New Trends and the Future Challenges in Hospitality Industry - Research Paper Example

The hospitality industry, more or less like other business sectors, is seemingly swimming in a stream of constantly updating and transformative trends that forces the existing players to either adapt to the emerging customer dynamics or face the ultimate penalty of exit. Satisfying the requirements of the modern customer is proving to be a tricky affair for hoteliers, who are more than any other time in the past, are continuingly pressed hard with a competitive challenge of differentiating their services for a secure growth momentum into the future (Deyo par 4-6).

With expectations built on prior basic research aided by an omnipresent internet spewing details with adventurous reviews, a revised marketing strategy focusing on the Price-Conscious, Hyper-Connected customer is but a priority. A multi-billion-dollar technology, E-Hospitality has provided an avenue of cultivating the ultimate customer experience, right from improved availability to accommodate travelers’ needs round the clock to the enlightening, participative forums where professionals share information in private chat rooms, with the possibilities of developing new friendships and/or business connections (Hatch par 3-4).

The technology has enabled sharing of efficiency boosting experiences in terms of managerial capabilities, ethical dilemmas in the same, and ad targeting that reaches out directly to the travelers who are most likely to book reservations. The utilization of the innovative ideas is barely past the takeoff stage, with hotels sparingly replacing the traditional methodologies in their managerial aspects. The injection of advanced skills in technology into this particular industry is, however, fundamental in reducing costs [the main objective of business organizations] and conserving the world’s limited resources for a sustainable future (Nikolis par 2).

Leisure professionals, therefore, have no choice but to adapt to the new reality to maintain relevance.