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Are we seeing the end of globalization? According to an Ipsos-Mori survey in 25 countries, the number of people who agree that globalization is a good thing has fallen by 10% during the Covid – from 58% to 48%. An increasingly interconnected world is thought to benefit few centers of technological innovation and venture capital, by ordinary people around the world.
While this perspective holds some truth, it is not the whole story, as companies operating globally can create value that local or regional companies struggle to unlock. International business can and should rise to the challenge of sharing the benefits of the globalized business model with local communities.
This means that it will be different for every sector and company. At Booking.com, we believe the travel sector has a role to play in redefining globalization, creating local opportunities globally rather than global reach from a few locations.
Over the years, as the company has grown from a small Dutch start-up to a global ecommerce platform, we have identified three ways in which our international operations add real value to the local economy and society.
1. Facilitating cultural exchange
The first promise of globalization involves breaking down barriers and increasing people’s understanding of different cultures, histories, and traditions. Travel is uniquely positioned to do this: when we experience other cultures firsthand, we gain empathy and feel more at home in the world.
In the year A 2019 UK survey found that 58% (almost 6 in 10) of Britons who travel regularly say they trust other countries. Unfortunately, but not surprisingly, half of people make the same statement if they don’t often go abroad (only 37%).
At booking.com, we surveyed more than 30,000 people from 32 countries about what they want from their travel experience for our next edition of the Sustainable Travel Report 2022. Two-thirds agreed that they would. “Actual practices that represent local culture”.
A third said they did not know how to access travel activities for local communities. International mediators have a role in matching this demand with relevant service offerings. We do it through an initiative called the Travel Sustainable Badge. It’s a one-click digital tool that allows travelers to refine their searches on Booking.com. In addition to customer convenience, this is an incentive for hotels large and small to accelerate their transition to sustainable practices, demonstrate their results, and highlight how they create positive impacts in local communities.
2. Expanding inclusion
Diversity in all its forms is a core value at Booking.com and our parent company, Booking Holdings. We have colleagues in more than 140 countries across our group of portfolio companies, and almost half of our employees – as well as a third of our leaders – are women. Only when we have a diverse workforce can we hope to identify and meet the diverse needs of service providers and customers.
Nearly two-thirds of LGBTQ+ travelers, for example, tell us they feel the need to consider their safety as an LGBTQ+ person when choosing a holiday destination. Our Travel Proud scheme works with properties to help them become more inclusive, so customers can travel with peace of mind.
Diverse opinions, experiences and perspectives at Booking.com are important to ensure we can recognize and accommodate everyone’s needs. The benefits of globalization should be shared by all; And we’re excited for that to happen.
3. To benefit small businesses
Travel accommodation is a non-exportable and non-offshore service: it is provided by local staff, often employed by small or medium-sized enterprises – especially in Europe, where 63% of the total room capacity is free. Travelers spend money in local shops and restaurants that pay taxes to local governments.
While international companies are often accused of trying to compete with local businesses, we see ourselves as a true partner in fair trade: we take booking commissions and in return provide local accommodation providers with the tools to compete effectively in the digital age. . Not only do hoteliers get instant global visibility, but they also get free access to a full suite of digital tools. As discussed in the EY-Parthenon study:
“Online travel agencies typically provide value-added services adjacent to the hospitality sector, from booking modules, payment infrastructure and customer service support to analysis and insights of market dynamics and customer preferences. These services are additional and covered by the accommodation fee (only).” Accurate Booking”
at last
To solve the problem, it must first be defined and acknowledged. According to the World Economic Forum’s recent Global Risk Report “Disenchantment with globalization has fueled nativist rhetoric and policies of the national interest.”.
Multinational corporations have a responsibility to find ways to address this frustration rather than feed it. Together we can rethink globalization and hold ourselves accountable. According to our CEO Glenn Fogle, “Travel can be a force for good by bringing enhanced cultural awareness and socio-economic opportunities.”. At Booking.com, we continue to work hard to make this vision a reality.
Andrew Chakhoyan
Booking.com
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