A recent European consumer survey commissioned by FinMont reveals that complicated and unclear online travel booking processes are driving many travelers to seek help from travel agents.
Key findings:
High Dropout Rates: Nearly half (47%) of European travelers have abandoned online travel bookings due to complex processes.
Turn to Travel Agents: 17% of travelers are turning to travel agents to navigate these difficulties.
Reasons for Abandonment: Complicated processes (47%), lengthy and unclear procedures (16%), and lack of user-friendly interfaces (15%) are the main reasons for booking abandonment.
Missed Opportunities: With travel expected to increase in 2024, these issues could cost travel companies millions in lost bookings.
FinMont's Solution:
Payment Orchestration Platform: FinMont aims to address these challenges with its global payment orchestration platform, designed to streamline both B2C and B2B travel payments.
Customer-Centric Approach: By simplifying payment processes and offering various payment options, FinMont aims to improve the customer experience and increase conversions for travel companies.
Implications for the Travel Industry:
Customer Experience is Key: Travel companies need to prioritize simplifying their online booking processes and providing a seamless customer experience.
Payment Flexibility: Offering a variety of payment methods is crucial to cater to diverse customer preferences.
Data-Driven Decisions: Utilizing data and insights from surveys like this one can help travel companies identify pain points and optimize their booking processes.
Overall, the survey highlights the importance of user-friendly and transparent online booking processes in the travel industry. By addressing these issues, travel companies can improve customer satisfaction, reduce abandonment rates, and ultimately drive more revenue.
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