A recent survey has revealed that 98 per cent of travel firms have lost, on average, revenue of £11.5 million a year in failed transactions for, amongst others, failure of reservations, bookings and check-ins. The research, conducted by Progress Software Corporation, also found that that 67 per cent of the 149 global travel businesses surveyed have noticed their transactions failures have soared by almost a third. However, the number of transactions has only increased by 12 per cent. The survey revealed that due to transaction failures, companies are not only losing customers, but also the chances of repeat business with those customers as they are leaving dissatisfied - 54 per cent of respondents believe that transaction failure is causing them to disappoint and even lose customers. In addition, 85 per cent of companies revealed they have had to dispatch, on average, eight staff to rectify the lost or stalled transactions, with each transaction taking around two hours to fix.
Travel industry loses £11.5 million