Travel companies are working on new business plans, devising ways to engage with customers and training their staff to adapt to the post-Covid-19 business environment.
The travel industry has come to a grinding halt with imposition of travel bans and curfews across the world and uncertainty remains over when the restrictions will be lifted. "Right now, our priority is to protect the organisation and the employees," said Thomas Cook India's chairman and managing director Madhavan Menon.
"We have several projects underway to see what changes need be made in our products, technologies, customer engagement and workplace. That is our focus," Menon added.
The tour operator, had in February, forecast a negative impact on its quarterly result due to the coronavirus crisis.
"We are preparing our workforce for a post-Covid marketplace by doing online product and sales skills workshops. Through regular engagement with our sales teams, we are trying to ensure that they adapt to the changed business environment and are geared up for new opportunities," said Isha Goyal, director of Stic Travel Group.
But even as travel companies formulate business recovery strategies, they are grappling with many unknowns. For instance it is unclear when visa restrictions will ease and how soon airlines resume normal schedules.
"It is going to be extremely challenging year for outbound tourism given all travel restrictions," said Madhav Pai, founder-chairman of WOW Holidays.
"The travel industry is going through an extremely difficult time. Most companies at this point are focussed on cutting cost and conserving cash. Marketing campaigns have been put on the back burner as have any bonus for FY2020 or salary increases for the next year. The recovery is going to be gradual for the industry. Travel especially international travel will take more than a couple of quarters to recover," said Dhruv Shringi, CEO and co-founder of Yatra.com.
The World Travel and Tourism Council last month said upto 50 million jobs globally in travel sector are at risk due to Covid-19 pandemic. With many domestic companies facing a liquidity crisis, Indian Association of Tour Operators has sought a refund of all advances paid to airlines and hotels, goods and service tax holiday and a bailout package from the central government.
Menon said Thomas Cook India's cash positio is comfortable. "We have a significant amount of cash in our balance sheet and are reviewing all our cash sources and payables. All non essential expensn es have been stopped with a view to conserve cash," he added.
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