HOSPITALITY INDUSTRY REVENUE IS RAPIDLY RISING OWING TO THE TECHNOLOGIES
The hospitality domain is one of the main categories which has been injured from the pandemic crisis the most. It suffered big losses and huge staff reductions due to the traveling and offline meetings restrictions. Until 2020, there were no reasons to hurry with implementing new technology for hotel, restaurant, and catering businesses. The new reality shows that there is no time to avoid new technology and its possibilities. It was time for changes. To adapt to the online new world, the Hospitality domain turned to innovative contactless technologies.
Depending on the industry needs and the particular niche, different software functionality might be required. To survive COVID and win, software solutions like online reservation systems, staff management tools, contactless payment and other automation might be implemented.
Let’s have a quick look at three main Hospitality business categories and the breakthrough solutions for each of them.
The companies had to cut their workforce and the unemployment rate reached above 18%. To survive hard times hoteliers turned to customize software development to improve the quality of their services.
Making every effort to struggle for survival they have implemented different tools for revenue management, automatization of pricing and data analysis, integrated secure payments, customer support automation, and others. It’s assumed that using the top business process automation software will accelerate industry development in 2022.
The restaurant business was expected to gain more than $ 899 billion in sales in 2020. But, things didn’t go as planned. Due to the pandemic restaurant industry lost about $ 240 billion.
Fortunately, technological innovation helped them bring consumers back with top-notch POS software. Positive statistics say that the restaurant business is restoring now. To maintain these results, the restaurant business should further automate all processes as much as possible.
The market of catering services has fallen from $12.97 billion in 2019 to $11.35 billion in 2020. Many businesses fundamentally switch their management strategy. Such a decision turned out to be correct for the entrepreneurs. Should be noted that for the catering sector the most important is to use technology that provides the safety of the event.