We are are back!
Happy new week everyone! We are back from a short summer break and can’t wait to bring the newest hospitality trends, tools and news again onto your desk.
This weeks topics are:
Beyond the hype: The rise of conversational AI in hospitality
What is dynamic hotel pricing and why is it important?
16 Hotel innovation trends to keep an eye on this year and beyond
Enjoy reading!
Laura and Jess
– by Cendyn
In the world of hospitality, the rise of conversational AI, exemplified by ChatGPT, has been nothing short of revolutionary. This transformation, however, was a long time coming, born out of the limitations of voice search and chatbots.
Voice search, once hailed as a game-changer, failed to deliver on its promise due to poor performance, leaving voice assistants struggling to perform basic tasks, let alone booking a hotel stay. Similarly, chatbots, although initially exciting, fell short of providing the sophistication needed for solving complex travel-related issues.
Conversational AI has emerged as the solution, combining chatbot simplicity with the depth of AI to deliver previously elusive information seamlessly. For guests, this translates to more efficient travel planning and instant hotel communication, while hotels benefit from personalized service at scale and improved productivity.
Key Takeaways:
Here you can read the full article.
– by Oaky
Dynamic hotel pricing is a game-changer for the hospitality industry, offering not only increased revenue but also efficient revenue management. Unlike static rates, dynamic pricing adapts to market demand, allowing hotels to charge higher rates during peak times and lower rates when demand decreases.
Dynamic pricing tools, powered by algorithms and AI, ensure accurate pricing by analyzing historical data, market trends, and competitor rates. These tools integrate seamlessly with property management systems, eliminating manual data entry and reducing the risk of errors.
The importance of dynamic pricing in hotels is underscored by its widespread use across industries, from Uber to Airbnb. It increases profitability, saves time, and ensures year-round occupancy. Additionally, it provides insights into customer behavior and competitor pricing.
Pros of dynamic pricing include increased profitability, reduced manual work, year-round occupancy, better understanding of customer behavior, and insights into competitor strategies. However, it can appear inconsistent to price-sensitive customers and may require stable technical integrations.
To maximize dynamic pricing, hotels can implement upselling strategies, such as dynamically priced room upgrades and deals like early check-in or late check-out. These strategies can significantly boost revenue without additional workload.
Key Takeaways:
Here you can read the full article.
– by Oaky
In an era of technological advancements and AI tools, hotels are leveraging innovation to enhance guest experiences and gain a competitive edge. With millennials holding substantial purchasing power, embracing innovative technologies is crucial for attracting new guests.
Hotel innovation involves implementing new processes, creative ideas, and integrating new technologies to enhance guest services while improving efficiency and profitability.
Key Hotel Innovation Trends:
These innovative trends help hotels stay competitive, drive profitability, and meet evolving traveler expectations.
Here you can read the full article.
HIC NEWS OF THE WEEK – KW 37