Agoda CEO: ‘Travel industry off to a great start in 2024
Omri Morgenshtern, CEO of Agoda, predicts an auspicious year for travel in 2024, citing the industry’s momentum from 2023.
Speaking at the ASEAN Tourism Forum in Laos, Morgenshtern highlighted Asia’s remarkable Year-on-Year growth post-COVID, with Japan, South Korea, and India emerging as outbound travel hotspots.
Following the event, Morgenshtern remains optimistic, foreseeing innovative technologies and fewer travel restrictions shaping the travel landscape.
As markets spearhead tourism campaigns, discussions revolve around travelers leveraging these trends. With enthusiasm building, 2024 holds promise for the travel industry’s continued resurgence.
Points raised by the Agoda CEO
- Visa-free travel gathers pace
Tourism is a key focus for both established and emerging markets, leading to a recent trend of easing visa requirements. This initiative aims to reduce travel barriers and attract a diverse range of visitors. For example, Malaysia’s removal of restrictions resulted in a substantial increase in searches from India and China. Omri Morgenshtern predicts that relaxed visa policies, such as visa-free access for Indian travelers to destinations like Thailand, Sri Lanka, and Malaysia, will inspire other markets to adopt similar measures, ultimately fostering increased inbound tourism and benefiting destination economies.
- More impetus for connected travel bookings
Travel providers are aiming to streamline the booking process by integrating flights, hotels, and activities into a single platform. With a significant portion of travelers booking tours and activities shortly before their arrival, the ability to conveniently book in advance is highly valued. Agoda encourages this by offering additional discounts for combined accommodation and flight bookings. Omri Morgenshtern emphasizes the goal of becoming a comprehensive travel solution, providing personalized and localized services to enhance the entire travel experience, from planning to returning home. This vision reflects a growing demand for convenience and flexibility in travel arrangements.
- Greater assistance from AI
At Agoda, the team has been quietly embracing evolution over revolution, using GenAI to supercharge their team’s performance across all areas of the business. Morgenshtern’s mission to empower employees with AI has paid off, with engineers significantly increasing their efficiency. Morgenshtern predicts that in 2024, GenAI will continue to be the biggest opportunity for business. He sees the short to medium term developments in this field as the most exciting.
Do you still believe in loyalty programs?
- Further rise of B2B loyalty programs
B2B loyalty programs will make a bigger mark on travel in 2024 and will play a role in driving the growth of the category, with 69% of travelers interested in earning rewards for wellness behaviors and two-thirds eager to earn rewards for sustainable practices, according to a Mastercard study.
- Travel fintech makes its mark
Summary: The convergence of fintech and travel is revolutionizing how consumers manage finances while exploring the world. Fintech solutions facilitate seamless payments, particularly in cross-border transactions, through domestic payment options and QR payments. This accessibility to financing options breaks down barriers, expanding travel opportunities for more individuals.
Agoda CEO, Omri Morgenshtern emphasizes the role of private sector innovation in driving this trend, highlighting the need for collaboration between public and private sectors for seamless travel experiences. With technology increasingly shaping travel decisions and transactions, 2024 is poised to witness significant advancements. Agoda, positioned at the forefront, anticipates leveraging fintech and AI innovations to enhance booking.
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