There have been many challenges that have arisen since the start of 2020, but from these challenges have come opportunities that venues can take advantage of.
The hospitality industry is in a state of flux, with new technologies and trends emerging all the time. This can be both exciting and challenging for businesses operating within this ever-changing landscape. In order to stay ahead of the competition, it's important to be aware of the latest technology and developments in the industry. In this blog post, we will explore some of the latest opportunities for venues. No matter what kind of venue you own or operate, these emerging trends can help you stay ahead of the curve and capitalise on new opportunities to grow.
1. Online booking platforms and apps
Thanks to advances in technology, online booking platforms and apps are making it easier than ever for customers to book hotel rooms, dining reservations and other services. This has created new opportunities for businesses to reach a wider audience and promote their services more effectively.
Platforms such as iVvy's marketplace, offer customers a wide range of options and features to help them find the perfect accommodations for their needs. These platforms also allow businesses to manage bookings and reservations, streamline operations, and reach new customers through targeted marketing campaigns. iVvy can also seemlessly integrate into your website, allowing for a smooth booking process.
While there are many benefits to using online booking platforms, this approach does come with some challenges. For example, businesses need to be aware of the commission fees charged by these platforms, which can eat into profits. Additionally, online booking can sometimes result in no-shows, as customers may change their plans or find a better deal elsewhere.
Despite these challenges, online booking platforms offer a great way for businesses to reach more customers and increase their revenues. As the industry continues to evolve, it will be important for businesses to stay up-to-date with the latest trends and technologies in order to remain competitive.
2. Banking and Payment
Payment is extremely important and the process can make or break a guests experience. This aspect of your business should go hand-in-hand with your booking so it's twice as important that you get it right. The growth of Fintech in previous years can provide you with numerous ways to improve your processes.
Take for example Afterpay, which iVvy venue management now integrates with. Implementing Afterpay means that venue clients can take deposits of 25% of their total deposit amount upfront but be covered for the full amount through AP. It also means that they can advertise AP as a payment option on their invoices giving them an advantage over peers who require 100% of deposit amounts upfront. Providing your customers with different payment options will also take some of the pressure off the booking experience.
3. Augmented Reality
Augmented reality provides many interesting opportunities for venues, and not just for marketing gimmicks.
To start with AR can be a fantastic way for you to show off your venue to potential guests. Photos and videos are fantastic for inspecting a venue, but what if you could make potential guests feel like they are really in your venue? AR tours can allow guests to inspect your venue and see everything it has to offer. Furthermore, it can be an excellent way of displaying new renovations to your venue. What's more exciting than breathing fresh air into one of your spaces? Allowing guests to explore these new spaces from the comfort of their phone.
This allows potential guests to get a feel for the venue in a much more personal way than if they were just looking at photos or reading information. Let them immerse themselves and see just how good your venue will be for them,
4. Sustainability initiatives
As customers become more environmentally conscious, businesses in the hospitality industry are under pressure to implement sustainability initiatives. This can be both a challenge and an opportunity, as businesses need to find ways to reduce their impact on the environment without compromising on quality or service.
There are a number of different ways that businesses can make their operations more sustainable, such as:
• Using energy-efficient appliances and lighting
• Implementing water conservation measures
• Recycling and composting programs
• Sourcing local and organic food
By taking steps to reduce their environmental impact, businesses can not only save money, but also attract and retain customers who are looking for sustainable options. Furthermore, a more sustainable venue can be an excellent tool for attracting new business. Reducing impact is extremely important to many people and if you can show that your venue is actively working towards being more sustainable you're more likely to win these people over.
5. Gaming and esports
Gaming and esports have seen a huge increase in the last 2 years, but even more impressive is the projected growth. Esports revenue is expected to grow to USD1.381 billion by the end of 2022. This growth is only one of the reasons you should be keeping an eye on esports. The global audience for esports is expected to grow a further 8.7% by the end of this year to reach 532 million. The interesting part of this is that the streaming of events is playing a big part in in this growth. But why is that interesting for venues? By creating hybrid events that have in-person attendance as well as streaming of the even, your venue can stand to create a strong new revenue stream. With recent shut downs in China, which is the largest market for live streaming events, event organisers will be looking for new homes for their events. This means that other areas of Asia, as well as Europe and the Americas can take advantage and provide these events with a location to take place in. Any space with enough room for a stage and seating is perfect, and another space for a broadcast panel is invaluable. On top of this your venue will receive constant publicity through the event. .
To understand how to take advantage of any of these emerging opportunities you must first take a look at your venue. Look at what your strengths and weaknesses are and see how these could potentially improve your operations. Once you've one that you can look at properly implementing them and improving your venue.