The travel industry is beset by the current COVID-19 pandemic. Governments across the world have enforced travel restrictions, leaving travel providers looking for innovative new ways to keep their businesses afloat. As is often the case, turbulent times give rise to innovation and Matt Crate, MD of WeSwap, discusses the importance of partnerships during COVID-19 pandemic
Some travel providers are seeking to buoy their businesses through the use of partnerships. Through association and cooperation, companies can help one another weather the storm.
Given that the travel industry is a low margin business, with airlines making as little as £5.00 per seat, enterprising partnerships can make the difference in helping companies survive.
WeSwap, the UK’s largest P2P travel money provider, has established 25 partnerships in recent years. Through these, WeSwap have been able to advertise their business through airlines and estate agents, with an estimated 0.5% of passengers taking advantage of their ancillary services. It is this sort of relationship that can help the travel sector bounce back in the coming months.
“What we’re seeing at this time is that businesses within the industry are proactively approaching us to talk about partnership,” Matt Crate says, “Whilst the current downturn is proving difficult, the upturn is going to come. When it does, travel businesses will be looking for new revenue opportunities. It is therefore important that we use this period to establish new working relationships.”
He adds that there is an opportunity for businesses to form mutually beneficial partnerships during the pandemic that will help everyone bounce back. As an example, WeSwap has enjoyed great relationships with airlines and travel agents, having established 25 over the years, and we look forward to forming more in the future.