Technology is a very interesting phenomenon in the hospitality industry, and it has evolved a great deal in the last 20-years. Today, technology entrants seem to have picked up with CRMs, PMS, cloud-based solutions, and more.
Vacation Rental, is one segment of an ever-growing hospitality industry. As a part of shared economy any extra bedroom, unused apartment or condo, single family home is listed on all popular OTAs. With technology at their disposal, renting a vacation home has never been so easy. You can seamlessly optimize all the listing across all major booking sites like HomeAway, Airbnb, VRBO etc. The millennial generation is finding Vacation Rental as an attractive alternative in terms of what they pay and what they get.
In hospitality, what the industry and customers want is bandwidth and the technology partners are bringing in their own technology. For instance VRMs can Build-their-own-Channel-Manager.
Technologies are core and they make a major impact on property management companies and even individual homeowners as well. As far as social media goes, it’s a great way for the hotel to connect with customers, it makes the hotel perform well in delivering great customer experience. But social media has its own drawback, because people sometimes give inaccurate and unfair reviews, otherwise it’s a real friend of the hospitality industry. Statistically, 80 percent of the people who are online are looking at TripAdvisor for reviews, and ranking of the hotel in the market.
Technology doesn’t mean that customer is able to interact with your facilities online and through devices, and check-ins. It means that customer’s experience is integrated in such a way that they are at the forefront of the operational team. So what has changed is that the hotel has become more accountable as far as their level of service and delivery is concerned. It is good for everybody. The customers win, the hotels know they are accountable as compared to many years in the past, and we think it brought up the whole pool of the hotel’s quality for the benefit of the guest.
Because of technology we have seen business such as AirBNB be created and really be a factor in the hospitality industry. So it is interesting that the industry has achieved that level of performance. So technology is clearly affecting the industry, but ultimately a lot of us tend to over-expect about the real benefit of technology, like if we can substitute labor with technology, which is a very difficult thing to do.
The past has altered because of technological advances, and we’ll see more of it takes over in the near future. Innovative and disruptive technologies will continue to help hospitality industry in keeping up with their competition. The thing industry need to ensure is to see how fast they can adapt to such technologies.
As technology penetrates into every aspect of the hospitality sector, it is yet another sign of growth. It is all about the ability to see intuitively and clearly into the complex nature of hospitality business, and then bringing simplicity to the challenges to open new ways of opportunities. The only thing is Vacation Rental managers must be vigilant about is, which technology partners to work with.
Blog from Vafion.
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