Tourism And Hospitality
Technologists are emerging, disrupting and impacting societies in new and often unanticipated ways.
Tourism was one of the first sectors to digitize business processes on a global scale and a digitized tourism sector must innovate and generate new business opportunities to ensure the continued competitiveness, growth and sustainable development of the sector.
SOME DIGITAL TRENDS DRIVING CHANGE IN THE TRAVEL, TOURISM & HOSPITALITY INDUSTRY
Artificial Intelligence
The ever-changing travel and tourism industry is also taking advantage of AI to revolutionize the way it operates. It is now simpler to make travel arrangements. AI offers travel services that are automated, customized and insightful. Moreover, AI has streamlined operations in the industry, from managing inventory and pricing to predicting demand and optimizing staffing levels.
Block chain Technology
The tourism and hospitality industry is embracing the benefits of blockchain technology to improve the customer experience and streamline transactions. With advanced transaction solutions that use blockchain technology, customers have access to a wide range of payment options at the point-of-sale, leading to a seamless and frictionless experience.
Internet of things
IoT basically refer to everyday physical devices, appliances and other ‘things’ that have been fitted with internet connectivity, making them capable of sending and receiving data. IoT creates a wealth of data from tourism companies, which in turn allows them to create highly personalized services. This turns them into ‘smart’ objects, capable of ‘talking to’ or interacting with one another.
Virtual Reality
The decreasing consumer attention span is all about relevancy. VR allow potential consumers to catch a glimpse of the atmosphere of the destination before they even book a trip, creating an immersive and personalized experience that helps drive conversions. As VR continues to evolve, it will undoubtedly have a significant impact on the industry and the way we travel and stay.
Argumented Reality
AR, is a digital technology, which alters a person’s perception of their physical surroundings, when viewed through a particular device. It shares some similarities with virtual reality, but AR does not replace the real-world environment, but augments it by overlaying digital components. AR enables customers to see virtual information and images superimposed over the physical world through their devices.
Chatbots
The businesses operating within the travel industry succeed or fail based on the experience they provide for their customers and AI chatbots represent one of the most exciting new technologies that can help to improve this experience. Personalized recommendations and tailored itineraries are made possible through AI powerd chatbots and AI algorithms analyzing a customer's preferences and behaviors.
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Stay ahead of the game
Digital transformation is crucial for small and medium businesses like yours to thrive and stay competitive. Here are some benefits and actionable steps for digital transformation in the travel, tourism & hospitality industry.
Some Statistics And Projections
Its surprising that despite the availability several well-known and established companies with great “enterprise” revenue management products yet only 15% of current hotels have a revenue management system.
According to a Booking.com survey, 20% of customers do not complete a reservation if their payment method of choice is unavailable.
Over the next 10 years, tourism is expected to create more than 5 million new jobs, and the number of tourists has to double over 2 billion.
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Negative effects of not embracing digital transformation.
In today’s digital world, customers rely heavily on online channels to research, plan, and book their travel experiences. Without a strong online presence, businesses may miss out on reaching a significant portion of their target audience, resulting in reduced visibility and fewer bookings.
Manual processes and outdated systems can lead to inefficiencies and increased operational costs. For example, handling bookings and reservations manually may result in errors, double bookings, and delays. This can lead to customer dissatisfaction, loss of revenue, and decreased productivity.
Competitors who have embraced digital transformation can offer enhanced customer experiences, personalized recommendations, and seamless online booking processes. By not keeping up with digital advancements, businesses risk falling behind and losing customers to more technologically advanced competitors.
Digital platforms provide powerful marketing channels to promote products and services to a wider audience. Businesses that neglect digital marketing miss out on the opportunity to target specific customer segments, track campaign performance, and adapt marketing strategies based on real-time data.
Digital transformation enables businesses to provide personalized and tailored experiences to customers. Without utilizing technology, businesses may struggle to meet customer expectations for convenience, personalization, and seamless interactions. This can result in decreased customer satisfaction, negative reviews, and a damaged reputation.
Data analytics plays a crucial role in understanding customer behavior, preferences, and market trends. By not leveraging data, businesses miss out on valuable insights that can drive informed decision-making, improve offerings, and identify new opportunities for growth.
Customer expectations in the travel, tourism, and hospitality industry are continuously evolving. Embracing digital transformation allows businesses to stay agile and adapt to changing customer preferences and market trends. Not embracing technology can lead to a disconnect between businesses and their target audience, resulting in a loss of relevance and decreased customer loyalty.