The fierce competition amongst travel web sites is forcing this rapidly growing online market to find new ways to gain a competitive edge.
The newest tactic adopted by travel sites to boost their online booking conversion rates is multi-currency displays.
Multi currency display systems allow travel sites to show all of their travel package prices in the web site visitor's currency.
This allows visitors to instantly see product prices in a way that is meaningful to them - in their currency language. It's instantaneous, easy to use and meets visitors' needs at the exact time they need it.
Travel sites around the world from South America to Australia and everywhere in between are experiencing increased conversion rates for online bookings as a result of adopting these multi-currency display systems.
The need for these systems has been driven by the increasing demands and expectations of net-savvy travelers.
The needs of travelers are perhaps more demanding than for any other online industry.
Travelers are often experienced net-users and critically time poor. Couple that with the countless number of travelers who use travel sites whilst in transit and you can add travel weary and perhaps 'a little less tolerant than usual' to this demographic's description.
These travelers' characteristics make it even more crucial to convey meaningful pricing information quickly and efficiently.
Travelers today want information that is personalised to them and they want it fast.
That is where the previous attempts at displaying prices have been proven to fail.
Travel sites quickly learned that displaying prices solely in US dollars or only in the business' local currency simply wasn't enough.
Everyday more and more travel sites are discovering that the pop-up currency converters of the 90s are also failing as the net-savvy online travelers market is no longer satisfied with that outdated attempt.
Did you know that pop-up converters require visitors to perform 5 to 6 steps every time they want to know the price of just one travel package?
5 or 6 steps sounds like a lot doesn't it? But here it is: Using pop-ups first requires the pop-up link to be located on the site, then clicked on. Then a 3rd party web site opens up (Oh yeh, with third party advertising on it!). Then the visitor needs to select their base currency; select their local currency; type in the amount and then finally click convert.
Sounds cumbersome doesn't it?
You may think it's a bit overstated to say that the pop-up converter causes lost sales.
Though consider it this way.
How many prices do you think a hungry, weary, jet lagged traveler is going to convert before getting frustrated?
In today's world, forcing travelers through a 5 to 6 click process to convert just one price will not only frustrate them but ultimately cause lost sales.
How much of their time do you think they will waste calculating prices on a web site before thinking. "forget it, it's all too hard, I'll go to that next travel site that's listed in Google instead"
Oops, there goes another lost booking, all because of the pop-up!
When travelers don't find the information they need quickly, in the way they want to see it; these time poor and travel weary warriors will simply pop-out to the next competitor's site that does meet their needs by speaking in the customer's currency language.
In one of the most competitive online markets with such extremely low profit margins, imagine what a difference those extra bookings would make to a travel sites bottom line!
Armed with this powerful insight all travel sites should be looking for a better, more efficient way to show multiple currencies on their site. A way that is completely seamless and gives visitors the exact information that they need when they need it.
Taking just minutes to install with only one line of code needed, travel sites around the world are gaining a competitive edge to win more online bookings by adopting multi-currency display systems.