The Future of Hospitality: How Personalized Consumer Experiences are Transforming the Industry
July 27, 2018
“Winning in the Weeds”
There are few industries larger or more complex than the hospitality sector—it accounts for more than one-tenth of the global GDP, according to a recent report—and fewer still that are undergoing greater change. However, of the many variables affecting how hotels, airlines, cruise lines and restaurants must now do business, none is more consequential than consumer demand for personalized experiences.
Described by Oracle as the Age of the Individual, today’s technology-centric society has resulted in a “modern consumerism” in which tailored experiences are becoming a prerequisite for brand loyalty. This is fueled by the increasing purchasing power of technology-savvy Millennials, as well as the experiences to which they have grown accustomed. Companies ranging from Amazon to Apple have long used technology not simply to meet consumer expectations, but also to anticipate their individual preferences.
For hospitality companies, this means that a given consumer expects a noticeably personalized experience based on his or her particular preferences—be it a preference for responsibly sourced Arabica coffee beans or the temperature of a hotel room.
It used to be that a successful hospitality company upheld a uniform standard of outstanding service. Excellence looked the same, generally speaking. Today, excellence looks different to each consumer based on his or her particular preferences.
Increasingly, success in the hospitality industry is about winning in the weeds—quite literally achieving brand loyalty one consumer at a time. [Continue Reading →]