Silver lining for hospitality-tech

In an industry so reliant on travelers to keep its doors open, with fewer people taking trips, fewer bookings are made at hotels, restaurants, and cafes.

We’re already seeing the knock-on effect on the industry, with some businesses forced to close their doors for good.

What’s more, these issues are coming off what is now three years of COVID-19 affecting the world, a time when many businesses were already struggling to keep their heads above water.

With travelers now hit by gas prices, it’s a one-two punch that a large portion of the hospitality industry may be unable to recover from.

While it’s not really possible to see just how many businesses closed, UK Hospitality estimates that the UK hospitality industry alone saw a loss of over £115 billion, and that’s just one country.

Since COVID-19, popularity in staycations, especially in the glamping industry, has soared as travelers are looking for vacation experiences closer to home.

Moreover, businesses have had to get creative to mitigate the impact of rising gas prices. By being more strategic in marketing efforts, targeting local customers, and offering discounts and special offers to encourage bookings, there are certainly ways around the issues that seem to continuously bombard the industry.

If businesses can take a step back and consider how they can make themselves more appealing to new target markets, they’ll be in a much better position to weather the storm.

It’s going to test businesses and organizations, but, as above, I don’t think it’s all doom and gloom.

Far from it.

In times like this, businesses have to get creative, think outside the box, and be innovative, leading to fantastic results. With the hospitality tech industry constantly evolving, especially with the rise of AI, it’s exciting to think about what new solutions will be created to help the industry.

I, for one, am excited to see how the hospitality industry adapts and changes in the coming months and years, and I’m confident it will come out the other side stronger than ever before.