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Travel retail has changed significantly in the past years and is undergoing serious disruption. For example, 70% impulse buying five years ago has turned into 79% planned buying in recent years. Duty-free shopping is not considered cheap any more, but is regarded as a convenience.
Digitalization has a big impact on how travellers buy products on their journey, which also affects airports and airlines. Peter Mohn, owner and CEO of m1ndset, and Kian Gould, founder and CEO of AOE, talk about changes in consumer behavior and how travel retail must react to survive digital transformation in the aviation industry. They also describe how the industry can profit from opportunities that digitalization brings.
The fireside chat with Kian Gould and Peter Mohn was published by The Moodie Davitt Report. Watch all five fireside chat videos:
COVID-19 has caused a near universal consumer adoption of digital far beyond just search and discovery. Globally, across almost every demographic, international lockdowns have got us accustomed to pre-order, pre-select and home delivery for many of our retail and service transactions. These rapid and continuing shifts in digital behavior inevitably affect the post-crisis traveler journey. As flights slowly resume, airlines, airports and associated service providers will no longer enjoy the luxury of resurrecting 'high touch' retail or food & beverage. Shopping and food & beverage are, of course, two of the most essential experiential elements in any travel journey. As travel restarts, travelers will now expect convenient digital access to these types of products as well as an overriding commitment to hygiene, sustainability and safety. And there is every reason to believe that these expectations will extend across the travel life cycle - from airport, to inflight and post flight. If you were an airline now, given the devastating onslaught of the pandemic on revenues and cash flow, just how and where would you start? Where exactly are the incremental revenue generation opportunities and cost savings to be found? Let's start by understanding the three key challenges:
At Omnevo, we’ve evolved beyond the traditional ERP model by developing a unique Ancillary ERP system specifically designed to meet the needs of travel and hospitality providers