World of Hospitality: How Technology Collided With A Pandemic
At the start of 2020 the U.S. hotel sector was healthy and forecasting growth after 10 consecutive years of revenue growth. There was a growing urgency around digital transformation, and prioritizing payment technology. Consumers were empowered with the ability to book and pay online or via mobile, and their loyalty was increasingly becoming reframed in terms of ‘experiences’ rather than transactions.
Then came the pandemic which led to the U.S. hotel industry experiencing its worst year on record. With occupancy rates at just 44% unsold rooms nights surpassing 1 billion for the first time in history, triggering a total re-evaluation of their attitudes to the use of data. Our survey findings revealed:
- Hotels now recognize the importance of fast-tracking data-driven innovation.
- They are reevaluating new ways to use data to build more targeted experiences and support acquisition downstream.
- Demand for better ways to capture and use data in real-time has intensified.
- Hotels now appreciate that commerce investment is crucial to surviving disruption and keeping touch-points future-ready.
Click here to view the full World of Hospitality issue.
To learn more about the finding uncovered by J.P. Morgan and FreedomPay, download the complete report here.