6 Ways to Boost Revenue with Hospitality Industry Technology

The importance of hospitality industry is very well known. It creates jobs, promotes tourism, and much more. Increasing hotel revenue is the ultimate goal in the hospitality industry. You can achieve this goal with the efficient use of tech. Tech is advancing at a fast pace and plays a crucial role not just in our everyday lives but in the hotel sector. The way hotels conduct business has also changed as a result of its impact on the industry.

The key to using hospitality industry technology is to personalize the guest experience so that each guest feels cherished. It is vital because boosting guest satisfaction in hotels can not only increase your revenue but create brand awareness, help you upsell, increase staff efficiency and provide better decision-making. There are many ways that technology in the hospitality industry can help us like travel better, book rooms faster, and experience a place like never before.

technology in the hospitality industry

Interesting Statistics

· 62% of the guests prefer check-in and check-out via hotel apps.
· 73% of the guests prefer using contactless options during their hotel stay.
· The sales value of new robot installations in the food and beverage industry will rise to $523 million by 2022.
· 135% increase in revenue is expected after adding new tech.
· 19% of the increase in customer service ratings accounts for the adoption of technologies.

Why Hospitality Industry Technology is Important?

More travelers these days prefer tech-driven, simple, and personalized experiences. This is influencing the way hotels operate and what they offer. Further, it not only helps you deliver the best customer experience but also makes managing your business easy. The importance of hotel management is evident. Looking for the best hotel management company in India? Keep reading to know more about Revnomix Solutions.

To improve the guest experience, streamline operations, and enhance communication between staff and guests, hotels can use tech across all sectors. Here are 5 reasons why your hotel needs hospitality industry technology in 2023.

Read: Ultimate Guide to Sustainability in the Hospitality Industry

1. Efficient Service

Efficient Service

A positive guest experience encourages repeat business, while a negative one can turn away guests for good. By enabling staff to provide great service, tech can help to enhance the guest experience.

Many hotels have systems that auto-save guests’ preferences and notes (where they ate during their last stay, that they prefer extra pillows, etc.) so that staff can provide for them suitably when guests stay at the same hotel.

2. Reduced Repetitive Tasks

Reduced Repetitive Tasks

Due to the recent pandemic, automation is becoming more and more popular across a wide range of industries. Although using robots is not required for your firm, there are a number of automated solutions that can assure seamless integration and simplify daily tasks for your work staff.

By reducing repetitive tasks, automation will aid the hospitality industry and enable hotels to save time and money. Like hotels can automatically email or send notifications to their guests with coupons or special offers to collect customer feedback.

3. Easy Access to Data

Easy Access to Data

Many hotels have developed a guest app that gives guests useful data about nearby fun venues, dining options, bars, healthcare facilities, and more. Guests can connect with the hotel using SMS messages with Guest Messaging as well.

4. Better Communication

communication in the hospitality industry

It can be daunting for your staff to meet everyone’s needs and maintain communication in the hospitality industry, whether customers are ordering food, making bookings, or asking for suggestions. If this issue isn’t fixed, it might hurt the reputation of your hotel.

In order to more effectively handle guest requests, many hotels today use communication platforms to enable smooth communication across sectors. By making it simple for guests to access all the data they might need, such as booking details, opening hours of eateries, or the ability to order room service via an app, such platforms can enhance the guest experience.

5. Improved Guest Experience

Improved Guest Experience

Guests want a seamless, tech-advanced, contactless hotel experience. There’s no need to wait in line or leave your room to order food. Whether you check in at an automated kiosk by scanning a QR code or place a tablet order for room service. Hotel guests desire a simple, pleasant experience. This is made possible by hospitality industry technology.

How Does Hospitality Industry Technology Increase Your Hotel Revenue?

Technology in the hotel industry must be utilized as a means to remain competitive and expand. It helps to save resources that would otherwise have incurred huge time and cost if done manually. Here are 6 ways hospitality industry technology can help increase your hotel revenue.

1) Hotels can improve their brand awareness using their website and social media

booking revenue

Image credit – reviewsxp.com.

This might seem obvious to some but isn’t, in fact, for the longest time print catalogs and brochures were the only form of promoting your business and experience through printed materials. Nowadays with all the hospitality industry technology, this has largely changed.

However, many hotels still choose to use traditional marketing methods like print ads and out-of-home advertising to promote the activities they offer. Not only it is becoming more difficult for them to be competitive in today’s market but also they are missing out on other key customer insights.

Having data about your activities on your property in easily accessible formats on your websites can increase the number of bookings you receive and booking revenue as this gives guests more room to decide and consider. Also, it will make the bookings faster and better and even easy for them.

Is social media marketing important? Yes, and good storytelling and imagery can help your guests differentiate between you and your competitors. Use beautiful images and enticing words to show guests what they can look forward to or attract new ones with a buzzworthy advertisement.

