Hotel bookings around the world have changed much faster than what the industry had anticipated. Players in the sector have recently witnessed a lot of automation and innovation around guest experience and augmented reality.
Hotels around the globe see almost more than 70 per cent-90 per cent of their rooms booked online on OTAs. As per the Expedia Millennial Survey, 62 per cent of the Indian millennials prefer to book their tickets through an online travel agency, and 19 per cent of them prefer to book through the airline and hotel websites directly. This change has led to a paradigm shift for revenue management and pricing for hotels.
Technology adoption is needed in the hospitality industry for several reasons. The ubiquitous availability of internet and smartphones have made millennial and modern guests more discerning and wanting more experiential and personalised services. Moreover, increasing competition makes it even more important for hotels to differentiate themselves, and technology is turning out to be a big USP for hotels.
Hotel rooms are a perishable inventory (like airline seats and movie tickets), which need to be priced appropriately because if they go unsold, they will never be recovered back. The ease of internet on smartphones has made two primary changes in the hotel booking patterns: Customers are increasingly buying hotel rooms online, which reduces the role of traditional travel agents and offline channels. Moreover, the average booking window (the period between booking and check-in) is reducing drastically, in many cases to last 48 hours and in many cases to last 24 hours.
Continue reading your story on the app
Continue reading your story in the magazine
Managing A Cost Efficient Kitchen In Times Of Price Volatility
The second day of the 39th edition of EF&H Expo saw executive chefs and F&B heads of leading hotels in Mumbai voice their views on the challenges and opportunities faced by them in running a cost efficient kitchen during times of volatility in pricing of staple ingredients.
Think About Where The Market Is Headed, Prepare For Tomorrow, And Move Fast
Chander Baljee, CMD, Royal Orchid & Regenta Hotels is a veteran hospitality thought leader and an expert on owned, leased, managed and franchised hotel models. His success story features in a book titled ‘Stay Hungry Stay Foolish’ which follows the professional journey of 25 IIM Ahmedabad entrepreneurs. In an exclusive interview with Steena Joy, he elucidates on the changing hospitality landscape, the demand for industry status and advises hoteliers to boldly venture into newer segments, try new niches and create new experiences.
TODAY'S CHEFS ARE RECOGNISED, NOT JUST AS ARTISANS OF FOOD, BUT ALSO FOR THEIR SKILLS AS CULINARY AMBASSADORS
Chef Davinder Kumar, president, Indian Culinary Forum and VP (F&B Production) & executive chef, Le Meridien New Delhi, started his career in 1972 with the Oberoi Group of hotels. The group later sponsored him to go to the Lychee Technique de Hotelier in Paris, to work with selected chefs specialised in French cuisine. He was also the sole Indian representative at the International Cooking Festival held in Tokyo in 1983 and was awarded a medal for his presentation of Indian cuisine. He speaks to Steena Joy on how the culinary scene has evolved in India and his vision for ICF.
Industry experts laud Centre's decision to boost infra and tourism sector in Union Budget for FY 2020-21
THE UNION BUDGET for FY2020-21 focused on three key themes - aspiring India, economic development and caring society.
The demand-supply gap in Indian hospitality industry
At the second GM's Conclave held at the 39th edition of EF&H Expo in Mumbai, our esteemed panelists from leading hotels in Mumbai and Pune discussed the room inventory status in the metros and why hotels need to change their market mix to open up new opportunities.
Go for the kill: Saving v/s vendor relationship
Organised in association with Hospitality Procurement Managers' Forum (HPMF), the second day of the three-day EF&H Mumbai Expo conducted the Power of Purchase, where the who's who of the hospitality procurement fraternity discussed ways to balance two aspects i.e cost saving and maintaining vendor relationship strategically.
Impact of automated revenue management system using Artificial Intelligence in hotels
It is time that concepts like Artificial Intelligence and machine learning also enter the field of marketing and pricing, and not just directly relating to enhancing superior guest experience, says Siddharth Goenka, founder, Aiosell Technologies.
Economic slowdown: Riding out the storm
The first GM's Conclave panel discussion at the 39th edition of Express Food & Hospitality Expo in Mumbai highlighted how the country's hospitality industry is strategising to face the slowdown.
Designing experiential spaces
Hotels and restaurants are reshaping the look, feel and appeal of their properties, using exterior and interior designs as one of the differentiating methods to create unique experiences. Hospitality spaces are moving from utilitarian functionality to contemporary aesthetics and experience driven developments engaging the senses.
INDIA IS ONE OF THE LARGEST POTENTIAL EXPORT MARKETS FOR JIANGXIAOBAI PURE
VBev, a dynamic company engaged in the import, marketing, sales and distribution of international wines, spirits and beers recently introduced first and only premium Baijiu - Jiangxiaobai Pure in the India market. In coversation with Akshay Nayak, Sumedh Singh Mandla, CEO, VBev India and Zoe Fu, director of International Business, Jiangxiaobai, spoke about the future roadmap of the premium white spirit in India market.
MORE CONSUMERS BUYING ORGANIC, BUT US FARMERS STILL WARY
In the 1970s when George Naylor said he wanted to grow organic crops, the idea didn’t go over well.
COURT RULES IN FAVOR OF TEXAS LAW ON SOCIAL MEDIA REGULATION
A federal appeals court ruled in favor of a Texas law targeting major social media companies like Facebook and Twitter in a victory for Republicans who accuse the platforms of censoring conservative speech.
Clamping Down on Putin’s Oil Profits
A US-led plan seeks to avert a spike in global crude prices from new European sanctions
Meeting a Real Legend
U.S. Legend spec racers look like they drove out of the Cars franchise, but they're serious vehicles that put the emphasis on the driver.
CLIMATE DAMAGE FROM OIL LEASES ON US LAND GETS SECOND LOOK
The Biden administration reached a legal settlement that requires the government to reexamine potential climate damages from oil and gas leases put up for sale under the Trump administration on government land in Montana and North Dakota.
CHINA ACCUSES WASHINGTON OF CYBER-SPYING ON UNIVERSITY
China accused Washington of breaking into computers at a university that U.S. officials say does military research, adding to complaints by both governments of rampant online spying against each other.
United Makes ‘conditional' Order for Electric Air Taxis
United Airlines thinks that in a few years, plenty of big-city customers will pay $100 or more for a one-way ride to the airport in a four-seat, electric-powered air taxi.
Airlines Count on Business Travelers to Keep Recovery Going
With summer vacations winding down, airlines are counting on the return of more business travelers to keep their pandemic recovery going into the fall.
THE BATTLE OVER BIG DATA
CHINA IS AGGRESSIVELY TRYING TO CONTROL MUCH OF THE WORLD'S DATA. HOW PRESIDENT BIDEN RESPONDS WILL HAVE BROAD IMPLICATIONS FOR THE ECONOMY AND PRIVACY
TAIWAN FORCES FIRE AT DRONES LYING OVER ISLAND NEAR CHINA
Taiwan’s military fired warning shots at drones from China flying over its outposts just off the Chinese coastline, underscoring heightened tensions and the self-ruled island’s resolve to respond to new provocations.