5 Trends That Have Changed the Hospitality Industry

The hospitality industry has been undergoing tremendous changes and disruptions over the last two decades. The future of the hospitality industry is increasing transversal, shaping and being shaped by global movements, industries, and consumer values. Despite the rapid changes, among consumer-centric industries, one constant remains – the importance of human touch. Human relations continue to play an invaluable role in the delivery of memorable experience and service, making human talent one of the greatest sources of innovation. Indian School of Hospitality (ISH) which is among the top and best hospitality management schools in India as well as considered as the top hospitality schools in the world, helps train future leaders and the most important part of the hotel management industry.

Traveller and consumer behaviour is evolving, and so is the hospitality industry to keep up with the changing trends. Travel and tourism, and hospitality are one of the world’s fastest-growing industries with 10.4% of global GDP. The Hospitality industry, especially, is undergoing rapid transformation, shaped by new technology and needs of an increasingly diverse range of travellers.

Below are the top five trends that are shaping the future of the hospitality industry –

• Greater use of Technology – Technology is transforming the hospitality industry in multiple ways. Thanks to new technology, hospitality businesses can provide guests with greater customisation, convenience, and control. Chatbots, robots and other forms of artificial intelligence provide users with on-demand information and personalised customization. Also, loyalty programmes based on blockchain and cryptocurrency are creating interesting new opportunities for brands to engage with customers. These technologies have the potential to re-imagine the future of the hospitality industry to a completely new level.

• Entrepreneurship and Innovation – The hospitality industry provides fertile ground for aspiring entrepreneurs, while innovation will be the key for established brands to stay relevant and compete with new players. Innovation strategies should also cater to the different profiles, needs, and expectations of travellers. Like for instance, the importance of social experiences to the new age travellers has given rise to a new breed of urban boutique hotels offering social spaces and activities. Understanding the different needs of guests is essential for brands to develop innovative concepts capable of yielding long-term profit and business growth.

• Guest seeking eco-friendly and healthy stay experience – Guests are now seeking a more authentic stay and cultural experience within their hotel during their stay. They wish to experience the local delicacies and a little bit of their lives translated through their stay experience.

Transparency and accountability are becoming more important as travellers want to know the impact of their footprint – not only environmentally, but socially as well. Sustainable and social responsibility strategies now range from the reduction of single-use plastics to the development of social business concepts and the shift words a circular economy, in which resources are recycled and regenerated.

• Old threats will become new inspiration – Hoteliers have to face the fact that home-sharing isn’t going anywhere. But there is no cause for an alarm because of that. Pressure from Airbnb and other competitors have pushed hoteliers towards best practices – like adopting more creative and unique properties which are distinctly different from the traditional hotel experience. Airbnb continues to expand into hotels and hotels continue to expand into private rentals. This evolution has helped customers get more affordable homestay like experience within hotels run by professionals instead of private homeowners.

• Check-in redefined – Mobile devices are transforming the hotel check-in progress. At select hotels, for instance, lobby kiosks allow guests to bypass lines, get key cards and gather information about their stay. Many hotels have equipped their staff with iPads, which allows the incoming guests to check-in easily and get their questions answered, eliminating the need for a fixed front desk.