2) Technology helps hotels upsell and cross-sell better

technologies in the hospitality industry

Image credit – AxisRooms.

You have to focus on maximizing your upsell and cross-sell efforts if you want to bump up your hotel revenue. What tools will help you do this? Data on the customer’s preferences and history of purchases will come in handy when trying to figure out what they want and how they most prefer it.

There are technologies in the hospitality industry that help you collect the right data in the right form and analyze them. The right data can get your hotel more clients. Gather information on guests who are more likely to buy your services, analyze it and use those findings to target potential customers, so it would be wise to integrate these systems into your hotel’s infrastructure.

3) It increases staff efficiency

cloud hotel PMS

Image credit – iSmartRecruit.

Concierges play an important role in establishing meaningful relationships with guests. This helps the concierge to get a better sense of the guest’s needs, so they can help them make the most out of their experience.

It is still difficult for some hotels to keep up with all their tasks as they are often either understaffed or don’t have any special software for handling everything. This can result in some things being left undone.

Modern technologies such as cloud hotel PMS, mobile apps, and automated staff training tools have made day-to-day operations simpler. This leaves more time to interact with guests in a more personal way.

4) Analytics and data help you in better decision making

revenue management system for hotels

As a hotelier, it’s necessary for you to be able to successfully plan your bookings. This requires information in a format that can be easily analyzed and turned into positive action.  Hotel concierge booking software can give you a good overview of all the transactions your business is making. You’ll be able to see how many transactions you make, what type of revenue is generated, and what your expenses are. It should help you to better organize selling methods and empower decision-making.

It’s possible that there are no rooms available a month ahead of time or there are no bookings for some activities you offer. You can view all bookings through your software and easily plan to schedule for the upcoming months. This way you can know what is worth following up on and spending time on, allowing you to focus more on the areas that are most profitable.

The price you charge for your hotel rooms is essential and technology for hospitality can help with the process if not make it simple altogether. Revenue management systems along with PMS are beneficial in facilitating this. A revenue management system for hotels allows you to analyze the market and as a result, offers insight into how competitive your rates are. When you’re armed with this knowledge, it becomes much easier to make an informed decision which in turn helps increase booking rates. Are you finding one of the top revenue management companies for hotels? Click below.

Schedule A Call Today for Top Revenue Management Services

5) Makes your marketing more effective

marketing strategy for hotels

Marketing is a crucial part of any successful business, but hotel marketers need to be sure they’re measuring the right metrics. Marketing strategy for hotels will allow them to explore new avenues and discover innovative ways to approach their campaigns.

So, how does hospitality industry technology help you with marketing? It enables you to gather the right information from various sources (e.g., social media, Google, Bing) and store it in a way that is conducive to your needs. You can use these insights to improve your audience’s experience while they’re on your website.

You can deliver more effective campaigns through a variety of different platforms such as email, in-message advertising, or social media ads. Such options are great for digital marketing and allow you to drive a lot of people to your business.

6) Secure your revenue with online payments

Secure your revenue with online payments

As a hotelier, high no-show rates can be frustrating. But by using an online booking tool that’s customized to your property, guests can pay in advance and instantly reserve their spot. This ensures you’ll make the revenue you deserve.

All cancellation policies should be presented in the booking process on your website and can also be sent to guests over email when they book an appointment. This saves time and effort for the concierge. Previously, the concierge would need to call customers and provide all that information.

Guests prefer the simplicity of modern booking processes, plus they’re more invested in their stay when they’ve already paid. All these points combined, reduce the risk of no-shows and protect your revenue. At the same time, you can increase guest experience by simplifying their view on availability and payments.

Read: 14 Technologies in the Hospitality Industry for Revenue Management

Success Stories of Hotels Using Hospitality Industry Technology

Here are some examples of hotels that have embraced hospitality industry technology and are reaping the rewards to help you better understand the role of technology in hotels. Do you want to know about one of the top hotel management companies in India? See below how Revnomix Solutions can help your hotel.

1. The Yotel New York City, New York, United States

The Yotel, with its 669 rooms, is the ideal blend of business and leisure. It is a hotel with technology like touchless check-in kiosks, the luggage-handling robot Yobot, space-saving motorized beds, and motion-activated AC. The front desk at the hotel is referred to as “mission control.” Here, emphasis is placed on using space, tech, and efficiency to deliver an engaging guest experience.

2. Marriott City Centre, Charlotte, United States

This hotel from the 1980s has been transformed by Marriott into a center of innovation. In the lobby, there is a booth that measures your mood, and guests can engage in hundreds of virtual fitness classes that are presented on large wall-mounted screens. To help with jet lag, stay well rooms have digitized lighting and purified air systems.

3. Zara Resort, Khandala, India

prices of hotel rooms

Image credit – Zara Resort.

