Brands personalize with alternative accommodation sites, updating room decor with distinctive, local touches enhancing the flow of guests to the hotel.
FREMONT, CA: 2019 has seen an increased focus on the millennials. Traditionally, the travel industry treated the business travelers and leisure travelers as two different identities. But, the millennials who are expected to account for nearly half of all business travel are likely to increase a business trip into a leisure vacation. The adventure-seeking millennials have gained success in the growing experience economy, valuing unique and cultural experiences over material possessions.
Hotels have been attracting more Generation Y and Z customers in 2019 by offering exciting activities and opportunities to get to know the locals. The added bonus is that all of this comes within the average budget. Millennials are mostly known to like communal dining tables and organic, locally sourced dishes over the fancy fare, and are connected the whole day. Mobile check-ins and chatbots that deliver instant answers to questions make travel simpler.
In a move that mirrors the European General Data Protection Regulation (GDPR), last summer, the California legislature proposed a bill named California Consumer Privacy Act (CCPA). The newly made law will affect the states' privacy landscapes in terms of the personal data collection and will create an impact that will spread across the entire U.S. state. The demand for greater personalization or the hyper-personalization is enhancing, with a majority of travelers willing to share personal information and options in return for greater convenience and personal touches. For hyper-personalization, restaurants must provide resources to use the power of data, collecting and analyzing information at every customer touchpoint from the website to social media.
Cloud-based solutions integrate the information across the technology platforms, giving actionable insights into ways through which one can tailor guest experiences, which will later result in enhancing the business and revenues.
Loyalty programs are gaining attraction with millennial and non-millennial travelers alike. Today's travelers demand more flexibility in their loyalty program experience. Not all guests want a discount or complimentary night's stay as a reward. These days, hotels and rewards are able to provide more tailored services to deliver better guest experiences.
Integration vs. Isolation
Travel companies will see a meeting of revenue strategies, sales, and marketing into one unified team that work in coordination to acquire, engage, and retain guests. Incorporating technology solutions, especially using AI to Big Data analytics, will help to increase the hotel profitability by allowing cross-functional alignment and generating a single customer profile.
The disruption caused by the rise of the sharing economy reshaped the behavior of travelers. Guests appreciate platforms like Airbnb for their personalized approach, authenticity, and unique qualities. Brands competing effectively with alternative accommodation sites are updating room decoration with distinctive, local touch. Hotel Managers are able to capture market shares by accessing the data and utilizing analytics to know market pricing and dynamics.