Are you ready for a new year? I know I am. As we are looking forward to 2017, let's review some of the key events and discussions in 2016 as published at MultiBriefs.com.
Impacts from the major events in 2016
There were several surprising, if not revolutionary, changes in 2016 that need our special attention as we enter 2017. Here are some examples:
Donald Trump will officially become the 45th president of the United States after the inauguration on Jan. 20. I do not believe his presidency or his comments about illegal immigrants will stop people from traveling to the U.S., but his foreign policies — such as tighter border controls and new regulations or procedures of handling visas for temporary visitors — might have a negative impact. Meanwhile, Trump's infrastructure plan may boost the travel and tourism industry, providing easier, faster and safer access to a destination.
A growing number of terrorist attacks in Europehave made (or soon will make) it more difficult to travel from one country to another in Europe. Those tragic events also put people in great concern of their safety when traveling inside of Europe.
Brexit is probably the most shocking news in 2016 for Europeans. This past weekend, Italian voters rejected a batch of reforms, and the resounding defeat has led to the resignation of Prime Minister Matteo Renzi. Now, there is a strong chance Italy will become the second country to separate from the European Union (EU). The collapse of EU would make it more difficult to travel in Europe. The positive spin of Brexit is that the value of the pound is at a historic low, making a trip to Britain a great bargain.
The U.S. dollar remained strong in 2016, and this trend will probably continue in 2017. We can expect a more diverse mix of international travelers visiting the U.S. as the number of visitors from Canada and Mexico drops. Meanwhile, more Americans are expected to travel overseas.
2016 has been an exciting year for many hoteliers. Marriott and Starwood completed a merger and became the biggest hotel chain in the world. Yet the competition is just going to get tougher. For example:
Electronic word of mouth (eWOM) and online reviews deserve continuous attention from businesses. I am going to share the results of my research on online reviews as soon as my papers become available on the journals' websites.
Above is a highlight of the key events of 2016, as reflected in my discussions over the year. Do you recall any big events in 2016 that I missed? How would they impact the future of hospitality and tourism business?
"A second chance is all hoteliers need to get back in the game." By saying that, I am referring that the staggering numbers hotel websites get from the horrors of booking abandonment, which can be better understood as "cart abandonment." There could be various reasons why guests decide to leave a hotel website during the booking process. For example, a consumer may feel unnecessary to continue browsing in the hopes for a better price later; or the hotel website lacks the information that the customer is looking for. If your hotel has ever experienced book abandonment by consumers, remember that a second chance does exist! That is, with the help of 'retargeting'.
Why and where is the abandonment?
No business wants to be abandoned, especially when it was over something as small as a payment issue on the website. It has been found that about 81% of guests desert the travel booking with the following reasons:
39% - Browsing around and wanting a wider variety thro…
Kickstarter provides the ability for companies to begin and build a successful start-up by developing an alternative that is based on people’s contributions to the business. Every entrepreneur and business developer understands the hardships of financial issues that arise in creating a business which can hinder progress in several fields. Financing companies view start-up companies as an advantage as it allows them to raise their prices on loans and provide other overpriced services. Kickstarter tries to eliminate that step by giving the donator the ability to determine which company should be helped based on future revenue and growth predictions. It allows for add-ons between companies therefore pushing the drive to seek new ideas while creating new markets, developing certain domains and preventing the saturation of others. Within the hospitality industry, the development of new ideas that can push the industry forward need financing. Therefore Kickstarter can be a good start. Contr…
What can managers do to shut down bad online reviews? Here is a real example:
It started at the Broadway Oyster Bar in St. Louis this February when Mary S., a Yelper, left the business with a one-star rating and a description of the negative experience she received in the restaurant. As a reference, the restaurant is now being monitored by Yelp for any content related to media reports, meaning some reviews have been or would be removed from the business's page on Yelp, but the restaurant has an overall 4.4 star rating from more than 900 Yelpers in March. Mary went there for a birthday dinner. She claimed that she had a reservation for a party of nine people, but the party waited for two hours before they were finally seated. To make it even worse, because there were three additional people joining the party and the manager was unwilling to work with them, they would have to wait for longer to be seated together or be split up. She then took the group of 12 people with her to a nearb…