When we talk about the Hospitality industry, it encompasses much more than just tourism and hotel management. It includes the concepts of resorts, event management, gastronomy – all kinds of food and wine and travel.
We are watching a constant-grow of this market, as specialists anticipate the creation of 50M+ jobs within the next 5 years, settling the number of jobs at 320M by 2028.
This travel market is an example where constant change is part of the daily routine. This specific market has been constantly evolving for the last few years, and the emergence of OTAs has been changing the customer experience – although it has existed since the early 2000s. On the other hand, this means some companies (like Expedia) have been losing their game changing factor and been left behind in the market race.
“The customer experience is becoming more personalized than it has ever been.”
T he changes in industry demands a step up from hoteliers who want to lead the digital transformation – which is already on course – by managing a way to not only keep their value as a brand, but also to add some value to their business; and this can only be achieved with professional partnerships – with digital marketing experts and audiovisual consultants who study your brand in order to define achievable goals and challenges.
Unfortunately, only 15% of hotels have a revenue management system. That’s a very low number compared to the potential we see in start-ups like RoomPriceGenie, whose business model is based on an algorithm that recommends affordable prices for small hotels.
We can’t ignore the digital revolution we are currently living through. As leaders of the Hospitality industry, it’s crucial to adapt and prepare the future leaders of the sector for the challenges they’re going to face through the digital connected way.