Did you know in the US alone a study shows that travelers spend an average $2.7 billion per day? The Hospitality sector is one of the drivers of not only the US but even other economies.
Some years ago, Airbnb disrupted the hotel industry. Today, with the advent of e-commerce and technology, the entire Hospitality industry has been shaken up. Some statistics reveal that almost 60% of hotel reservations are made online, and as many as 65% of same-day reservations are made from a smartphone.
Instant gratification is the buzzword today. One of the critical issues facing the industry today is of ‘real-time engagement’.
The latter needs new forms of communication for things like guest engagement and customer relations. Which means hotels and restaurants have to look at technology to solve this issue.
The other is hotels trying to compete with travel portals who offer discounted rates. Quick Service Restaurants (QSR), on the other hand, have to not only anticipate the needs of the customer but also provide discounts in real time.
For decades, the hotel industry’s entire pricing strategy has been a simple ‘heads in beds’ one. The thumbrule was – no room must go vacant. Filling hotel rooms (without really factoring in price) was the preferred way.
Many hotels and QSRs still live in that pre-data analytics era. Their operations are still run on traditional lines. Many do not have anything more than a website with an online booking system. But it is no longer enough, especially in the post-Airbnb era.
Hotel chains or QSRs sit on a pile of big data. Insights gleaned from them can be used for forecasting, better expense management, menu management, and a greater customer experience, all of which will lead to an increase in profits. The hospitality industry has started using hospitality analytics to enhance operations, marketing campaigns, and occupancy rates.
Express Analytics provides predictive analytics to help calculate the optimal price of every room before letting it out. This is done by using revenue management algorithms and combining different data sets such as a guest’s frequency of visits, or the number of mid-week bookings versus weekend ones.
Our team of data scientists helps understand how a hotel uses its data, will include data analytics in order to evaluate its performance and provide an innovative guest experience.
EA’s artificial intelligence (AI) hospitality analytics solutions can help QSRs offer customers different coupons and product offers. Analytics can be used in many ways to improve hotel operations, marketing strategies, and occupancy rates.
Among other things our hospitality analytics solutions also help hotels:
The Express Analytics AI based solutions and products will help in:
By optimizing product price and inventory our healthcare analytics solutions help maximize revenue. Selling the right product through the right distribution channel for the right price is the way to success.
With our solutions, hotels can predict demand and supply situation more accurately. EA’s pricing models defines the optimal room rate in real-time and accordingly offer rooms.