Innovation - 10 Minutes News for Hoteliers - Page 421

2 min

AI May Not Steal Many Jobs After All. It May Just Make Workers More Efficient

💻 The White House Council of Economic Advisers found "little evidence" that AI will impact overall employment negatively. A study by MIT's David Autor highlighted that 60% of the jobs in 2018 didn't exist in 1940, created by emerging technologies. Job cuts due to AI have not been significantly noted by outplacement firm Challenger, Gray & Christmas. A 2023 study positioned telemarketers and language teachers as most exposed to AI like ChatGPT. IKEA, in 2021, retrained 8,500 workers to higher-value tasks after introducing a chatbot. A Stanford and MIT study observed a 14% productivity increase in workers using an AI tool, with the least-skilled workers gaining a 34% boost.

1 min

Beyond Plate and Pillow: 5 Ways AI is Redefining the Future of Hospitality

💰 TGI Fridays harnessed AI in marketing strategies, which boosted their revenue by $150M in 2018. Through analyzing customer data from emails, in-store receipts, and app usage, the restaurant chain created tailored offers, showcasing the potential of AI in personalizing client campaigns. GenAI also aids chefs in developing new recipes, optimizing menus based on various factors, enhancing sustainability and profitability in hospitality.

3 min

Testing the impact of buy now, pay later across 150,000+ checkout sessions

💳 Yuval Shwager, Head of Product at Mixtiles, inquired about the impact of Buy Now, Pay Later (BNPL) options on checkout friction and card volume cannibalization. BNPLs now represent over $300 billion in global transactions. Stripe processed more than $1 trillion in transactions last year, about 1% of global GDP. Stripe conducted A/B tests on 150,000 payment sessions to assess BNPLs, which led to increased sales, revenue up to 14%, and higher conversion rates across a range of transaction values. Mixtiles implemented three BNPLs, resulting in thousands of dollars in increased revenue.

10 min

Breaking the Myths: A Call for a Mental Change in the Hotel Industry

🏨 Hospitality ranks third from bottom among 22 industries in the McKinsey Global Institute Industry Digitization Index. Despite perceptions of dynamism, the hotel industry exhibits deep resistance to change, with many hotels still relying on outdated systems and processes. Innovations, such as mobile check-ins, personalized guest experiences, and smart room technologies, are often developed outside the industry. Hotels also struggle with data integration and operational flexibility for true customization, often providing a one-size-fits-all experience. To combat these challenges and the exaggerated notion of unmanageable pressure, the industry must embrace internal innovation, prioritize data-driven personalization, and foster a solution-oriented culture.

2 min

UK’s First eSIM Only Network launches

📱 Slice Mobile, the UK's first eSIM-only network, launched offering app-based services, monthly rolling plans with unlimited talk and text, EU roaming, and starting at £10 per month. Founding customers, or "Slicers," receive 20% annual cashback and a chance to win a £30k house deposit. Customers are invited to co-create the network, with votes on features and naming decisions. A 7-day free trial is available to new customers, aiming for a community of co-owners.

Demystifying PMax for hotels: A balanced perspective on transparency and control | By Carly Ferranolo

📈 Cendyn, a global hospitality technology company, emphasizes PMax's role in reaching potential guests by leveraging Google’s vast user data to target based on interests and behaviors, complementing traditional advertising. PMax utilizes machine learning and responsive design for ad placements and requires strategic campaign setup with clearly defined goals and audience signals. Cendyn uses additional Floodlight parameters such as ADR, Booking Windows, and ABV for precise optimization. The integration of CRM data with PMax further enhances targeted advertising. Post PMax launch, an 11% increase in bookings and 24% increase in revenue were observed in traditional search campaigns. Cendyn has been serving hoteliers for nearly 30 years, promoting its Find, Book, Grow strategy for revenue and profitability.

6 min

Guest Post: RMS vs Revenue Managers… Who…

🏨 Revenue Management Systems (RMS) automate hotel pricing in real-time, based on data, to ensure competitive rates. RMS analyzes data 24/7, forecasts demand, segments customers, and updates rates across channels. Revenue Managers strategize pricing, analyze data manually, and align pricing with hotel goals. A duel between RMS and Revenue Managers ends in a tie with a score of RMS = 2 / Revenue Manager = 2. Collaboration between both ensures strategic and tactical revenue maximization, leveraging RMS for data processing and managers for strategic decisions.

3 min

Ugandan hotel, Dolphin Suites saves hours of work every day with STAAH

🏠 Dolphin Suites in Kampala, Uganda, enhanced its online channel management and direct booking capability with STAAH, solving overbooking and pricing issues. Streamlined distribution via STAAH's dashboard and channel-specific pricing improved revenue performance. STAAH's booking engine supports commission-free, direct bookings, featuring a mobile-first, secure, 3-step booking process, dynamic pricing, and promotional packages. STAAH's customer service is highlighted as a key asset for ongoing optimization and support.

1 min

Influencer Marketing: Measuring True Value for Hotels – Casey Barks, Staypineapple Hotels

📱 Casey Barks, Vice President of Marketing at Staypineapple Hotels, discusses influencer marketing on the Hospitality Daily Podcast episode dated August 31, 2024. The episode covers Staypineapple's digital influencer management, tools and metrics for evaluating an influencer's monetary value (03:52), innovative influencer contracts with accountability measures (06:50), and the importance and correct execution of influencer marketing in hospitality (10:29). Further insights and episode summaries are offered through free subscriptions.

1 min

Hotel Owners Need A Better Solution: How We’re Innovating and Driving Results – Dina Belon, Mike Hirschler & Casey Barks, Staypineapple Hotels

🏨 Dina Belon, President of Staypineapple Hotels, along with Mike Hirschler, Chief Growth Officer, and Casey Barks, VP of Marketing, discuss the company's innovative hotel management approach on August 30, 2024. They cover the challenges of traditional models, the efficiency of Staypineapple's centralized system, and leveraging technology and branding to drive growth. Key points include the industry's structural barriers to innovation, the role of strong brand identity in generating demand, and the significance of building long-term relationships. The discussion emphasizes the importance of innovation at 08:21, benefits of long-term strategy at 30:59, and technology's competitive edge at 39:40.

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