It seems that the sharing economy is not going away anytime soon. According to a recent report from Juniper Research, sharing economy revenues are poised to grow from $6.4 billion in 2015 to $20.4 billion by 2020.
While much of this growth will be due to expansion into emerging global markets, there is also an expected increase in revenue from food delivery services from Uber and others. As we have highlighted before, this could provide an alternative to room service or restaurant offerings at hotels.
Hoteliers are often challenged with offering amenities that keep guests on the properties, which often includes the right bars and restaurants. This challenge will most likely continue to increase as guests seek alternative options for food and beverage.
In addition, we expect that Uber and others will offer loyalty programs and other incentives to help enhance the penetration of these services.
In the coming months, major hospitality providers will aim to counter this trend, by enhancing their food offerings, as well as boosting loyalty programs that offer guests special on-site restaurant offers.
This also points to an increased need for leveraging the right guest data mining solution. By knowing guest preferences before, during and after the stay, it will be possible to create the most customizable offers aimed at keeping guests engaged and on the property.
The sharing economy continues to change the hospitality arena. While new delivery services could potentially eat (pun intended) into hotel profit margins, the guest will ultimately win by having more options. The key is being able to counter this trend by continually pleasing the guest.