By – Dr Sanjay Batheja
Over the years, the hospitality industry has grown to be very competitive. Given the pandemic, it has become even more essential for businesses to keep an eye on the latest trends and smartly bank on them. A blink away from their objective can prove to be damaging. According to the latest findings, it is reported that 54% of the industry’s revenues came from discounts and special deals in hotels in 2021. Additionally, the sector has experienced an increase in job satisfaction which has positively reflected in its annual growth.
Currently, hotels are earning over $15 profit per year, which is a sharp increase, as compared to previous years. In line with this, digital applications and technology have greatly shaped the hospitality division with over 60% of online reviews being published on TripAdvisor. Moreover, the internet has played a pivotal role in influencing over 1 billion restaurant visits. With so many different domains that represent the hospitality industry, this column will delve into how the hospitality and tourism industry can be come back soon after the pandemic.
An integrated hospitality industry
Over the last few decades, sales, marketing and revenue strategies have operated in the dark. Today, each division has separate tech-based objectives, clients and solutions which redefined the overall sector. Although it can be argued that there is no perfect alignment as they incorporate diverse information to establish ground-breaking marketing strategies, it is quite a crucial step towards its growth.
Hence, hospitality professionals can anticipate a convergence between sales, marketing and revenue strategies. These divisions will ultimately come together as a strong revenue-generating team. This will help the industry to work in coordination to attract and engage better with their customers. These departments integrated with technologically-advanced solutions like AI, Big Data will only elevate hotel profitability.
Sharing economy
The pandemic has further instilled a rise in the sharing economy that has impacted the behaviour of travellers. Today, many people appreciate amenities like Airbnb as it takes a personalised approach towards providing services. Additionally, with a unique and authentic vision, the corporation that once was a startup has become an integral part of the industry.
In 2021, we will be more interested in competing efficiently with multiple accommodation sites with innovative decor and quality service. Hotels have further transformed lobbies into comfortable spaces and have potentially replaced lobbies with a relaxing ambience. This has only made travellers thirsty to experience such novelties with the highest technological functionalities.
Sustainability
This is another area that has become relevant today. Sustainability can be a key factor in the successful brand management of the hospitality industry. Moreover, durability is one of the most discussed global problems. This can be solved with the right establishment of sustainable-driven campaigns and initiatives. This will make customers more aware of the brand, allowing corporations to make a successful global presence.
This way, corporations will be benefitted and at the same time, the industry, on the whole, can earn profits with their energy-saving schemes and other tax reduction policies. For instance, hotels can embrace the idea of reusing bathroom towels and make fewer requests for bed changes.
Smart hotels
A smart hotel is a digitally-equipped hotel that is built-in with various internet gadgets. Such devices will help in sending information to another device. This gives a sense of personalisation as well as a style boost where customers can control air condition and heating conditions – all within a tap away. There will also be an automatic adjustment of brightness on lights, control the temperature, a command on the speakers and other amenities.
The year 2021 is indeed a time packed with diverse hospitality trends. It is of course filled with new challenges and changes, however, embracing and comprehending these can steadily transform the sector with immense improvement in customer relationships.
Considering how the industry is undergoing numerous changes, we at Capital University College have introduced Master in Project Management and Master in Tourism Management in exclusive partnership with Europe’s most international business school – Rome Business School.
We strongly believe the region lacks programs that focus on the management side of the tourism and hospitality industry. Through such programs, we aim to bridge the gap between aspiring students and regional hospitality and tourism organizations with both a theory-based and practical study approach.
Dr Sanjay Batheja, Co-Founder & Director of Capital University College
