Digital Spending in Hospitality Industry Market - Introduction
- 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
- 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
- IBM Corporation
- Tata Consultancy Services Ltd.
- Zendesk, Inc.
- SAS Institute Inc.
Global Digital Spending in Hospitality Industry Market: Research Scope
Global Digital Spending in Hospitality Industry Market, by Component
Global Digital Spending in Hospitality Industry Market, by Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
Global Digital Spending in Hospitality Industry Market, by Business Type
- Business to Business (B2B)
- Business to Customer (B2C)
- Business to Business to Customer (B2B2C)
Global Digital Spending in Hospitality Industry Market, by Touch Points
- Social Media
- Digital Marketing
Global Digital Spending in Hospitality Industry Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.