The current economic climate may present the least attractive time to launch new businesses, especially in the travel and tourism space, but two tourism companies in Singapore have chosen to dive into new areas of specialisation.
Outbound tour specialist EU Holidays is now developing an inbound arm in response to a rising trend for city tours and staycations, according to director Wong Yew Hoong. He revealed plans to promote inbound tours and hotel stays to locals, relying on short videos highlighting local attractions on social media to reach out to potential customers.
The company will also be putting up travel merchandise for sale to support operational costs at its premises.
Also embracing a new business concept is James Yeow, chairman, OMT group of companies. He described this period as “opportune” in growing travel club Blockchain in Travel by OMT – a strategic partnership inked between the group and China blockchain data sharing platform Changyou Travel Alliance.
Members use Changyou Travel Coin – a cryptocurrency – to pay for travel packages, as well as a variety of local and overseas merchant products and services that the group is growing.
With the absence of third-party intermediaries, Yeow shared travellers can expect a reduction of 15 to 25 per cent in travel costs, delivering “a win-win situation for both consumer and business.”
“Blockchain technology will revolutionise the travel industry, as decentralising the booking marketplace allows service providers to connect with customers directly and they (customers) stand to gain from the transparent nature of prices and potential fees, creating a better experience,” Yeow explained.