Zara Resort is another great hotel making the best use of hospitality industry technology. They are using revenue management tools and services by Revnomix Solutions which allows them to control the prices of hotel rooms for high-demand dates, and distribute inventory to online booking channels. They are able to monitor occupancy rates to reduce under-bookings and boost revenues. Revnomix used the process of data analysis as well as business intelligence to increase the resort’s revenue.

4. The HQ, Goa, India

data analytics and business intelligence

Image credit – The HQ.

The HQ in Goa is a great example of how hotel tech increases revenue. Revnomix Solutions provided a hotel revenue management system with integrated channel optimization to improve visibility. Data analytics in hospitality industry is now widely used. They also deployed dynamic pricing strategies using data analytics and business intelligence. The hotel is now able to improve the Average Length of Stay, meet demand, and reduce inventory issues.

Read Our Case Studies

8 Ways to Use Hospitality Industry Technology

Vector circle infographic with 8 options or parts.

To grow your hotel revenue, make sure to keep up-to-date on the latest happenings in the industry. You should think like your guests and analyze what they might want from your hotel and its amenities. If smart tech has yet to be implemented in your hotel, then you are missing out on many benefits. For one thing, hotels that use it have been shown to perform much better than those which don’t.

Let’s look at some ways to use hospitality industry technology to boost hotel revenue now that we have seen how it increases revenue.

1. Front desk: Automate your hotel’s end-to-end operations by using a cloud hotel management system. By doing this, you can reduce wait times and improve service delivery.

2. Mobile App: Provide your hotel with a mobile app so that guests can easily access all of your services. To communicate with your guests, you can also equip it with in-app messaging and an AI chatbot.

3. Touchless Services: Allowing guests to self-check in at your hotel. You will increase your ability to retain customers by showing concern for their safety.

4. Direct Booking: To increase direct bookings and eliminate third-party commissions, integrate a booking engine into your website and Facebook pages.

5. OTAs: Establish a channel manager to update your room inventory in real-time across all OTAs and prevent overbooking.

6. POS System: By streamlining all of your F&B services, a Point-of-sale system that is integrated with your hotel PMS can help.

7. Online Reputation: To improve your online presence, invest in reputation management and feedback management system. You can learn more about how customers feel about your services with the support of a feedback management system, and you can keep track of customer reviews with the help of a reputation management system.

8. Revenue Management: In order for hotels to remain profitable, revenue management is essential. What is revenue management in hotels? Revenue management in the hospitality industry allows hotels to maximize revenues using smart tech and big data. Having a revenue management system in place makes it easier for hotel owners to predict consumer behavior and charge the best price for rooms and services by using data from their own hotel and the overall market.

Read: Outsourcing Hotel Revenue Management Services in 2022

revenue management service

As we saw above, hospitality industry technology can be a powerful tool for increasing hotel revenue. And Revnomix Solutions is here to provide you with the technology solutions you need, to make it happen.

Data analytics importance is well-known in today’s world. Revnomix Hotel Data Analytics can help your business process large data sets and make accurate decisions based on empirical insights. Our analytics and revenue management tool – RevSeed is designed to be quick and easy with the latest technology for the hotel industry. Our expert skillsets and the highest customer service standards make it easy for clients.

Which software is used in the hotel industry for revenue management? RevSeed (one of the best revenue management software for hotels) is a well-known provider of revenue management strategies in India and worldwide. They specialize in maximizing volume and optimizing revenue generation. These tasks are usually done through artificial intelligence and machine learning, allowing them to automate their processes.

Increase Revenue by Up to 20% with RevSeed – Best Hotel Revenue Management Software

Hospitality Industry Technology is the Future!

In today’s digital world, there are many ways that tech impacts our lives and our work. And one of these areas is hospitality – from hotels to restaurants to travel agencies. The importance of hospitality management is also increasing and tech is changing at a rapid pace. At present, it plays an indispensable role in many industries, and hotels are no exception.

Finding new ways to engage with your guests and improve their experience is a vital part of keeping them coming back. That’s why the hospitality industry is popular for using smart technologies. Popular hotels like Marriott, Radisson, and more are leading the way in the world of tech with everything from comfy bedding to AI-enabled tech.

Hospitality industry technology can contribute extensively to hotels. The key is to deploy it in the right way so that it boosts customer satisfaction and brings in more revenue. Happy customers are the lifeblood of any strong business, and this applies to hotels as well. Satisfied customers are more likely to return and talk about your hotel.

Searching for the best hotel revenue management company? Contact us for 360° Revenue Management Solutions.

6 Ways to Boost Revenue with Hospitality Industry Technology
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6 Ways to Boost Revenue with Hospitality Industry Technology
Revnomix offers the hospitality industry technology solutions you need to boost your hotel revenue, create brand awareness, increase staff efficiency & more
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Revnomix Solutions
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