How travel and financial institutions are tapping into the experiences trend

[ad_1]

The trend from consumers to place more emphasis on experiences rather than physical goods has driven hotels to think much more about what they can offer beyond a bed.

In recent years, large players have invested in partnerships to tap into the consumer trend as well as the technology to bring them online.

During the Experience Economy session at The Phocuswright Conference 2023, panelists from Choice, Hilton and Capital One discussed their approach to creating memorable experiences for guests.

Oral Muir, vice president of partnership development and global distribution for Hilton, agreed that while we’re in the “age of awe” the “processing power needed to actually deliver magic has always been elusive … and I think hotels have a special ability to deliver experiences, and now we have the tech capability.”

Sticking with the “age of awe” theme, Jennifer Scheurich, vice president of Capital One travel and retail experience, said the company spent a year during the pandemic quizzing consumers on things they love about travel experiences as well as what they don’t like. The result, she said, is that the company had to “rethink the end-to-end travel journey we were delivering and build from the ground up.”

Meanwhile, Choice Hotels International has been getting smarter with its data to tap into what its guests want. Lindsay Liszewski, vice president of business insight and analytic services, shared that the company uses anonymized cell phone data to see what experiences guests are visiting so that it can then leverage the data to tap into their “passion points.”

The panel also focused on advances in machine learning and artificial intelligence that can help the hotel industry further enhance the guest experience.

Watch the full session below moderated by Phocuswright Research founder and senior analyst Lorraine Sileo.

[ad_2]

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *