming an essential tool for optimizing corporate travel programs. By analyzing behavioral metrics, companies can gain insights into traveler preferences and pain points, enabling them to refine the booking process. Metrics such as the number of clicks required to complete a booking can indicate areas for improvement, helping to reduce friction and enhance the overall user experience. Understanding traveler behavior is critical to delivering a more personalized and efficient travel service.
Digital payments: The future of corporate travel transactions
Adopting digital payment solutions, including digital wallets and virtual cards, transforms how companies handle travel expenses. Digital payments offer a seamless and secure method for managing transactions, reducing the need for traditional payment methods such as paper receipts and checks. The demand for modern payment solutions is growing as the workforce becomes increasingly tech-savvy. Implementing digital payment systems can streamline the expense process, improve data accuracy, and enhance privacy, making it a win-win for both travelers and companies.
Non-employee travel: Streamlining the experience
Managing travel for non-employees, such as recruits or consultants, presents unique challenges. These travelers often need more established profiles, making booking and managing travel arrangements difficult. However, companies recognize the importance of providing a seamless travel experience for non-employees, as it reflects on the company’s brand and can influence future talent acquisition. Solutions that offer virtual payments and pre-defined travel parameters can simplify the process, ensuring a positive experience for all parties involved.
The corporate travel industry is at a crossroads, with new trends and technologies paving the way for a more sustainable, efficient, and user-friendly travel experience. From ESG considerations to the rise of digital payments and the management of non-employee travel, companies must stay agile and innovative to meet the evolving needs of their travelers. Watch the video to explore these trends in greater detail and learn how to future-proof your corporate travel program.
