Currently there is a lot of talk across the business world about how millennials are “destroying” various industries, from restaurants to golf to homeownership. But rather than thinking negatively about these shifting industries, we need to start viewing them as opportunities.
One particular industry millennials are changing is the travel & experience market. Millennial audiences are looking for experiences that are customizable and unique. They want to learn, see and experience more than just a generic trip; they want something that adheres to their likes and dislikes. Basically, millennials are forcing established organizations in the travel industry to personalize trips and experiences to every traveller, rather than providing generic offerings.
While this may scare traditional establishments within the industry, some are on board with the shift and see it as an opportunity to integrate blockchain technology in order to enhance travel experiences.
The demand for travel is quickly growing and those in the industry will need to adapt in order to capture the trajectory of the market. According to David D. Brillembourg, CEO of Brillembourg, $1 trillion worth of travel will be on the blockchain in the next 10 years.
If what he says is true, the millennial audience will be the ones to make that happen. But if they’re looking for experience-based travel, how can companies cater to their needs?
Finding the solution
One platform called chozun is looking to answer this question through their new global travel and lifestyle ecosystem. With their app currently available to download on the App Store and Google Play, chozun’s decentralized system provides users the opportunity to take advantage of cross-platform, cross-vertical & international rewards to build a better loyalty system on their blockchain-based platform. Users connect through networks of like-minded individuals to share experiences, and through AI and data science chozun is equipped to provide personalized travel and lifestyle recommendations to each user.
Through user reviews, chozun’s users can share true experiences from global travel destinations with other travellers who use the platform. Chozun’s method of a loyalty program works similarly to traditional loyalty programs, where users earn CZN tokens when they interact with the platform by making bookings, leaving reviews, helping verify businesses and more. But what is unique about chozun’s method is that users themselves can use CZN they earn from the loyalty program for discounts, goods, experiences, and even for exchanging loyalty benefits with other users.
Personalizing the travel experience
According to a global passenger satisfaction survey conducted by the International Air Transit Association in 2017, travellers are increasingly looking for technology to provide them with more “personal control over their travel experience,” which proves that the future of travel is shifting. Travellers today want a personalized experience, one they are not currently getting from traditional methods used by the travel industry.
By using a decentralized network, chozun is able to use proprietary AI & data science to uniquely suggest travel and experiences that users would like. Through chozun’s data-driven suggestions and peer-to-peer networks, they are confident in the platform’s ability to provide personalized suggestions for each user. Their goal is to eliminate the stress accompanied with planning a trip by making intelligent suggestions people actually want to follow.
With blockchain technology, chozun is able use multiple layers of users’ data including context, environment, behaviours and other data points to create a complete picture of the “match,” which then helps to generate personalized recommendations. The decentralized network helps keep this data safe and connected to each user. Plus as the ecosystem grows, the system will only get better at generating accurate recommendations.
The aforementioned peer-to-peer networks are also an important part of catering to the millennial group of travellers. While millennials’ trust in online reviews and third-party suggestions is declining, they are increasingly turning to friends and family for information they can trust. Through chozun’s “travel squads,” these peer networks can connect globally to share reviews that users can trust. By engaging with like-minded peers, travel squads can improve the travel and booking experiences for every individual member.
With the help of blockchain technology, this information can be stored securely and help connect users no matter where they are in the world. It will also increase the speed and efficiency of booking travel accommodations, experiences and transportation. Far from “destroying” the travel industry, chozun is providing a platform that millennials can trust to engage with one another and the world as we travel through it.
