2020 was one of the most difficult years the travel industry has ever seen. Due to the travel restrictions in place for much of the year, international travel has taken a significant hit, with airline passenger revenue estimated to plunge by $314 billion in total—or 55%—from 2019 levels, according to the International Air Transport Association.

Despite these projections, the travel industry has a long track record of recovering from global crises and challenges. Flywire believes that it will yet again demonstrate resilience in the face of immense obstacles posed by COVID-19. Already, we’re seeing clients capitalize on pent up demand for their services and experiences as travelers find ways to get back to what they love.

As we adapt to the new realities of travel, operators and providers must make changes to the way they operate, while also working to find new revenue streams and increased efficiencies. While the old way of doing business is not sustainable in light of COVID-19, by making small adjustments to key practice areas and pursuing new initiatives, travel companies will set themselves up for long-term success. We talked to industry veterans and experts for insights in six key areas: Health & Safety Guidelines, Terms & Conditions, Travel Insurance, Diversifying Product Offerings, Mastering Social Media Marketing, and Reducing Payment Costs.