The ongoing AI revolution has continued to seep into several unique domains, with the travel industry being no exception. To this point, the dramatic rise of AI in recent months has impacted the sector to such a degree that it has not only made it more personalized and engaging but also helped streamline complicated booking/ticketing processes.
These benefits largely stem from the fact that AI-based systems are able to process massive data points while producing real-time insights that are relevant to the industry. Additionally, by harnessing the transformative power of this rapidly evolving digital paradigm, firms can now provide their clients with personalized recommendations, optimized pricing strategies, and a level of customer service that was previously unseen.
Another area that AI has continued to revamp is that of customer service, such that chatbots and virtual assistants built upon this technology are now able to help travelers with a number of tasks ranging from general queries to bookings to even ideating excursion plans. Generative AI, in particular, has been a key driver in this regard because it possesses the power to deliver highly personalized replies to individual queries.
The power of AI, unleashed
As the travel industry continues to evolve and grow, there are a number of platforms that are spearheading the ongoing decentralization revolution. Arakis, for example, is utilizing generative AI to simplify many of the industry’s archaic booking processes. When making use of the platform, all one has to do is simply input their destination, number of travelers, budget, and preferred dates. Once done, Arakis’ AI-powered matching engine helps create an itinerary that takes care of everything, including cab booking (between various checkpoints), travel insurance, etc.
Not only that, Arakis also delivers real-time updates regarding one’s trip, such as providing details of traffic in certain areas, listing events worth checking out, and live weather reports. Imagine a group of tourists all excited to visit the Louvre, only to meet a stream of traffic or a massive queue outside. However, with Arakis’ AI engine, these issues can be completely bypassed since it gives users a heads-up well in advance, allowing them to adjust their plans accordingly.
Arakis’s native UI also comes replete with virtual helpers that are able to provide several intriguing details about one’s destination, travel route, etc. Similarly, they can also assist users with canceling a non-refundable booking, allowing them to swap their bookings in lieu of other items of similar value — thus making sure that people never have to part with their hard-earned funds.
Gamification – A new frontier for the travel industry
To add to its AI-centric advancements, it is worth noting that Arakis also employs a gamification model that allows users to convert their itineraries into a treasure hunt of sorts To elaborate, interested individuals need to submit an entry fee of $200 entry to embark on an exciting quest to uncover hidden gems, with the chance to win money along the way. The clues lead them from one location to another, collecting keys or tokens in a thrilling race against time.
The first ten individuals to solve the mystery are crowned as the jackpot winners. As an example, if 1000 people participate in the quest, the total revenue derived from the expedition would be $200,000. Of this total sum, Arakis is presented with 20% while the remaining funds are divided among the winners. Providing his insights on such a unique profit-distribution mechanism, Semil Vithani, the founder of Arakis Global, was quoted as saying:
“We are revolutionizing the way travelers experience each city by transforming it into an exhilarating treasure hunt competition. This innovative concept not only allows travelers to explore top attractions but also transforms the experience into a fun and interactive escapade.”
Similarly, when discussing the transformative potential of generative AI and its ability to have a long-lasting, profound impact on the travel industry, Vithani is of the stance that by providing users with assets that represent rewards, points, or other benefits, it is possible to curate travel experiences that are fun, engaging and enriching. In this vein, he believes that Revenue Sharing Tokens (RSTs), an offering exclusive to the Arakis ecosystem, can help achieve this goal.
In terms of how these assets function, let us assume that an individual owns an RST linked to a famous landmark — such as the Great Pyramid of Giza. Every time a person visits the monument subsequently through a booking made via Arakis, they are entitled to earn 1% of the booking’s value. Such a unique revenue-sharing model allows for the creation of a more equitable and fair travel ecosystem, one that allows for increased user participation.
What lies ahead for the market?
With the advent and increasing adoption of blockchain technology, there is ample data to suggest that platforms like Arakis will revamp the travel infrastructure that is currently in place today globally, thereby making the booking process more personalized, engaging, and rewarding for everyone involved.
Image Sources: Depositphotos
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.