Over 74% of consumers value experiences over products, so can your PMS handle rooms, operations, and experiences?

The economy has been shifting toward an experience-based market, and as a result, many people are changing the way they prioritize and spend their money. While millennials are the leaders behind this shift, all age groups are starting to adapt, especially after spending more time at home than ever in the last few years. In fact, according to a third-party research study, 74% of consumers now value experiences over products or things.

But what makes a truly memorable travel experience? While the answer to this question may differ depending on who you ask, an underlying theme is sure to be revealed: an exceptional trip is much more than the accommodations. Think about it – when was the last time someone you know cited their hotel room as the only memorable part of their vacation? There is, of course, plenty to be said about a gorgeous hotel with a sprawling lobby, breathtaking views, modern amenities, and a pristine room. But the experiences offered outside of that room – from adventures to cultural awakenings – play an undeniably important role in shaping a traveler’s perspective on the quality of their trip.

With this in mind, it should be no surprise that Airbnb has shifted strategies over the last few years to offer guests far more than a comfortable bed abroad. As the platform looks to better engage travelers hungry for unique and memorable experiences across global destinations – guest experiences have become a core part of its offering. In 2016, Airbnb debuted Experiences, which includes ‘Airbnb Adventures’, granting guests access to a collection of tours and trips lasting between three days and a week that are sure to make a lasting impression. The platform describes Airbnb Experiences as “in-person or online activities hosted by inspiring local experts that go beyond typical tours or classes by immersing guests in a Host’s unique world.” To source these adventures and experiences, Airbnb works closely with hosts, local experts, and tour companies, with tours ranging from cooking classes to wildlife excursions and much more.

Of course, Airbnb is viewed as a critical disrupter of the hospitality industry. While the short-term rentals offered on the platform may compete with traditional hotels, it’s important for hotels to pay attention. To remain competitive, hospitality brands are encouraged to acknowledge the differences between their offering and Airbnb’s and identify strategies that could be adopted to win more business and better connect with modern travelers.

Traveling continues to be the most sought-after type of experience for consumers today. According to Luxury Traveler, 57% of all Americans are saving their money specifically for travel, and not surprisingly, Millennials were higher than the average, with over 65% doing so.1 Our internal findings can be broken into two main takeaways: searches and clicks for tours and activities are up compared to pre-pandemic times, and travelers are prepared to spend more on luxury travel experiences in 2022.

The demand for unique travel experiences is not new, but in the wake of the pandemic, guests are increasingly eager to make lasting memories while exploring new parts of the world. As the adage goes, “you don’t know what you have until it’s gone,” and, for two years, travel was almost entirely off the table. As travel and hospitality surge back to life, many travelers around the world are now feeling a renewed sense of wanderlust – and it’s up to hoteliers to determine the best way to capitalize on this demand.

Is Your PMS Holding You Back?

While the hospitality experience is, in many ways, centered around an in-person service exchange, hotels cannot effectively run without a technological ecosystem comprised of core platforms such as the Property Management System (PMS), Revenue Management System (RMS), Customer Relationship Management system (CRM), and more. The PMS, in particular, acts as the heartbeat of any hotel’s tech stack, allowing property owners and front desk workers to manage their property by coordinating reservations, online booking availability, payments, and reporting in one central place. Typically, the PMS takes care of guest check-in and check-out, room availability and allocation, rate optimization, housekeeping management, and maintenance management. This platform also allows hotels to achieve better visibility into their operation by aggregating guest data and the insights derived from advanced reporting.

There’s just one catch – many traditional PMS systems simply aren’t designed to handle guest experience bookings. In many ways, this feels counter-intuitive; if the PMS is meant to streamline front-of-house operations and guest reservations, shouldn’t it include all reservations made during a guest’s stay? Suppose a hotel’s PMS is limited to room bookings. Isn’t that property at risk of losing out on ancillary revenue if/when their guests outsource excursions and experiences to another provider?

A PMS that Manages Everything

If hotels and rental properties wish to remain competitive with other properties and providers like Airbnb, the functionality of their PMS becomes paramount. Specifically, they require a modern, all-in-one PMS that can handle guest bookings and FOH tasks and exists as a revenue driver with an integrated POS module that empowers hotels to upsell popular services. These services could include standard, on-property experiences like the Spa or F&B services and experiences and adventures that can be purchased and booked via the same booking engine guests used to book their room.

Essentially, this transitions the PMS from a hotel management platform to an e-commerce hub that offers an OTA-like user interface to ensure guests are treated to an easy browsing and booking process. Now, more than ever before, it’s time for hotels to build their offering around a single platform that can seamlessly orchestrate every aspect of the guest experience.

About Stayflexi

Trusted by over 1300+ leading independent hotels, luxury resorts, multi-property groups worldwide, Stayflexi is the industry's first fully automated all-in-one hotel management and automation platform.

Reshaping a legacy hospitality technology landscape, the modern, cloud-based solution provides integrated PMS, Guest Upsells, Channel Manager, Booking Engine, and Revenue Management tools under single sign-on. Packed with powerful features to streamline and automate operations while increasing staff productivity and guest satisfaction, Stayflexi can help hotels maximize profitability. Self-service options like self check-in/check-out, touchless POS, auto room allocations, and auto inventory management can reduce operational costs by 50%, while the upsell engine can increase bookings by 30% while enhancing the guest experience.

The company was founded by computer science majors from Carnegie Mellon and Cornell to address their own problems as hosts as well as travelers and currently serves over 23,000 rooms in 100 cities across 13 countries.

Steve Carran
Sales Director
+1 844 234 2363
Stayflexi