Hotels are embracing data that looks to the future “Big data” and, more recently, “machine learning” are buzzwords in the travel industry.
It is always challenging to think of the future and predict what may happen and when. Mostly we do this on gut feeling and instinct, coloured by knowledge and understanding of the nuances of our industry and behavior. Now it seems that science can analyze data and tell us what to expect. So it seems by reading this article, if not now soon!
How Data Predicts the Future
The next step for Big Data and machine learning, to move beyond “collection and aggregation of data from multiple sources to insight and analysis of what the future holds.” So says nSight for Travel in the blog on how “Big Data Machine Learning predict future for hoteliers”.
Today’s travelshoppers visit between 20-30 websites on multiple screens, like smartphones, tablets, lap top and desktop computers before they are ready to make a booking.
They take time and to compare prices, value and availability, and check out reviews before they book. Each step leaves a digital footprint that can be used to anticipates what action they will do next and how. Today we can actually “see” these footsteps live and start to predict future behavior? With the new learning system we can expect to “influence and guide the final outcome”
Data from a hotel website logs and analytic show us if a search or a reservation is abandoned or if the users is still shopping and needs to do more research. We can even go outside of the hotel experience now and see travel shoppers we have not yet engaged.
“This full market perspective lets us see how consumers shop that hotel and its competitors. What hotels are consumers shopping? What hotels are they booking? Where are consumers from and what do they look like? Having this knowledge, we are able to understand consumer demand as well as pricing influence, and how it can be addressed, corrected and presented in a way to drive conversion. This is where big data + machine learning comes in.”
The article takes Machine learning at this point and predictive analysis. It may seem far fetched but it is not – It is happening now but its still too technical for the average hotelier. But that may be changing sooner that we think!
nSight’s SaaS-based solution with target market reporting provides these insights and more for today’s hotelier. Hotels can try nSight data with complimentary benchmark reports comparing shopping on your hotel website with your shops on OTAs. Click here to learn more.