New Study Reveals Technology Investment Priorities for Hotels - 0 views
-
Chain hotels 77% more likely to increase technology investments, while independent counterparts prioritize room renovation
-
Reliance on technology is becoming increasingly important in the lodging industry as hotels begin to recognize how they can gain key competitive advantage with strategic technology investments.
-
cost continues to be the key barrier with technology adoption for many hoteliers
- ...24 more annotations...
-
This article summarizes the findings taken from research done within the Expedia Group's global hotelier panel consisting of 1,215 hotelier participants that used a choice-based study to compare technology investments between defined hotel chains and small independent hotels. In summary, chain hotels were likely to invest twice as much in technology when compared to small independent hotels. Conversely, small independent hotels were likely to invest more in rooms reservations than chain hotels. The I.T investment strategy varied among the two hotel segments. Small independent hotels choose technology based on affordability, value, and complexity of technology, whereas chain hotels bought technology based on its ability to integrate into their existing systems, the price was not mentioned.
- ...4 more comments...
-
My opinion on this article surrounds my personal experience in the way I have been able to experience third party extranet portals and because of these enhancements that Expedia has developed for hotel partners, I have seen a tremendous amount of return on investment that goes into technology development. Many consumers have been influenced by these third party sites because they offer a type of experience that is different from traditional booking methods and often times consumers are able to snag cheaper rates than they would with booking hotel direct. I would like to see how this trend goes on in future years because I have seen more third party bookings in recent months and it should follow that trend for years to come.
-
The article focuses on applying technology in the hospitality industry, based on the study conducted by Expedia Group (Big Think). The article summarized the research study conducted on 1215 hoteliers worldwide, assessing the focus and prioritization of technology investments by these businesses. The study provides that Chain of hotels are twice as likely to invest in technology than SME in the hospitality industries, with these SMEs being 1.5 times more likely to invest in renovations. In the year 2019, approximately 54% of hotels focused on increasing their technology investments, with only 8% focusing on reducing the same. This provided that more hoteliers were willing to "stay ahead of the curve" than those that focused on adopting the "wait and see" approach. In this respect, hoteliers identified that their main technology investments were influenced by the value and affordability of the same and the capacity to integrate them with existing technologies. On the other hand, the main challenges associated with the technologies were complexity, affecting 25% of the respondents, and ease of use, affecting 33.33% of the respondents (Big Think). In focusing on technological advancement, the Expedia Group focused on technological elements such as Partner Central Mobile Application improvements, new "rooms and rate," page improvements, new "marketing" improved pages, new homepages adaptive, as well as multiple-property portfolio dashboards. With regard to the market perspective, digital marketing/website optimization, smart room, reputation management, revenue management, guest check-ins, and payment solutions were the main technological focuses for the hoteliers. Focusing on the reasons hoteliers were motivated to invest in technology, the study established that improving productivity, improving loyalty and repeat visits, improving guest experiences and reviews, reducing costs, and improving revenue generation topped the list.