What The Hospitality Industry Teaches Us All About Innovation And Disruption
The world as we know it changes faster by the day, which means businesses and companies are harder pressed than ever to keep up with this altering landscape. What consumers wanted yesterday is forgotten by tomorrow, and companies that aren't evolving at the pace of their customers are going to lose out.
The world as we know it changes faster by the day, which means businesses and companies are harder pressed than ever to keep up with this altering landscape. What consumers wanted yesterday is forgotten by tomorrow, and companies that aren't evolving at the pace of their customers are going to lose out.
One industry that is going through one of the most significant transformations is the hospitality and hotel industry, which I have witnessed firsthand as the CEO of a retail and hospitality manufacturer. With the success of room-renting apps and smaller niche chains, it's clear that while the Goliaths are seemingly struggling, the Davids are finding their unique places and thriving.
Of course, this isn't just limited to retail and hospitality companies. Retail is one of the most recognized industries in the midst of this transformation, though others are also working to meet the needs of unique consumer trends and habits. Clearly, business owners and entrepreneurs in all industries must embrace some transformation to keep up with the new consumer habits in order to stay relevant — and in business — in the 21st century.