Hospitality current events in India, hospitality industry news india| Hospitality news in india

The hospitality industry has undergone tremendous changes and interruptions during the past two decades. What are the main trends that are constantly changing the industry and where are the hospitality going in the near future? A study of EHL faculty in the autumn of 2018 provides information on past and new challenges (as well as opportunities) that hospitality players should take into account.

• 1 - Virtual Communities

Social networking, in particular, has had a profound impact on customers. This has led to greater transparency and, overall, better quality of services provided by hotel companies.

• 2 - Common Economy

Airbnb represents a major disruption in the hotel industry, making the competitive landscape more difficult than ever before. This is reinforced by the fact that the accommodation characteristics listed in Airbnb do not necessarily have to comply with the same rules and regulations as traditional hotels.

• 3 - Online Travel Agents (OTA)

They had at least three major impacts on the hospitality industry.

First, they have changed distribution channels and, therefore, have taken value from hoteliers.

Second, the reputation of Indian hospitality brands makes these companies virtually replace hotel brands.

Third, they have established strong relationships with travelers. Now, hoteliers have to pay to reach these customers, leading to a lower profit margin for the past.

• 4 - Digital guest experiences

Hospitality news in india Applications are particularly important in the way hoteliers manage the services they offer to their customers and can now control many aspects of the course and the experience of guests.

• 5 - The prosperity of world tourism.

Low-cost airlines allow more people to travel around the world at a reasonable price. In addition, many emerging markets have seen GDP growth at a rapid pace, allowing their citizens to travel around the world. Customers from South Korea, China, India and others are a large number of potential travelers. Your demand, of course, has a great impact on the supply.

• 6 - Economy experience

Customers demand extreme customization and unique experiences etc. This can lead to the death of a travel agent and the boarding of an independent traveler.

• 7 - Asset Management Practices.

The focus on light assets has become predominant in hospitality news in Indian industry. The separation between operations management and real estate assets now allows hotel companies to focus on their core business and thus improve efficiency.

However, it adds to the complexity and potential additional problems of the agency, explaining the emergence of new types of jobs, such as asset managers.

• 8 - Professionalism

As mentioned above, new job features have emerged after the growing complexity of the hospitality industry. In parallel, the need for quantitative skills (for forecasts, budgets, etc.) has increased.

• 9 - Generations Y and Z

These new generations have different requirements and needs than those of previous generations. One of the respondents said, "Older generations are thinking about hotels and renting cars, younger generations are considering Airbnb and Uber."

• 10 - Sustainability

Hospitality news in india People are more sensitive to environmental and social problems. One respondent said, "This should be taken into consideration in the brand, but be careful in green washing machines: consumers now realize that the front of the store is there and will not buy it."

Today – hospitality industry 2.0

What is the future of hospitality? In general, our faculty suggests the need for hoteliers to adopt these trends and understand what is at stake. Six dimensions of our survey emerged:

• 1 - Consolidation is no longer the rule.

It is important to customize services and adapt them to the needs and preferences of travelers.

• 2 - To create value, focus on niche markets.

Customization and greater specialization can allow creating greater value for hotel companies. But be careful, as one respondent said, because this requires honestly thinking about displaying the value of your offer and not just "branding and renaming."

• 3 - Exploit technology as a business accelerator.

Technology will be at the heart of the hotel experience, both in the room, before and after the trip. This will lead to the development of new concepts and more innovation in the industry and contribute to the emergence of an increasingly individualized display.

• 4 - Social responsibility is a moral and economic obligation.

The impact of global warming today can be seen as an important risk for both companies, where they can lose income, profits and society in general. Therefore, it is essential for governments, but more so that companies are more sustainable: "not only green business models but also sustainable models".

• 5 - Developing business models more receptive and flexible.

"Tourism, despite the growing influx of travelers, will become more risky and more vulnerable to crises" as the number of travelers continues to increase. This will be Hospitality news in india accompanied by a more responsive regulation of a disproportionate increase in tourist flows in some places (for example, Venice or Barcelona).

• 6 - Talent management actively.

Gone are days of perpetual retention of staff, as well as negative management styles and hierarchy. "Attracting and developing appropriate talent within and within the hospitality industry remains a key challenge."

Tomorrow - Hospitality Industry 3.0?

Although the consensus, as we have seen, is about the need for industry to adapt better to the current environment, some participants were "more extreme" and suggested that hotel rooms, as we know them today, "will become something of the past."

These participants point to the impact of the common economy and the tendency of existing customers to avoid traditional hotels. They believe that supply adjustments, such as those listed above, are not enough and that the industry really has to reinvent itself.

This view is reinforced by the growing importance of technology in the hospitality industry and the strength of technology companies. The respondent explains:

While respondents are more concerned about the future of the industry, they all agree that they must develop and re-invent themselves to exploit opportunities and meet the challenges they face. The only remaining question is how far this transformation should take place.