A recent webinar by PhoCusWright highlighted the changes in business-travel booking that mimic the evolution of leisure travel. The entry of open-booking technology and two-click buying in the corporate-travel space, in particular, should prompt travel agencies to adapt to stay relevant, says Bob Offutt, senior technology analyst for PhoCusWright. "It is time to reinvent the role and the function of the travel intermediary. This includes TMCs and business travel agencies, as much as it does OTAs and traditional travel agencies. If they are going to survive, TMCs need to develop new forms of business value and customer loyalty," Offutt said.

Related Summaries