When it comes to corporate travel management, it is already difficult to think about controlling costs, let alone keeping track of all these acronyms and terms in English. But, calm down! We are here to help you.
Check out, in this article, the main acronyms and share them on LinkedIn so that more people can update themselves – after all, it’s not such an easy task in the rush of work routine – even more so when dealing with travel management and endless spreadsheets, isn’t it? ? 😉 So let’s go!
- Travel Techs
- One Stop Shop
- Travel Marketplace
- And more
What are travel techs?
Technology has become indispensable for the functioning of all sectors of the economy. Every year, new technological solutions are created to solve the most diverse problems.
The health crisis that we have been through in the last two years has accelerated this process even more: locked at home, we had to discover new technological tools to be able to work and get around.
It was in this scenario that new technological startups found fertile ground to be born, and large companies already consolidated grew even more. Uber, for example, a mobility giant, had revenue of $5.8 billion in the final three months of 2021.
Nubank, one of the most beloved fintechs among young consumers, earned US$ 1.7 billion that same year. These and other giants show us that, even in difficult times like the last three years, technological innovations do not stop appearing, and will be increasingly essential in everyone’s life.
As in all areas of the market, tourism was not left out of this technological boom. The sector was invaded by Travel Techs – companies focused on providing technological solutions for the travel sector – which had already been growing for a few years, and became even stronger.
But what is a Travel Tech anyway? These are, as the term implies, technology companies specialized in providing solutions to optimize all types of travel, whether for leisure or work.
What are OTAs (Online Travel Agency)?
The acronym OTA, in English Online Travel Agency , is an Online travel Agency. They are websites specialized in selling travel products to ordinary consumers, tourism, and leisure. The main companies in the sector are Expedia, Decolar, and Booking.
Usually, they try to offer the traveler promotional prices and a list of options so that he can choose the establishment that suits him best.
They act as intermediaries between hotels and airlines and consumers, receiving a commission. They can book other products such as cars, packages, activities and also cruises.
What are OBTs (Online Booking Tools)?
The OBT, or Online Booking Tool, is an online tool for managing corporate travel.
In this type f service, it is possible to manage various resources, from the purchase of tickets and reservations in accommodations to the tracking of travelers, or reports of different types.
What are TMCs (Travel Management Company)?
A TMC is a corporate travel agency. Unlike OBTs, it is a service provided by people that, many times, may not be as agile or flexible as the automatic system.
Even so, there are benefits to both sides. TMCs guarantee a more complete experience and a personalized and humanized service to travelers and managers, while with OBTs, there is greater agility and practicality in the process with a self-booking service.
What is a One Stop Shop?
Although the term is little known, it is a trend capable of simplifying travel and mobility management for companies. The term emerged in 1920 in the United States, but only in recent years has it gained prominence in the travel market.
If before each traveler needed to collect applications on their smartphone, at a One Stop Shop different services are available on just one single platform.
One Stop Shop, also known as One Stop Market, is a shopping environment where consumers can search for different products and services from different suppliers in one place.
Its translation into Portuguese means something like “one-stop shop”, in free translation. So basically, it would be like imagining a big store where you can buy everything you need in one place.
This idThise Stop Shop was what gave rise to the concept of convenience st es, and gas stations.
However, due to the popularization of online shopping platforms, both for goods and for contracting services, the term became more popular to describe software, websites, and digital platforms.
What about Travel Marketplace?
The term marketplace is much better known and used, especially by large e-commerce companies, such as Magazine Luiza and Amazon.
Imagine that you want to open a store that sells all kinds of products related to decoration, however, you do not have these products to sell, and as your own manufacturer, do you have a relationship with suppliers to do so?
Thus, you start renting spaces in your store to other companies that have those products that you lack. The company that is renting its space is responsible for guaranteeing, delivering and paying for, the products, but the store still needs to maintain its reputation, therefore, it establishes criteria for these space rental companies to offer quality products and respect their consumers.
On the other hand, the company that rents the space benefits from the physical structure, the good reputation, in addition to the frequent clientele of the main store. Very similar to the concept of a shopping mall, where you go o a single physical place, but you have access to several stores.
In general terms, this is how a marketplace works. The point is that there are several types of the marketplace and one of them is One Stop Shop.
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