In a video from Skift Global Forum 2024, Ling Hai of Mastercard discusses the future of travel, focusing on adapting to changing consumer behaviors, the role of technology, and the importance of cybersecurity. He highlights the impact of events like Taylor Swift concerts on travel and local economies, emphasizing the need to follow emerging travel trends. Hai stresses the shift towards behavioral segmentation over demographics for product development, using artificial intelligence to customize offers for individual preferences.
The session also delves into the importance of cybersecurity in payments, balancing safety and convenience, and leveraging consumer insights for loyalty programs. Hai notes how travel behaviors have significantly changed post-pandemic, with events now driving travel choices. He emphasizes the value of AI in personalizing experiences down to the individual level, creating more targeted products that speak to specific behaviors.
Hai also discusses the rise of super apps like Apple Pay and WeChat, reshaping consumer engagement and brand identity. He warns about the potential loss of brand identity for travel businesses as consumers increasingly interact with super apps for payments. Hai highlights the need for travel businesses to create deeper engagement within their ecosystems to remain top-of-mind for customers and maintain brand loyalty.
Overall, the conversation with Lisa Weier Parilla highlights the evolving travel industry landscape, with travel surpassing pre-pandemic levels in most regions. Hai stresses the importance of adapting to changing consumer behaviors and leveraging technology to stay relevant in the industry. The role of data analytics, artificial intelligence, and cybersecurity are key factors in shaping the future of travel and creating more personalized experiences for consumers.
This collaborative content by Mastercard and Skift’s branded content studio, SkiftX, provides insights into the future of travel and the importance of embracing emerging trends in the industry. Hai’s discussion on behavioral segmentation, cybersecurity, and super apps sheds light on the evolving landscape of travel and the need for companies to innovate and adapt to meet changing consumer expectations. The video underscores the critical role of technology in shaping the industry and highlights the value of consumer insights and personalized experiences in driving brand loyalty and engagement.
Overall, Hai’s insights emphasize the need for travel businesses to stay agile and responsive to emerging trends in consumer behavior and technology. By leveraging data analytics and AI to personalize offerings and enhance brand engagement, companies can create more meaningful interactions with customers and strengthen their position in a rapidly evolving industry. As travel continues to recover and evolve post-pandemic, the lessons shared by Hai serve as a valuable guide for businesses looking to navigate the new normal and drive growth in a changing market landscape.
