How is Covid-19 situation deciding the stature of Travel Startups?
There is no doubt that Covid-19 has incapacitated startups immensely. With travelling being prohibited, travel industry seems to be adversely hit. If records are to be reckoned, the travel market is poised to touch about $13.6 billion by 2021, but due to the current set of circumstances this estimation appears to be a far-fetched and scarcely credible. There are about 3,000 travel-tech start-ups are making every effort to figure out approaches to stabilise their up and running of their businesses amidst this pandemic outbreak.
almost all travel companies have experienced 80 per cent cancellation in March with obtrudes of the nationwide lockdown
In normal times travel firm would experience a minimum of 30 to 50 per cent growth in terms of revenue and clients. On the contrary, almost all travel companies have experienced 80 per cent cancellation in March with obtrudes of the nationwide lockdown. These mislays is tottering at present and is expected to linger about for some time. There are a horde of challenges that these startups had been engrossed right from the time the pandemic made a debut. Meanwhile deciding on the future endeavours without knowing what the future time holds happens to be quite vacillating.
Considering the current situation it is quite possible that startups will perceive very less investments or funding. Although at the beginning of the year, VCs have invested around $15 million which is segregated among numerous sectors including bookings, activity marketplaces, short-term rental, tourism and hotels.
The Brighter Side
However, on the positive note everything does not seem to be absolutely bleak and harsh. True to its form, startups have battled out means and measures to tackle the existing situations, mostly in a manner that is never practised or given much weightage to. In regards of the guidelines issued by the W.H.O the companies are to incorporate them in their business activities.
The sole purpose of these startups would be to rebuild trust amongst its customers both new and old by assuring them of safety and security. In time of this panic, travel startups are brainstorming innovative measures to help people overcome the anxiety and prepare themselves to provide the best facilities and experience to enhance the travel experience of the post Covid-19 world.