Problemi Ekonomiki (Sep 2021)
Main Indicators of the Digital Transformation of the International Travel Industry
Abstract
The article aims at studying current trends and key indicators of the digital transformation of the international travel industry. Due to the digital revolution, travel companies have changed the paradigm of approaches to understanding effective business processes. Digitalization has highlighted unprecedented opportunities for small and medium-sized travel businesses to access new markets, develop new tourism products and services, adopt new business models and processes, enhance their position in global travel value chains, and integrate into digital systems. Both quantitative and qualitative indicators of users’ stay on the Internet are given. As a result, it is stated that as people become employed, they create their own living environment and recreation environment on the basis of their interaction with the Internet. It is proved that travel business operates on a global scale and has an information-intensive nature, thus contributing to digitalization processes. It has been found out that digitalization changes and transforms tourism, provides business with direct access to global markets. It is established that digital economy has a profound impact on travel industry, as it transforms the process of communication with tourists and marketing of travel services, opens new and creative ways of providing such services. Having generalized information of the issue, the author has divided the digital tourism market into two categories. It is justified that the digital tourism market covers all the online transactions and purchases made through online payment or online booking. Conclusion is made that the United States holds the leading role in the digital tourism market. Governments have been found to play an important role in creating an appropriate framework for the digital transformation of travel business models.
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