Vision 2024: Technology trends that will revolutionize travel and hospitality

  • Vision 2024: Technology trends that will revolutionize travel and hospitality

Excerpt from PhocusWire

Before you know it, artificial intelligence can significantly impact your success.

Revenue influenced by AI in the travel industry has grown from 9% in 2018 to 21% in 2021. In 2024, this number is expected to grow to 32%. In other words, next year almost a third of your annual revenue could come from artificial intelligence.

AI isn’t the only technology trend that should be on your radar for 2024. Travel and hospitality are poised to undergo major change as technology modernizes the entire industry. To stay competitive, you’ll need to be prepared.

Personalization will be expected everywhere

For today’s travelers, personalized experiences are no longer a luxury, but a necessity. 80% of consumers demand personalized experiences from retailers and the travel industry is no exception. From pre-booking to post-stay interactions, customers expect every touchpoint to match their preferences.

This was not always the case. While personalized touchpoints were appreciated before the pandemic, they weren’t a necessity for travelers. Now that global tourism has returned to pre-pandemic levels, you need to use personalization to stand out and deliver an impactful experience that engages customers on a psychological level and strengthens brand loyalty.

Customization is made easy with AI that can customize almost anything. Whether you’re creating web and email content, recommending products, or setting up targeted ads, AI personalization identifies the small details that make customers feel valued and understood, so you can use that data to increase revenue and reduce churn.

AI is here to stay

Artificial intelligence, especially generative AI, is driving a revolution for travel and hospitality companies. Generative AI uses training data to create new content, such as images and text. It can even create visually stunning virtual experiences such as personalized travel itineraries that streamline the booking process.

Generative AI has the power to contribute $4.4 trillion to the global economy. Not to mention, a third of travelers say they’re willing to use a generative tool like ChatGPT to plan a getaway. Finding ways to use this technology now will unlock opportunities for your business and help you keep up with customer expectations.

Another user experience game changer is AI-powered site search. The site’s AI-powered search uses natural language processing (NLP) and machine learning to read user queries and analyze the intent behind them. The tool then delivers highly relevant search results that speak to exactly what your customer is looking for.

Conversational commerce is going to be big

In 2024, conversational commerce will transcend its buzzword status to become a powerful business tool in the travel and hospitality industry.

Conversational commerce uses NLP to facilitate interactions between customers and businesses. In the travel industry, this means providing a dynamic customer experience where travelers can seamlessly communicate with your travel company using the same channels they use to chat with friends or family.

Contrary to popular belief, conversational commerce extends far beyond chatbots. While chatbots help provide quick answers to common queries, conversational AI can facilitate interactions in many ways.

Click here to read the full article on FocusWire.

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