Airline Retailing Market OverviewAccording to the Latest research report published by The Insight Partners, titled “Airline Retailing Market - Global Analysis and Forecast to 2027”, the global airline retailing market is expected to reach US$ 27.66 Bn by 2027, registering a CAGR of 16.4% during the forecast period 2019-2027.
The airline retail market is witnessing growth through the pre-boarding segment. This is due to the fact that the major airlines are offering an opportunity to the flyers to pre-book their merchandises, accessories, alcohol, and beauty products, among others during ticket booking. The airline customers also have the flexibility to purchase the products any time before their flights depending on the airline’s terms & conditions. The key benefit of the pre-booking of products is that customers can choose the delivery of the product at the airport or on-board. This benefits the passengers by carrying a lesser quantity of the luggage, which further reduces the risk of incurring excess baggage fees.
The future of the airline retailing market is prominent attributing to the fact that, several airline companies are introducing advanced technologies to boost their retailing business. The increasing trend of adoption of budding technologies such as artificial intelligence (AI) and analytics into retailing sector ensures the airlines to understand customer preferences. This enables the company to invest new and flexible product offerings, which is foreseen to drive the airline retailing market. Moreover, the increasing number of low cost carriers offering both pre-boarding and post-boarding duty-free shopping opportunities is anticipated to attract a significant percentage of air passengers, thus, catalyzing the growth of airline retailing market.
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The major players operating in the market for global airline retailing market Air France/ KLM, AirAsia Group Berhad British Airways Plc, Deutsche Lufthansa AG, Easy Jet PLC, Korean Air Lines Co., Ltd, Qantas Airways Limited Singapore Airlines Limited, Thai Airways International Public Co., Ltd, and The Emirates Group among others.
The global airline retailing market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, Middle East, and Africa, and South America. Europe is expected to contribute largest market share by the year 2027.
The airline sector is a highly competitive market. The operational costs of airline are very high, and the demand is subject to significant seasonal fluctuations. With the increasing number of airline companies, businesses are looking for alternatives that could help airlines to gain an edge in the competitive market. In order to gain an edge in the market, the airline companies are highly focused on enhancing its services for high customer satisfaction.
Advanced technology and customer intelligence are enabling new opportunities for improving customer experiences. Implementation of customer intelligence is enabling new opportunities for airline retail. The airline has a captive audience and extensive customer knowledge, enabled by digital application, can be stimulated with smart and entertaining in-flight retail opportunities utilizing emotional momentum. Most of the airlines are on the learning curve when it comes to retail opportunities. With the external recruits, who have experience in retail, airlines are improving their retail performance. Big data utilization is also impacting airline retail and is optimizing customer value and experiences. With the introduction of advanced technologies and the increasing demand for enhanced customer experience are significantly driving the airline retailing market.
The market players present in airline retailing market are mainly focusing on product enhancements by implementing advanced technologies. By signing partnership, contracts, joint ventures, funding, and inaugurating new offices across the world permit the company to maintain its brand name globally. Few of the recent developments are listed below;
2019: Lagardère Travel Retail AirAsia’s OurShop announced a strategic partnership which would enable the customers to pre-order and collect items from arrival and departure points.
2019: Eraman announced a strategic partnership with AirAsia’s Ourshop.com. The partnership would allow the customers to collect pre-booked products from a dedicated pick-up point, at the Eraman duty free outlet in klia2 at Kuala Lumpur International Airport.
2019: British Airways and Tourvest Retail Services announced partnering with several British brands to celebrate the airline’s centenary this year. Various limited edition gifts, drinks, and food would be available for customers to buy.
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