The next billion online travel customers will be different to current consumers and travel companies should be considering their requirements already.
The future cohort will have different values and behaviors and will require flexibility and an Amazon-like experience where they can send products back, cancel them, get refunds and have access to flexible payment mechanisms.
Joining a panel at WebInTravel Singapore Experience 2021, Frederic Barou, senior vice president for online travel companies and Amadeus, went on to say: "All this type of behavior they have in today's social life they will want to see in travel as well and we are very far from this. A lot of innovation is needed to keep simplifying for users."
The session also discussed what investors are looking at from startups currently.
Susli Lie, venture partner at Monk's Hill Ventures, says fintech, e-commerce and SaaS are currently the top three hot verticals for investment activity in the Southeast Asia region.
She says within those there are some trends and themes around technology for Gen Z, the creator economy and the future of work, learning and experiences that she's excited to invest in and that are being picked up by travel startups.
The panel also touches on trends driven by the pandemic that are likely to remain such as traveler identification and the ability for individuals to choose who they share data with.
Funding for the next billion users