Where are We Today?
Just 2 months ago, The International Air Transport Association (IATA) announced full-year global passenger traffic results for 2019 — showing that demand rose by 4.2% compared to the full year of 2018 and forecasting another high-growth year. Back then, airline leaders prioritized digitization in an effort to improve two key areas: customer experience and operational efficiency.
Fast-forward to today. The airline industry has unprecedently shifted to survival-mode due to the coronavirus (COVID-19) outbreak — seeking ways to cut costs rapidly as revenue evaporates and urging for regulatory and government support.
Source: https://www.iata.org/, March 23rd, 2020
What Can We Do Together with the Airline Community?
PROS legacy began in the airline space more than 30 years ago. We have seen the industry go through the 9/11 attacks, the SARS outbreak, the 2010 volcano eruption and other turbulent times, and we have been a part of this, side by side with our airline customers. In times of uncertainty, coming together makes all the difference.
As COVID-19 continues to impact the airline industry, you have the full force of PROS available to you through this time. To reassure our customers, Andres Reiner, PROS President and CEO, released the company’s Statement on Coronavirus. In support of the airline community, we have decided to run a series of live webinars, Q&A discussions, and blog posts to help you navigate your business as it continues to shift. Be sure to follow PROS on social media and subscribe to our podcast The View from 30,000ft.
The first of our special edition content includes a webinar scheduled for Monday, March 30th. It will cover the COVID-19 impact on demand and its effects on revenue management. You can register to attend the session live or receive a recorded version later
After the Storm – What’s Next?
It’s impossible to predict when things will go back to normal or what that “normal” would look like. What is clear is that air travel has always been at the frontline when global disaster strikes, but is also one of the first industries to feel the impacts of recovery when the storm is over. Air travel brings people together and makes the world accessible like never before. Demand will eventually pick back up and revenue managers will be the first to spot it – maybe slowly, unsteadily at first, driven by business travelers, millennials and Gen Z. We are seeing first modest signs for this in Asia as Cathay Pacific is adding back flights to U.K and U.S. and China sees uptick in flight searches and bookings.
It may be too early to make big plans for growth strategies and we acknowledge that. But in times of crisis, our collective discussions, contributions, and strategy will allow for agility to meet the changing market dynamics. It’s why PROS is a proud member of the IATA Air Think Tank. From online and inflight customer service, to flexibility of change/cancellation policies, to adjusting digital marketing campaigns and loyalty programs, PROS looks forward to working with our airline and industry partners to rethink the business so that when this is over, the industry can soar once more.
Stay tuned as we follow the latest developments around the impact of the coronavirus outbreak and discuss ways to effectively respond to it with industry experts. For more information, follow PROS in LinkedIn, Twitter or visit pros.com.
About the AuthorMore Content by Stanislava Yordanova