In the past few years, hospitality has seen the evolution of an end-to-end travel marketplace, where the companies invested heavily in other businesses to align with the growing prominence of the apartment hotel model globally.
FREMONT, CA: A vast investment extended to other emerging hospitality brands has recently raised more than $100 million to expand its blended co-living brand aimed at digital nomads. Support for these developments has given rise to continuing growth since the past decade, leading to persistent interest from investors.
While it is not guaranteed that the hospitality industry can balance its decade-long period of growth, technology continues to be a vital part of the scene. Technology has the power to preserve profitability, even as downturns impact revenue. Hotel owners who are willing to cut costs can inevitably clash with operators searching to maintain service levels. And the ones who can weather any potential storm without drastic reductions in service quality and rates can certainly be better positioned for profitability when a bull market returns.
Some applications can help travelers turning into travel influencers in finding simpler ideas and treating them as a permanent shift, not just a trend. In the past, travelers sought out offline travel agents, where the services were personal, so were the recommendations, but the biggest drawback was the limited selections. Later came online travel agents with massive options, and everything went to a DIY mode where crowd-sourced reviews were referred only in place of personal recommendations. Travelers crave authentic experiences and to provide that companies should put more vibrant and engaging content. They slip into the fantasy of a desired lifestyle while traveling and brands need to understand that desire to deliver it.
For a better guest experience, brands need to take care of visitor needs by various means of hyper-personalization and fast-tracking user experience, besides knowing how to collect data and utilize it accurately. The unavailability of a single dataset that can be used by the hotels makes it challenging to provide an elevated customer experience without asking too many questions to guests.
Voice activation tools at the hospitality companies or large-scale hospitality brands can improve integration with small, swiftly moving startups. Nevertheless, a flawless guest journey across every platform used can also improve the experience as well.