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3 Ways to Drive Revenue in a Growing Hospitality Industry
Sep 28, 2018
Hospitality operators are continuously presented with new technology solutions in the ever-changing technology world and identifying which ones will make a true difference in operations can be overwhelming. For those who wish to implement the right technology to continue to impress and delight guests, the main challenge has proven to be how to keep up with new trends and evolving guest expectations.
According to the 2018 Travel and Hospitality Industry Outlook by Deloitte, the travel and tourism is one of the world’s fastest growing industries and now accounts for more than 1/10 of the global GDP. A rapidly growing market is often followed by various technology innovations, to both support operational efficiency and meet new service standards. In today’s post, we have outlined three areas identified as especially influential when driving revenue growth and how technology is already helping.
Innovation wins guest approvals. Exploring new solutions and driving innovation are some of the main trends identified in the 2018 Travel and Hospitality Industry Outlook report. The hotel industry is putting emphasis on incorporating strategic technology innovations such as intelligent loyalty software and guest-facing solutions. With guest-facing kiosks at check-in becoming popular in the industry, guests are experiencing a whole new way of interacting with resorts throughout their stay.
Health and wellness is top of mind. In an effort to expand on-site services or amenities, and drive more revenue, many hoteliers are implementing more spa and wellness concepts into their resort. An increased focus is placed on both physical and mental health in recent years and a luxurious, relaxing service can often convince a guest to book a stay. With increased time spent on-site while receiving spa treatments, the guests also increase spending at the resort and help drive more revenue.
Experiences are worth more. The world is spending more money every year on events, memorable dining and travels. This increased focus on creating lasting experiences rather than material goods means that hospitality professionals can increase profits by providing exceptional experiences for their guests. This can be done in several different ways, for example by having extraordinary one-of-a-kind attractions at the property. Hoteliers can also use intelligent technology at the point-of-sale to empower their staff and deliver truly personalized service that will no doubt be remembered.