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India, which has the second fastest growing economy in the world after China in terms of GDP, has become a popular business market for online tourism and travel. The country also having the third largest number of internet users after China and U.S, has started using online booking of travel plans more frequently due to its convenience. The e-travel industry contributes to a majority of 88% growth of the Indian e-commerce industry.
Online travel portals successfully provide a 360 degree virtual tour apart from audio tours, photographs, video reviews and video blogs either put by regular travellers or by the travel agency itself. The pressures of day to day life coupled with the ease of access and booking through online tourism portals have given rise to more spontaneous travels.
The report spans the overall structure of the Indian Online Travel Market and provides premium insights into the drivers, constraints, opportunities, challenges, market size and share, industry attractiveness based on the Porter's Five Forces, supply and demand share analysis, latest technologies, and current trends and forecasts. The report also includes a list of the top five players in the Indian landscape showing tremendous investment opportunities in the sector with details of their financials, tangible and non-tangible accounts etc. ‘Finite travel’ to a number of places that are vulnerable or endangered to time-related risks has also become a rising trend now.
The primary market drivers are the increased spending power of the people, growing internet and credit card penetration, governmental initiative to spread tourism, emergence of new online segments and the much anticipated growth in civil aviation market. The major short term restraints in the upcoming trends are the low operating margins and the non-reliability of offline partners. Other factors that require attention are the limited penetration of the service to the urban areas, payment processing issues, cultural barriers and lack of customer willingness, poor industry practices and insufficient tech infrastructure.
The market that can be segmented on the basis of the service offered as Airline and Railway ticketing, accommodation and hotel reservation, organized tour packages and car rentals, has sufficient opportunities in the domain of mobile platform, seamless merging of online and offline facilities, shift to non-air travel segments, scope in medical and travel tourism and the exploitation of social media for its services and promotion.
The three stalwarts in the sector of Indian online travel market are Make my trip, Yatra, Cleartrip followed by the smaller Ezeego1 and Akbar Travels of India Pvt. Ltd. Of the five, only Make My Trip is publicly listed while the rest are growing at a tremendous pace.
However, the market has to face some long term challenges of cutting through the high market competition which has more than 15 companies and the nullification of commissions on air tickets. Given the current trends, there is a need to diversify the business model and adopt the role of a travel advisor, as well as offer services to end-customers for a more convenient and hassle-free travel.
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