MARCH 2023 | ISSUE #1
Retailing Excellence Special
The Shift to Retailing is a Change in Mindset
By Derek Hervey | Retailing Excellence Lead at Sabre Hospitality
In the hospitality industry, the revenue management approach is shifting from traditional and current mindsets to a more holistic retailing mindset. An example of the current revenue management philosophy is as follows, “I sell a room and maybe a few things here and there, but I measure success by average daily rate and average occupancy.” The difference in holistic retailing mindset: “I sell what my guests want, and I measure success by total revenue.” Let’s breakdown this holistic retailing approach into two main components:
#1: I sell what my guests want
True success comes when retailing models and operations are built on guest centricity. This means that every step on the guest’s journey needs to be elevated and personalized. SynXis Retail Studio platform was built to be highly configurable to drive personalization with all guests and trip segmentation types. The goal was to enable hoteliers the ability to sell what their guests want, and to do it at the right point in time at the integration in the booking flow. Sabre Hospitality recently performed a large UX study which validated Retail Studio’s centricity for the guest and their journey. High satisfaction ratings were received on the ease of use with Retail Studio’s navigation and layout. There was also high satisfaction on the platform’s convenience with purchasing ancillaries at time of booking. Retail Studio is uniquely designed to unlock guest wants with unlimited variety of ancillary offers, enablement of guest choices, automatic recommendations and much more…
#2: I measure success by total revenue
Total revenue per available room enables hoteliers to measure profit optimization beyond accommodation revenue. Total revenue also takes in consideration of all revenue streams as part of an accommodation booking. Total revenue has attracted more attention as of late due to the revolution of ecommerce and retailing capabilities that empower hoteliers to capture revenue streams before, during and after a hotel stay. SynXis Retail Studio enables all purchases in a single order. Hoteliers are free to define each unique offering while maintaining flexibility in content management. These features allow for total revenue to be captured then broken down into categories and single offerings in order to measure multiple levels of success.
Are you ready drive what guests want and maximize your properties’ total revenue?
with SynXis® Retail Studio™