The travel and hospitality industry is changing, with companies worldwide attempting to strengthen their positions within the industry by increasing consolidations, examples being hotels such as Marriott (NASDAQ: MAR), AccorHotels, and others. At the same time, other companies are focusing less on consolidation and more on incorporating new business models that meet consumer needs.
One growing area in the industry is the concept of sharing, facilitated by the efficient processing of business and consumer communication. Companies such as Airbnb, OpenTable, and Uber are focused on helping customers find what they need rather than offering their own brick and mortar facilities or other physical assets.
Next year is expected to be a growth year for this new sharing economy. The concept is simple: instead of having excess supply and/or demand, the sharing economy aims to keep supply and demand in balance. Companies worldwide will provide as much as the consumer needs when he/she needs it, with an emphasis on convenience. New business models ensure that the experience is as convenient as possible for the consumer. They are referred to as ‘market-makers’, because they control both supply and demand, which in turn has created a major move toward convenience that has been lacking in the industry.
To generate this cost and market effectiveness that is convenient for the consumer, companies are required to partner with the customer. The customer wants to be connected to his/her experience. Partnering with the customer means connecting with the customer. This not only allows the customer to participate in the design of his/her experience but also enables the companies to gather more feedback, which in turn can be shared with other customers.
Monaker Group, Inc. (OTCQB: MKGI), a technology-driven travel company, offers travel solutions to every demographic through its booking engine, NextTrip.com. Through NextTrip, customers are able to choose from a range of transport options, accommodations, tours, and much more. Monaker has incorporated itself within the new sharing economy, where guests are able to make decisions based on their demographic, holiday requirements, time preferences, and, thanks to social media, other people’s experiences.
For more information, visit www.MonakerGroup.com
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