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Challenges and the Impacts | kasturi orangie | YouTubeToText
YouTube Transcript: Challenges and the Impacts
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Summary
Core Theme
The travel industry is undergoing rapid transformation driven by globalization, digital innovation, and evolving consumer expectations, presenting significant challenges and opportunities for businesses like Expedia Group.
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Hi everyone, it's me again, Martin from
Expedia Group. Um, in this short series
of clips, I'm going to share more about
challenges that we are seeing unfolding
in travel. Um, how they impact
businesses and how we at Expedia Group
are responding to advance our travel mission.
mission.
So, let's go. Let's start first with
changing. We all know what the world um
and sorry we all know that the world is
evolving at rapid pace. Globalization,
digital innovation and rising consumer
expectations are reshaping the way we
live, including the way we travel. In
today's hyperconnected world, thanks to
technology and air travel, uh the globe
has pretty much shrunk in size. Places
once considered remote are now just a
few clicks or hours away. And this means
that the travel market um has exploded
in diversity. It is no longer dominated
by just a few regions. Uh travelers now
come from everywhere in the world. And
they think, they book and travel
differently. And I think this makes
personalization as well as c cultural s
um sensitivity more important than ever.
And add to that are growing concerns
around what we have here in the middle
pillar. uh digital security with
millions of bookings happening online
every single day. Um the risk of fraud
and cyber attacks has never been higher.
Uh one breach can destroy consumer trust
and ruin someone's long awaited
vacation. And of course the final
challenge or at least one of the
challenges that we wanted to kind of
bring to the four today it's the fact
that we're in the middle of a massive
digital transformation
AI automation uh and new platforms like
ours are changing how businesses operate
while this brings new opportunities. It
also disrupts um old ways of working and
puts jobs and traditional roles at risk.
Okay. Um now in this next section we're
going to talk about what these changes
Well, first they demand some level of
great some level of agility. Businesses
can no longer rely on just one version
of a travel platform to serve the whole
world. um the needs of a traveler in say
Tokyo will differ from someone in
Nairobi or Sa Paulo um or even in
Singapore and Indonesia and everywhere
else in the region. Um and Expedia Group
um this is where we are seeing how
diverse the modern traveler has become.
That's why we are constantly thinking
about how we can build our tools so that
they can work for every type of
customer. uh and this includes how
people book, what languages they use and
even how they pay. Then there is the
issue of trust. Uh for online platforms
like ours, we're not just connecting
travelers to flights or hotels. We're
handling their money, their data, and to
some extent their dreams. If something
goes wrong, we don't just lose a
booking, we lose credibility.
Um, and that's why we invest in robust
digital security and use data science
and AI to predict and prevent fraud. I
think with over 70 pabytes of data
process were able to spot those risks
quickly and protect customers across the
globe. And finally, it's the issue of
digital disruption. Um, while it may
seem like technology is replacing
people, it can also empower them. So,
here's an example. uh in many of the
markets that we serve especially from
Southeast and South Asia there is a
considerable number of travelers who
rely on travel agents um for a variety
of reasons um some may be first time
travel agent h sorry they may be first-
time travelers who still do not have the
confidence to book online some may be
keen to go to a destination where they
may not be that comfortable exploring on
their own um on the first instance and
therefore would prefer some handholding
or some may be incredibly well traveled
but would like to get a highly bespoke
travel itinerary planned based on needs
and interest. Um and to this end
technology actually do give them the
tools to serve better and not disappear.
So yes um these changes are huge but
they also open the door for smarter more
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