Although it doesn’t need to be introduced, let’s start by introducing the metaverse. This immersive virtual world was created in science fiction and will soon become the next generation of the internet. Sounds exciting, right?
The investment in the metaverse space will double by 2022. This proves that we are not the only ones interested in this adventure. According to McKinsey and Co., the metaverse has the potential to generate $5 trillion of value by 2030. This opportunity is worth attention in all industries, including hospitality.
Hotels and events are worth $1.25 trillion. 33% of hotel revenue is generated by events. This rises to 75% for sector-specific hotels. It is here that the potential of the metaverse is realized and hotel offerings can be upscaled.
It’s amazing that the sector is valued at such a high level considering the inefficiencies and outdated business practices. It is evident that hotel events from planning to attending to networking are in dire need of an update before they crash.
Event planners who are ambitious will go the extra mile to find the ideal venue is a must in order to plan a successful event. We’re used to looking around for the perfect venue. This results in about 100 million site inspections every year.
Unfortunately, most of these visits don’t result in bookings. This results in lost time, resources and revenue. Not to mention the environmental impact as planners fly across the globe in search of the perfect venue. This outdated method of working must be changed.
Hotels can use the power of Web3 to reduce unproductive site visits and recover lost revenue. They can also maximize their profits from event spaces through the true-to-life digital twins.
Hotels can create a digital replica of their event space that is accessible through the metaverse. This allows them to welcome potential clients at the touch of one button. Event planners can also view all of their venues from their desks in one sitting, which saves time, money, as well as the planet.
Website imagery is an alternative to site visits in person. This could include a virtual tour or 360-degree photography. This is not enough. Imagine meeting a potential client at your venue, greeting them and telling them to roam around the space undirected. You’d never do it. It’s not something you would do.
Many businesses are now turning to video conferencing and mobile devices to fill this gap. However, the workflow is still cumbersome and inefficient. These platforms are not designed for site inspections. Hotels need a tool that is both functional and able to take site inspections to the next step.
Instead of wandering aimlessly through a virtual world, the metaverse allows staff from hotels to interact with prospects and guide them through the venue. It is impossible to beat the metaverse experience because it instills an authentic feeling of presence.
A metaverse site visit can feel just like real life. It can even be better than reality. Planners need to imagine various layouts, decors, lighting, and weather in real life. They can see them in the metaverse and experience them before their eyes.
Hotels can now demonstrate the versatility of their venues easily and effectively, making it easier to close a deal.
When it comes to sustainability, the hotel industry has much to answer for. From single-use plastics and industrial laundry loads to name a few, hospitality isn’t green by design. However, most businesses recognize that sustainability must be improved as eco-conscience starts to influence consumer choices.
Hotels can reduce the number of trips by converting their site visits to the virtual world. This will help eliminate millions of car, train, and flight journeys that have an impact on the environment. Innovative changes such as these will help reduce our environmental impact while still achieving our revenue goals and product offerings.
It is a no-brainer for business. Metaverse site visits not only reduce the hotel’s environmental footprint, but also save hotels unnecessary costs. In-person site visits, for example, require that the venue be heated or air-conditioned, lit, and cleaned. Not to mention the fact that the space is not bookable, and thus unprofitable.
A metaverse site visit allows you to showcase your virtual venue while your physical venue can flourish with real-life businesses, making a profit, and contributing to the $1.25 trillion industry.
Although initially used for event planning, the metaverse offers many options for attending events. Metaverse tickets allow you to access events in every corner of the globe without ever leaving your home. This reduces cost and increases opportunities while also increasing environmental impact.
The metaverse makes it possible to have a virtual event that feels like an in-person counterpart. Virtual attendees will soon be able interact with their in-person counterparts in the future. This ensures that everyone’s event experience does not suffer.
This means that hotels will no longer have to limit their capacity and can sell more tickets through virtual event passes. It also means that Web3 technology can be integrated throughout the event. These technologies will enable the hospitality industry to enjoy the innovative solutions it seeks, from smarter networking to cryptocurrency payments.
The tech-heads, business minds, and the eco-conscious all make sense to harness the power of the metaverse in hotels and events. The metaverse allows you to save time, money and the environment, while enhancing your event offerings from planning to attendance.
RendezVerse is the CEO of r Gould. This platform allows prospects to access a hotel event space via virtual 360-degree tours and full CGI digital twins. Peter, who is Chairman of Worldwide Events and was the former CEO of Great Hotels of the World has been a pioneer in the use of technology to improve the efficiency of meetings and events. Face2Face is a groundbreaking scheduling software that allows for one-on-one meetings during events.
CitizenM is a luxury hotel brand that was launched in Amsterdam in 2008. It now has 24 properties across 16 cities and has expanded to include a portfolio of luxury hotels. It did this by purchasing…
Wotel Technology News”e are now in “crypto winter” and it is time to reflect on the promises of innovations in hospitality in blockchain, metaverse, and non-fungible tokens. We both love this space and we see many of it.