Asia-based ★ Travel Industry: Online Booking Market Expands; Fastbooking Strengthens Presence in Asia
The online travel booking market is growing rapidly worldwide. Platform giants like Amazon and Google have also entered this market, seeing it as a business opportunity. According to Forbes, global online travel sales exceeded $150 billion in 2013, accounting for 13% of total travel sales. It is projected to continue growing at an average annual rate of 12%.
According to NNA, which distributes Asian economic information, Fastbooking, a major French online solution provider for hotels, is strengthening its presence in the Asian market. Leveraging the strengths of a global company, it analyzes the needs of local hotels by establishing a presence in each region. By developing hotel reservation systems tailored to each market, it aims to expand its market share.
In Singapore, through its local subsidiary, it provides services to Amara Singapore, a hotel operated by the locally listed Amara Holdings. With numerous hotel openings underway, the company plans to accelerate customer acquisition.
In Thailand, where it has established a local subsidiary, it counts major hotels as clients, such as Centara Hotels & Resorts, operated by the country's leading retailer, Central Group. With tourist numbers to Thailand expected to continue growing, the company anticipates increased orders, buoyed by the spread of online business.
The company is also intensifying its efforts to tap into the massive Chinese market. Jean-Luc Cretien, co-CEO of the company, who recently visited Singapore, commented to NNA, "The number of foreign tourists visiting China is set to increase dramatically, and the number of hotels will also grow. Given the significant proliferation of electronic devices over the past few years, demand for our products is high."
The company's parent, Accor, partnered with China's major economy hotel chain Huazhu Hotel Group in 2014. Together, they have a network of over 2,000 hotels across China. Fastbooking aims to leverage this network to strengthen its business in the world's largest inbound market.
Regarding the company's strengths in the highly competitive online market, Mr. Cretien explained, "We can offer services tailored to local businesses more flexibly than major global companies, while possessing advanced global-standard expertise and technology that surpasses local companies competing on low-cost services." He added that the company will continue developing products easy for mobile device users to utilize.
In Asia, including Singapore and China, hotel bookings via mobile devices are growing. How mobile content is improved will likely be key to increasing profits from direct hotel booking sales going forward.
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