The Power of Customer Experience in the Hospitality Industry
Whilst the hospitality industry is still facing many of the repercussions from one of the worst economic losses of any industry during the pandemic, the sector is bouncing back. As travel continues to volume worldwide, much of the hospitality industry is facing the challenge of customer experience. Not only are consumer expectations and behaviour growing, but they have also changed significantly in recent years, with many brands having to play catch up to stay competitively in the loop.
The key to maintaining strong customer relationships is to not only have satisfied customers but also happy ones. Customers should be elated by brand interactions with 86% of customers willing to pay more for a better customer experience, later becoming brand advocates for you. Despite this, previous research has shown that only 1% of product and service providers manage to meet these expectations.
How the right tech can transform the customer experience
The digital transformation of the hospitality industry has dramatically changed the way companies can create value for their customers and drive growth. Improving customer experience is one of the most fundamental aspects of digital transformation, creating immense value for consumers while also generating major results for organisations.
Given the existing digital-savvy age, companies will either stay ahead or risk falling behind if they do not incorporate technology into the customer experience. The experience generations are changing the way organisations think. Today's guests are no longer content with having the same experience as everybody else. They expect unforgettable, immersive experiences over ordinary events or promotions. They want unique, personalised experiences, leaving them with unforgettable memories.
Not only is personalisation considered a necessity, but companies that incorporate it are leading the industry. More than 70% of consumers now consider personalisation a basic expectation, with an immense level of value exchange taking place. Personalisation is key within the travel and hospitality industry for business success in the data-driven world, with customisation and personalisation in travel market having an expected market value of $126.56 Million.
Here at Obvlo, we not only provide guests with unique stays but also allow hosts to become great ones. We are on a mission to create local knowledge on a global scale, helping people to settle in and live like a local, by supporting hosts to deliver the best possible service.