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Innovate to survive: tourism industry needs a revolution: V3
9 December 2008
Following its announcement yesterday of a major joint venture with Air New Zealand, leading online
tourism specialist, V Cubed Pty Ltd (V3) has predicted that tourism and travel providers will need to
revolutionise and embrace innovative technology in order to confront the challenges of the current
economic climate.
“As the industry grapples with ways to attract new consumers, new technologies will be vital in
providing an edge,” said Shane Crockett, CEO of V3.
“The technology exists and is proven. It is now up to the tourism sector to fully exploit its capabilities
and utilise it to more effectively and efficiently market its products to better reach consumers.
“We have established the technology needed to help tourism providers with a live link directly to a
multitude of online distributors.
“It has been very successful in Australia and because of our technology, thousands of small and
medium tourism and travel operators are now able to sell their accommodation, tours, attractions and
events in real-time, online,” said Mr Crockett.
V3 expects that the volatility in the tourism market, resulting from a fluctuating Australian dollar and
economic downturn, will result in a heightened focus on its technology and model.
“Given the current economic climate, now is the time for the tourism and travel sector to transform
and innovate. Our technology makes travel more accessible for consumers, and makes it easier for
travel providers to reach consumers with their products,” said Mr Crockett.
“We know that Australians love to travel, but we also know that in times like these they are looking
for savvy ways to spend their leisure money. Companies who provide Australian travellers with those
smarter, easier and more cost effective options will reap the benefits.”
Following its success in Australia helping local tourism operators sell their products and services live
online, V3 has now entered into a joint venture with Air New Zealand to replicate the model across the
Tasman.
“The technology is known as the open booking exchange (OBX™), and we will work with Air New
Zealand to establish a similar exchange in New Zealand, which will link tourism suppliers and
distributors in real-time.
“Air New Zealand has made a strategic investment in V3, becoming a cornerstone investor as well as a
strategic partner. We believe Air New Zealand is very firmly focused on the future of tourism, and it’s
fantastic that they see our model and technology as an essential part of that future,” said Mr
Crockett.
Leading the online tourism market in Australia, V3 has already linked many of the tourism industry’s
key suppliers, distributors and government organisations to its open booking exchange technology.
“Our partnership with Air New Zealand will extend our success at home into the New Zealand
market,” said Mr Crockett.
Media: for more information, please contact Emily Staniforth, Wilkinson Media, 0402 349 856
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