A cashless economy brings to the fore numerous questions. How will a largely cash driven economy adapt to this change and how will industries adapt to this new system” Demonetization seems to have created a lot of chaos but there is definitely a silver lining.
The hotel and hospitality industry has seen its share of troubles as a result of demonetization. However the situation is gradually improving as hotels begin to adapt to a cashless system and realizing the benefits of such a system. Although the usual level of winter bookings has seen a decline, it is hoped that the cash crunch will distribute bookings over the lean travel seasons. Hotels can expect to see uniform bookings in the coming months.
Hotels are adapting to this situation by revamping their entire hotel management systems These hotel management systems have to combine the ease of use with robust booking engines to entice customers to go cashless and opt for online bookings. Hotels are introducing innovative strategies to encourage customers to shift over to cashless payment methods with initiatives like loyalty points and other benefits.
Here are a few methods to prepare your hotel for a cashless economy
A Robust Booking Engine For Your Business
A website that allows seamless online bookings is the need of the hour. A robust booking engine has to be built into every hotel management system. The booking engines that are integrated across other marketing channels, digital marketing and web design removes all obstacles in the booking process. Such a system also achieves greater conversion rates and hoteliers can enjoy commission free bookings.
Explore The Convenience Of E-wallets
As a result of demonetization e-wallets such as paytm have seen a substantial increase in digital transactions. Even those with simple feature phones can use e wallets as they also allow offline transactions. Hotels can consider signing up with such firms, to do away with cash transactions. Certain systems such as NCR Pay allows these mobile payments to be integrated with the POS (Point of Sale) machines, which further offers a trouble free experience for both hoteliers and guests.
Offer Promotions And Deals To Promote Cashless Bookings
Customers are always on the lookout for the best deals. The best way to convert your pay-in-cash-only guests to cashless guests is to offer unbeatable deals on cashless transactions. Online discounts and e-coupons can also be used to further sweeten the deal. Hotels can either advertise these deals on their own websites or on OTAs (Online Travel Agents) to gain maximum exposure.
Offer A Holiday Instead Of Just Accommodation
Adventurous souls can no longer indulge in spur of the moment travel plans. One must have small denomination notes in hand to hire a vehicle for sightseeing, engage the services of a guide or even have a meal en route to your destination. Hotels can integrate with local tour operators, guides and restaurants near tourist attractions so that guests can pay for all these services at the hotel itself. This would enable customers to have a hassle free holiday without the incessant worry of the cash crunch.
Experts believe that demonetization will eventually result in greater growth in the hospitality industry even though the immediate future looks bleak. Hotels in the organised sector will gain maximum benefit from the demonetization drive as more customers begin to shift to these hotels. In order to survive and emerge stronger than ever before, hoteliers must embrace the world of digital payments with wholehearted enthusiasm.