This is the description of one of the winning ideas of our 2016 Future of Hospitality contest.
As the global economy emerges from the tight grips of recession, the time is right to reflect on where pockets of growth & opportunity exist, with regards to our reputable travel, hospitality and leisure industry.
Today’s initial methods which the Millennials use to plan, book & execute experience is changing so dramatically that it requires a fundamental transformation in the way travel is sold and how the traveler is served.
Perspective in our industry is key to understanding the how’s & why’s regarding the consumers behavior, leading me to point out that from a buyer's point of view, major efficiency & value gains can be achieved once the majority of the market’s current consumers and long-term prospects all have the skill-set necessary to see through these influential factors. Since such an assumption may seem inconceivable, an innovative & constructive approach must be adopted if we are to reach any creative solutions which in turn should have a positive impact on the value, cost, efficiency and overall demand.
The present “avalanche” of information available which includes everything from real-time reviews, seasonal price fluctuations, exchange rates and increased choice with regards to accommodation, entertainment, etc. will further influence a consumer’s decision at any point in time. However, the conscious decision made by the consumer may be significantly misled due to asymmetric information, or in other words the lack of skills or knowledge needed to conduct the research required to reach an accurate result, all with regards to cost.
Armed with a fresh concept solely aimed towards rectifying these issues while completely re-inventing the term “All-Inclusive” has led myself to introduce:
Designed to enable its clients to personalize their own unique experiences, tailored to the last detail and granting travel without the need of physical currency, while including the best available exchange rates, flights, hotels, restaurants, accommodation, entertainment and activities according to the consumer’s profile, all with regards to value.
Author: Alexander Robert Groutides