Henry Teng, the Strategic Director at Alpome, discusses three trends shaping the hotel industry.
- The first trend is intelligent pricing, where hotels should offer a single price based on consumer criteria to avoid confusion.
- The second trend is providing value propositions, offering extras like early check-in, upgrades, and free breakfast to enhance the booking experience.
- The third trend is the bid and option concept, allowing consumers to set a price for their desired hotel stay, enabling hotels to compete and maximize revenue.
These trends aim to meet consumer expectations and optimize hotel revenue during both low and high periods.
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Thank you for having me on here. I think it’s an interesting question. Both Kovac, we are seeing a lot of changes in the way consumers are dictating the way they make purchase decisions. With markets now starting to open, we have noticed the fact that hotels are not actually reacting correctly to the current trend of what consumers are looking for. For example, hotels still offer a lot of deals, packages, and confusing pricing, which may not end up converting bookings. Hotels need to adopt intelligent pricing to offer one price based on consumer criteria. Secondly, the proper way should be value propositions when booking, including things like early check-in, upgrades, and free breakfast. Lastly, the concept of bidding and options could allow hotels to increase revenue and fill low or high periods through competitive pricing.
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