Booming Investment in hospitality industry
The author of this article is Praveen Tiwari Founder , Bizzcom Solutions The pandemic gave many of us a chance to reshape and reset the way we function. As the hospitality industry is also recovering from the devastating
The author of this article is Praveen Tiwari Founder , Bizzcom Solutions
The pandemic gave many of us a chance to reshape and reset the way we function. As the hospitality industry is also recovering from the devastating effects of covid 19, the industry has found ways to rebound for a desired future the sector is looking forward to. The hospitality industry is embracing the hard reset and has been improving since the 2020 pandemic.
The global travel and tourism industry contributed more than $8 trillion to the global economy in 2018. In 2019 India became the 3rd highest contributor to the GDP after China and Philippines as the travel and tourism contribution grew by 4.9%. In 2020 the industry contributed over $121 billion and is estimated to reach $512 billion by 2028 with an annual growth rate of 10.35%. The hospitality industry in India has been experiencing a healthy growth and has accounted to 7.5% of the GDP. India has also been moving upwards on the Travel and Tourism Competitiveness Index (TTCI) and had placed itself on the 34th position in 2019 from 65th in 2013.
India was 3rd largest in terms of investments, accounting 5.9% of the total investments in the country with an inflow of more than $45 billion investments in the 2018. The investments in the country have been growing and the Dream hotel group also plans to invest around $300 million for developing the cruise sector in India. There has been a thriving investment in the post – pandemic hospitality industry because of the new hospitality trends that the industry is adopting.
Advanced Digital Transformation
The hospitality sector had already implemented the use of technology prior to the pandemic. But the rise in covid 19 gave a severe negative impact on the hospitality industry and created a demand for no-contact in person communication. To create a solution to this demand, the industry enabled services and used tools that have faster and safer methods of work and communication keeping in mind the safety of the customers as well as the staff.
Apart from contactless check-in and check-out, tools are created to communicate with guests when rooms are prepared, to track where and when were the guests sanitized, and other precautionary measures. Hospitality industry have also advanced their transformation by implementing virtual guest communication for services needed from the staff and for spa reservation. Apart from these the housekeeping staffs are also monitored through technological tools. The other services that are offered using technology are digital menu systems, passport id scanners, guest self-service payment system, facial recognition, cashless payments and more. Applying these technological tools and services has shown a great success and will surely benefit more in the future.
Prioritizing Customer Experience
Customer service has been a priority in the hospitality industry as the industry revolves around meeting guests expectations, providing personalized experiences and more. For a business to succeed in the hospitality industry providing proper customer experience is important but prioritizing customer experience now has become vital as the competition in the market has fairly increased. Customers look for places to stay where they can get the best possible service they need and feel appreciated and valued. Since covid has ceased the leisure of experiences the guests could receive implementing and innovating new ways to enhance their experience has become crucial.
To provide this customer experience the hospitality industry have implemented methods such as giving the hotel staff proper training to provide guests of all kind experiences that the guests prefer. Another way the industry prioritizes customer experience is by providing faster amenities from food, booking, transportation and more to creating a good experience in every stage of the guests journey. The industry also uses technology to provide better customer experience by adopting chat bots and customer support centres to provide services without having any contact in person.
Since the pandemic hit, many got a closer look to how sustainability benefits the industry. The younger generation look for industries that contribute to the community. Adopting eco-friendly practices in the hospitality industry like eliminating the use of plastics, creating sustainable F&B menu helps improving the brand image while also saving costs. The guests also feel like they are contributing to the betterment of the environment by using energy saving technologies. The staff are trained to be responsible for environmental management. The hospitality business is futureproofed as they earn their green badges by contributing in reducing carbon footprints.
The state of hospitality industries is much more promising post-covid and is notably far to go with its ongoing recovery and the flourishing investments in the hospitality will give the industry the ability to counter the challenges in future.