Where Is Travel-tech Headed In The Post-Pandemic Era?
In the aftermath of the COVID-19 outbreak, the global economy is still under shock, as supply chains get disrupted, the development of infrastructure is stalled and travel has only recovered to 40% of pre-COVID levels mostly due to domestic travel and staycations. This is what everyone is calling the new normal, the perennial shift to the digital workplace and the end of corporate travel as a lot of experts have predicted. Now, as the fear of the second wave grips, it is expected to remain so for the foreseeable future.
A Paradigm Shift in the 'Novel' Scenario
Today, the pandemic has changed a lot of things around us. Some of these changes are welcoming as they promote the adoption of digital services and payments. They also encourage healthy practices such as constant sterilization of in-use public places and other measures to contain the spread. For business, however, some of the recent changes are not so welcoming since they go way beyond social distancing measures. The COVID-19 outbreak has also changed the geopolitical alignments and hence, access to the global markets. We've seen a lot of activity in this area over the past few months. The direct implication of this development is a slower recovery for hospitality. Most industry experts have predicted that the industry could take upto 24 months to recover.