Is the Aviation industry ready to fly? Today the question is both literal and metaphorical even as it sounds ridiculous.
The COVID-19 pandemic has drastically changed the way passengers travel and the aviation industry functions. The industry suffered in profit figures since the last couple of years and is yet to reach pre-pandemic sales levels. The “new normal” is likely to result in lower demand for business and leisure air travel in most situations. Due to economic limits and virus concerns, both businesses and consumers will choo
se virtual connections and remote working.
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Despite such disruptions, several industry leaders and experts have proposed measures for the global aviation industry to recover from this economic setback.
Cost Structure Management
A disciplined cost structure is projected to steadily generate revenue for the aviation industry. Leisure traveling will be the prime revenue stream considering that rising prices drastically to recover losses will have a detrimental effect on customer retention.
Increased traffic on routes viable only by air travel, customizing flights according to local demand, and using larger aircrafts to reduce per unit travel expenditure are some strategies that can be implemented to increase cost efficiency.
Maintenance Structure
Airlines will have to spend on maintenance and safety, knowing that frugality will cost more in the long run here. Also, passenger safety is a prime consideration while scheduling and servicing airplanes. Crews and pilots would need to be retrained keeping in mind COVID-19 safety protocols.
Consumer preferences have shifted significantly from price to safety which needs to be a prime takeaway while strategizing for future business scaling.
Customer Service and Hygiene
Customer retention is a prime focal point of several aviation industry giants. Airlines would need to be more flexible with booking, postponing, and flight cancellation policies, in light of the pandemic. Also, taking note of the pandemic, the cleaning crew and cabin crew will have to be extremely vigilant of safety protocols.
There have already been several instances of countries barring flights originating in countries where new strains have been found. Airlines’ cannot afford more such instances.
Industrial Prospects to Look For
The aviation industry has suffered tremendous losses due to the pandemic and it is projected to take at least 6-12 months of operating at full capacity before generating profits. The financial outlook for the forthcoming years are positive even if is is a bit slow.
Updating technology and aircrafts during the slow months is also predicted to be a profitable move, in the long term. Looking for sustainable operating policies and equipment during the industrial transformation of the aviation industry also opens prospects of gaining customers and retaining profits.
The aviation industry will surely recover, but we also need to look at what it brings to the table in the near future. A customer-centric approach, growth-oriented aviation system is what the future calls for.