Industry Update
Editorial Article25 October 2018

5 Ways Hospitality Businesses In Singapore Can Attract New Customers

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enterpriseinnovation.net

Each year, the global traveler pool is flooded with millions of new consumers from both emerging and developed markets, many with rising disposable incomes and a newfound ability to experience the world.

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In fact, travel and tourism is one of the world's fastest-growing sectors. Bookings hit close to $1.6 trillion in 2017, driven by factors such as decreasing airline fares, a healthy market for corporate travel and a growing demand for experiences rather than just products.

Singapore is also benefiting from this boom in travel and tourism. For 2018, The Singapore Tourism board projects visitor arrivals to rise by 1%-4%, and tourism spend by 1%-3%. The sector registered record highs in tourism spend and visitor arrivals during 2017 and according to recent statistics, Singapore welcomed 17.4 million visitors who spent S$26.8 billion just last year. This has led to Singapore's Ministry of Trade and Industry pinpointing tourism as a crucial pillar of Singapore's economy and GDP.

Locally, there are already initiatives in place to support the sector. The Singapore Tourism Board have been allocating an extra S$ 700 million to the Tourism Development Fund to support product development and technology adoption to boost productivity. With the investment added, this will ensure that Singapore's tourism landscape remains innovative and attractive to visitors especially for local businesses around the region.

Nonetheless, hospitality businesses are not finding it easy. Growing competition and a need to keep efficiencies up means hotels, restaurants and other hospitality firms are up against a multitude of challenges. Here's how they can attract new customers in this complex landscape:

  • Know your customers

In a world where consumers have more choice than ever before, personalization has never been more important. Businesses today must be able to deliver a personal experience to each and every customer that walks through their door, by using the data they collect, to generate insights and help shape the customer experience.

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