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Travel and Hospitality:- Transforming Yet to Done?

Abstract

The travel and hospitality industry has always functioned in a way to contribute more to people’s lives. The tourism industry comes first on the list of businesses that got disrupted by the pandemic. Post-pandemic is a hard time for the travel and hospitality industry. Most of the small and medium-sized hotels, guides, transports, and countless numbers of people dependent on the tourism industry are looking for a revival.

The rise of technology has significantly affected the travel and hospitality industry. In post-pandemic, technology has become a ray of hope to make the tourism industry as vibrant as it was before. Travelers are getting smarter, thus businesses need to be. 

Travel and Hospitality Industry: The Promising Future

Undeniably, 2020 was the worst year for the tourism industry. It witnessed huge downfalls, led by an unlimited number of bankrupted businesses all over the world. But this dark night is not so long because the future looks promising. The future of the travel and hospitality industry seems to be overwhelming and why not? The tourism industry alone contributes 10% of the global GDP – Says, World Travel & Tourism Council.

Market Insights of Travel and Hospitality Industry

At present, the entire industry holds a capitalization of USD $9.25 Trillion. The worldwide revenue of the tourism industry is expected to increase to USD $909 billion by the year 2025. Increasing business travel expenditure, growing adoption of social media platforms, and Big Data analytics solutions will be the key-driven components of the tourism industry. Thanks to technology by its virtue the milestone is going to be possible – Says, Statastia

Challenging Part of Travel and Hospitality Industry

Twenty years back, a trip meant traveling to the “nearest destination with lots of effort”. People were actually needed to go to the traveling agencies and ask for their advice on the best palace, tourism procedure, time to finally conduct a visit. It was filled with extreme inconvenience and complexity.

But from the last 10 years, the scenario has positively changed. Visiting your dream destination has become a much easier task than before. This is made possible by keeping up with new technologies such as online booking, online payment, traveling insurance, etc. It definitely brought a revolution to the industry but enhanced the competition too. With more and more emerging travel agencies at every corner of the world. The tourism industry looks flooded.

  1. Listing a new travel agency and the hotel has become costlier. The widely followed website such as Airbnb and booking.com are charging a high fee from 14% to 20% from each individual. 
  2. Although the past decade is impressive in the growth of the travel and tourism industry due to technological advancements. But still, a large number of tourism sectors are untouched.
  3. The excessive use of the internet for finding travel destinations and accommodations is a new challenge. Customer’s preference to check ratings and reviews has become a headache to small agencies. 
  4. Customers are looking for cheaper options to travel. Be it fare, hotel, hospitality, or transport, most travelers want all at the lowest possible price. With too many competitors for one location, it has become a hectic task to manage.
  5. The trends of giving personalized service to customers have become a major problem for small accommodation providers. Most customers use hotels at once and shift to other options due to pricing issues. 
  6. Technology has become an integral part of everyone’s life. Customers are demanding tech advancements in their rooms. Many accommodation providers find it out of their budget to provide such advanced equipment. 
  7. Making a hospitality business sustainable and profitable with traditional methods is tougher than ever
  8. After the pandemic, the idea of social distancing is prominently followed by travelers around the world. The hospitality staff is finding it difficult to manage everything efficiently without being in physical touch. 
  9. Big budgets poured by industry giants in advertising and marketing have also become an obstacle in growing small hotels.
  10. There are countless operations in the hotel industry from running booking management, staff management, attending guests, to checking the room. Keeping up with all tasks with traditional methods is hectic and time-consuming. 
  11. Keeping and maintaining customer’s data is crucial, but most hoteliers lack in managing the data efficiently. 
  12. Maintaining an online reputation is extremely important now. Customers tend to check the online reputation of a business before trying that. 

Solutions: How to Attract the Modern Travelers?

Technology has turned the table of every industry and eliminated its many core problems with a simplified workflow. Travel and hospitality have never been reluctant in adopting any trustworthy technology in recent years. It has always welcomed new technology and now it needs to be done more strikingly. This is the reason why the industry has been set the standards of working even in adverse conditions. Undoubtedly, the number of problems that the Travel and hospitality industry is facing can be easily lower down with the help of tech.

Witness the change

  1. The monopoly of Bookings.com and Airbnb can be eliminated with the upsurge of new hotel and travel listing websites. Hoteliers always seek something new. They no longer tend to become loyal to anyone who charges more than needed. Giving them new opportunities in the form of booking and listing websites would be a great option to eliminate the monopoly. 
  2. All the small and medium scaled travel and hospitality agencies should opt for digital transformation. This will not only give their business new customers but will also take their business to new heights.
  3. Customers now tend to check the ratings and reviews of the travel agency, hotel, travel destination, etc more prominently. Agencies need not take the online reputation lightly. Instead, they should invest in enhancing their goodwill online. 
  4. Making a travel experience more economical for travelers is a great way to take business out of the lethargic business condition. Several business tactics can be followed to lower the cost on the customer side. 
  5. The most demanding personalized customer experience can be provided to travelers with easy and worthful management of data. This data can be used to provide better-personalized service to the visitors, next time they visit the hotel. 
  6. The least physical interaction is being followed by the people around the world. Making them confident about their security is important. Hotels can use new meal delivery methods such as drone delivery, robot delivery, etc to do the same. 
  7. The abundance of tourism problems can be avoided with the simple use of CRM. Right now only big agencies are using the Customer relationship management (CRM) software. Small and medium-sized travel agencies, hotel, accommodation providers should also use CRM systems to avoid several hectic management problems. 
  8. Online advertising and marketing have taken over traditional advertising. Travel and hospitality cannot survive too long without online advertising. Opt for Digital Marketing Services to manage your online reputation and increase the footfalls on your workspace. 

Conclusion

The travel and hospitality industry will face harsh consequences if it doesn’t adopt modern technologies. Tourism personnel who opted for the latest technologies earlier are less affected by the global pandemic. They have easily recovered and normalized the business to too much extent. Now it’s time for other travel and hospitality personnel to do the same.

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