How Does Help Technology Increase the Revenue of Hotels?

In the immortal words of Bob Dylan, “The times, they are a-changing.” In this context, it’s about the hospitality industry, and the change agent is technology. The global climate has given the hospitality sector quite the nudge, pushing establishments to evolve their offerings for the discerning, tech-savvy consumer.

A Comeback Tour for Hospitality?

The overall economic forecast, according to the brains at EY, paints a rather patchy picture for 2023. The U.S. is cooling its heels thanks to inflation, increasing borrowing costs, a slightly downcast private sector, and the world economy taking its sweet time. Europe isn’t dancing either, facing a looming recession, thanks to inflation and a prolonged energy fiasco. Meanwhile, China tiptoes around an ambiguous economic future, wrestling with aftermaths of its zero-COVID-19 policy, a sullen property market, and a less-than-thriving global trade scene.

But, chin up! There’s a silver lining for hospitality…

Travel: A Flame That Never Dies

Many a wanderlust has plans up their sleeves, with a plethora of them gearing up for at least a leisure escapade within half a year. Sure, with inflation playing spoilsport, travel choices might alter, but the spirit remains unyielding. Here’s the kicker: convention center bookings are seeing a 13% boost in 2023 compared to its predecessor year. Moreover, with 65% of folks polled by American Express gearing to up their meeting and event expenses, group travel seems to be the season’s flavor.

Corporate Jaunts: Back on Track?

Morgan Stanley’s recent poll of global corporate travel bigwigs reveals that travel coffers might just touch 98% of what they were in the pre-pandemic era of 2019. What’s more, almost half are even considering plumping up those budgets.

Meet The New Wanderers: Digital Nomads

EY’s latest corporate survey has a juicy tidbit: 87% of companies claim COVID-19 threw their workplaces for a loop. Now, 72% are flirting with a mix of remote and office working, and a staggering 75% envision a decentralized office space future. So, say hello to the digital nomad. They’re trading office desks for scenic backdrops.

Tech: The Hospitality’s New Best Friend

Before we leap into the tech wonders, let’s gauge the hospitality techscape:

  • As of 2021 end, the hotel and resort arena is projected to touch a whopping $1.22 trillion.
  • A sizable 62% of clientele love to check in and out via nifty hotel applications.
  • For 73% of guests, contactless is the keyword during stays.
  • Robots in the food and beverage realm? Expected to contribute to sales north of $523 million by 2022.
  • Infusing new technology could potentially spike revenue by 135%.
  • Thanks to technology adoption, there’s been a neat 19% uptick in client service ratings.

The crux? Technology in the hospitality arena isn’t just about looking fancy. It’s about upping the ante on customer satisfaction and overall experience.

Technology’s Wallet-Filling Tricks

The tech world’s on a sprint. But how does this digital marathon benefit hotel coffers?

Boosting Employee Efficiency = More Revenue

Let’s face it: online booking tools are game-changers. By sidelining manual toil, they free up staff to focus on guests. And the happier the guests, the fuller the till. So, how can you boost guest efficiency? In many ways. One of the best is using such hotel housekeeping software to make task management more streamlined and efficient.

The Booking Superhighway

With marvels like cloud-based hotel PMS, snazzy apps, booking turbochargers, and channel overseers, booking is smoother than a Sinatra ballad. A bonus? Reduced goof-ups mean fewer lost reservations.

The Art of the Upsell & Cross-Sell

Upselling is like nudging your guest to upgrade from a latte to a caramel macchiato. Cross-selling? It suggests a delicious pastry to pair. Essential tools can help decipher guest preferences, opening avenues for tailoring offerings and maximizing revenue.

Supercharging the Concierge

The concierge isn’t just about bookings. It’s about deepening guest bonds, and technology can help. With efficient booking tools, a concierge can truly understand guest needs, leading to personalized service and, potentially, more sales.

Happy Guests, Fatter Pockets

In the hospitality world, contented guests are the golden goose. They’re more likely to revisit, shower you with rave reviews, and splash out on additional services. From browsing to bidding adieu, every touchpoint should scream, “We value you!”

Remember, in this digital age, it’s not just about having beds; it’s about blending bytes and hospitality brilliance.

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