- Digital spending in hospitality industry involves spending of companies to enhance the user experience. Digitalization is achieved through different channels such as web, social media, digital marketing, gamification, and mobility.
- Adoption of various technological solutions helps in enhancing the user’s digital experience according to expectations and requirement. Digital spending in hospitality industry plays a crucial role in retention of old customers and attracting new customers in order to increase the customer base in the hospitality vertical.
- Business to Business (B2B), Business to Customer (B2C), and Business to Business to Customer (B2B2C) are the common business models which makes use of digital spending in hospitality industry
- Digital spending in hospitality industry operates in various stages of the customer lifecycle right from awareness, engagement, purchase & relation, to support services. These stages need different solutions according to the need of that particular phase and specific to the hospitality industry.
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Implementation of Omni-channel Approach in the Digital Spending in Hospitality Industry Market
- An omni-channel experience can be defined as a cross channel approach that enables various interfaces such as social media, web, and mobile to integrate for customer engagement and is a major part of digital spending in hospitality industry.
- An omni-channel approach increases the involvement of customers with the organization, as all the communication channels are utilized in an integrated manner. This helps in broadening the customer base and drives the digital spending in hospitality industry.
- It also enhances the user experience as it follows a customer-centric approach. This approach drives the market as it offers wider exposure for organizations to implement their marketing strategies.
- Moreover, customers are becoming more digitally conscious which helps organizations to adopt an omni-channel approach. This is expected to drive the digital spending in hospitality industry market during the forecast period.
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Implementation of Customer Centric Approach in the Digital Spending in Hospitality Industry Market
- Customer expectations in terms of user experience are increasing radically. Customers expect a user friendly approach that involves an approachable and attractive User Interface (UI), and well-developed customer support and personalization facilities. Rapid response to queries and faster support facilities are also demanded by customers, which positively impacts the digital spending in hospitality industry market.
- Customers these days have become more digitally conscious due to their increasing participation in social media and because information on the web is easily accessible. Moreover, users these days are demanding speed in their daily transactions or online activities. The hospitality industry is directly associated with the user experience and hence this affects digital spending in hospitality industry.
- Exceeding customer expectations and providing solutions to both explicit customer requests and implicit customer needs are the primary objectives of organizations. This obliges organizations to implement improved user experiences in order to engage more customers which in turn drives investments in the digital spending in hospitality industry market.
North America Expected to Hold Major Share of the Global Digital Spending in Hospitality Industry Market
- In terms of region, the global digital spending in hospitality market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is expected to account for major share of the global digital spending in hospitality industry market during the forecast period due to advancements in technology in this region.
- Digital awareness and high spending on the luxury products is also expected to drive the digital spending in hospitality industry market in the region.
- Europe and Asia Pacific are expected to hold significant share of the global digital spending in hospitality market during the forecast period due to increasing tourism in this region.
- The digital spending in hospitality industry market in MEA is expected to expand at a significant rate during the forecast period
Global Digital Spending in Hospitality Industry Market – Competitive Landscape
Key Players Operating in the Global Digital Spending in Hospitality Industry Market
- Accenture PLC
- Capgemini
- IBM Corporation
- Tata Consultancy Services Ltd.
- Zendesk, Inc.
- Cognizant
- SAS Institute Inc.
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