Top 5 Travel-Tech Business Ideas that are Hottest Opportunities
The shrinking world has now become worth exploring as technology has helped increasing the accessibility. The intervention of advanced technologies has led to the growth of the travel industry by leaps and bounds. During this course, many avenues of entrepreneurship have been opened for budding entrepreneurs and there’s no dearth of business ideas that could be financially-rewarding.
Travel-tech businesses have completely changed the Indian tourism scene and are enticing business minded people to invest in the industry. For those who feel passionate about travelling and seek a business idea as fun-filled as travelling itself, here are top five travel-tech business ideas that are making the industry worth investing.
Real-Time Travel Assistance Service
There are numerous cases where one may find hindrance while travelling in a foreign country. Many travel companies provide insurance to travellers before travelling to a new place that will only compensate for the mishap. There is a dire need for a solution that can help travellers in emergencies.
In light of the rising demand for such solutions, real-time travel assistance services are emerging. India Assist is one such tech-driven app that helps foreign travellers by connecting them with the right mode of the solution in case of unanticipated circumstances like medical emergencies, theft, baggage loss, altercation, and transit etc.
World’s first real-time assistance service, India Assist has observed more than 2000 possible obstacles one might face on a trip to India and provides assistance to travellers to reach solutions via on-call and ground assistance. In a vast-stretched country like India, such business ideas do wonders and can be proven profitable for investing. India Assist offers lucrative franchise opportunities for like-minded entrepreneurs to take their business to another level.
India Assist is also identified as the Opportunity of the Year 2019 by Franchise India because of its features like low investment business model, no space requirement, incredible operating profits, and attractive return on investment.
Tech-Enabled Foreign Exchange
Foreign exchange is an important component of one’s trip to foreign but it’s not very easy to purchase forex. Searching good foreign exchange becomes challenging as one has to reach out to different money changers just to compare the best exchange rate.
In a tech-driven economy, an online marketplace for foreign exchange services can go a long way as 50 million Indians travel overseas. Tech-enabled foreign exchange services like ExtravelMoney.com help consumers in comparing and booking foreign exchange services online in India.
Such services provide consumers a comfort of booking forex from their home, which forms more consumer engagement and hence become more lucrative business opportunity.
Aggregator business model is referred to a network model where the firm collects information about particular good/service providers, partners with them and sell their services under their brand name. India’s largest budget hotel chain OYO, a travel-tech startup, is a classic example of how hotel aggregation businesses can earn an extravagant market value. By partnering with the existing hotels, a hotel aggregator can offer vacant rooms for a cheaper price to customers and brand has been listed among the top unicorns of India
Indian hotel brands are embracing the concept of the asset-light model to push their revenue. The concept of hotel aggregation is catching fire as aggregators enjoy revenue worth millions by just managing and sourcing hotel rooms for the millennials. Hence, it is a lucrative business model to invest in.
The concept of hop-on-hop-off (HOHO) is very common term when someone talks about western tourism. But in India, it is a not a common phenomena. This makes it a different opportunity to explore.
Hop-on-hop-off tours allow one to get on and off a bus at any destination of their choice without having to be bound by fixed plans or ticket reservation. It helps travellers in sightseeing the city on their own. A travel-tech start up goMowgli has brought the concept in India and offer hop-on-hop-off city tours around Kerala, Goa and Karnataka. GoMowgli allows users to buy a pass for fixed number of days via their website and provides them information about the location of the nearest bus.
As HOHO is a less-explored opportunity in the Indian tourism scenario, this service seems to be a profitable venture to explore.
Personal Tour Guidance
Having a tourist guides around while travelling is considered important, especially when the tourist lands in culturally different place. Guides help travellers to understand the culture of the region and the culturally-important sights.
While technologies are touching every aspect of tourism in its own way, tech-driven tour guidance can also be expected as a great business idea. For instance, AudioCompass, a mobile app that gives personal audio guidance about different tourist sites, provides audio guidance from different local expert guides.
Personal guidance is an important aspect as it makes a hassle free experience for travellers, and can be a profitable venture. A freemium model can be a perfect business model to start off with such business idea.
Want to invest in a travel-tech franchise? Visit Franchise India 2019, Asia’s Biggest Franchise & Retail Show, and seize the opportunity to meet brands and invest in such low-cost franchise categories!