Skift Global Forum Video: Shaping Travel’s Next Era Through Deeper Partnerships

Skift Take

In this video from Skift Global Forum 2024, Ling Hai of Mastercard discusses the future of travel, emphasizing the importance of adapting to changing consumer behaviors, the role of technology in shaping the industry, and the critical need for cybersecurity.

Mastercard

This sponsored content was created in collaboration with a Skift partner.

In this video:

• An exploration of travel’s “new normal,” including evolving behaviors and experiences, like the rise of travel for events such as Taylor Swift concerts and how these popular events impact local economies.
• A look at the importance of behavioral segmentation over demographics for product development, stressing the potential of artificial intelligence to customize offers down to “the segment of one.”
• Why cybersecurity is a top priority due to increased digitization, emphasizing the balance between safety and convenience in payments and the value of consumer insights for loyalty programs.

In this video from Skift Global Forum 2024, Ling Hai, president of APAC, Europe, and the Middle East at Mastercard, spoke with Lisa Weier Parilla, director of global strategy for Skift, about the evolving travel industry. The session highlighted how travel has surpassed pre-pandemic levels, with the exception of China, and how travel behaviors have shifted significantly. Using the example of Taylor Swift’s tour, Hai noted how events now drive travel, benefiting local economies. He shared that “following the behavior” is key to understanding emerging travel trends, as past data is not always a reliable predictor of future behaviors.

The conversation also explored the value of behavioral segmentation, noting that traditional demographic-based segmentation can be flawed. “We go after behavior and then create products that speak to these behaviors,” Hai explained, underscoring the role of AI in enabling companies to customize offers down to “the segment of one.” This creates more personalized experiences that appeal directly to individual preferences and behaviors.

Another key topic Hai touched on was the rise of super apps and their impact on consumer engagement and brand identity. He explained how platforms like Apple Pay and WeChat are reshaping how consumers interact with brands, noting that many people no longer remember which bank or card they use, but instead think of the super app through which they manage their payments.

“You start to lose your brand identity in front of your very consumers,” Hai warned, emphasizing the need for travel businesses to create deeper engagement within their own ecosystems to remain top-of-mind for customers.

This content was created collaboratively by Mastercard and Skift’s branded content studio, SkiftX.