AI in Hospitality: Predictive Analytics, Price Optimization, Chatbots & More
Image Credits: hotel-online.com
The last decade has seen one of the fastest booms in the smart technology space. In the immense pressure of beating competition and optimization, Artificial Intelligence has emerged as one of the most disruptive innovations in the recent past. The rise of of AI has put forward a paradigm shift and is helping companies add value for end users.
AI now finds its way to the conventional hospitality landscape with a potential to optimize hotel revenue, customer service, personalized marketing, and revolutionize customer experience completely. To meet the ever-changing demands of customers, hotels must transform backend operations and augment services by integrating predictive analytical models through smart AI techniques such as deep learning, machine learning and more. What are the possible avenues of this phenomenal change?
Demand Forecasting and Price Optimization
Post the COVID-19 lockdown, hyperlocal and domestic travel will spike massively as people look to unwind. Understanding the ease of lockdown in certain local markets and its impact on demand for hotels will be of paramount importance to optimally deploy resources and undertake personalized marketing. AI will help in scraping data through online databases, regressing patterns of past scenarios to understand trends between opening of a market and demand for hotels, and decoding the consumer sentiment. This will be extremely crucial in forecasting the demand for certain hotels in specific geographies.
Additionally, suggesting pricing strategies to attract maximum customers while also optimizing supply will be fundamental for hoteliers to streamline operations. Extracting competitor data and analyzing past demand against different prices, will help hoteliers price properties optimally, to generate demand.
Personalization of service, and suggestions
With the emergence of the internet of things, it is convenient to cater to a customer’s full journey from departure to arrival in the hotel. Using big-data analysis using heaps of consumer data, machine learning and deep learning algorithms can be incorporated to map out and predict the specific wants and preferences of customers. This helps in retainment and increasing brand loyalty for a hotel chain.
Image credits: www.epiknetworks.com/blog/
Predictive analysis plays a huge role. These technologies can also be used to also map out character traits and persona of customers to pair them with most appropriate packages and services the hotel has to offer.
The Everything App: Chatbot
Hotels can also have mobile apps for their services, and integrate an actionable chatbot as a service provider for them . These smart technologies can allow interactions for hotel booking that are enriched with intelligent chatbots offering immense convenience to customers: 24/7 availability, fast-paced delivery service along with several custom options for bookings.
Image credits: phocuswire.com
Built in combination with call center agents, conversational AI in hotel services will fuel the digital reservation process helping businesses upsell a range of services (such as spa, body care treatments, dinners and bars reservations, etc.)
With the need to outperform competitors growing in the hotel industry, Hotel chains need technological sophistication to go the extra mile in customer experience. Integration of sophisticated AI in backend operations for hotels not only help businesses operate efficiently but also helps in providing an enjoyable, memorable, and most importantly personalised experience.
Neuralastic is a disruptive business with vertical specific AI. Helping in automation and personalization of back end and front end models for operations.
Head over to www.neuralastic.com to know more.