Metaverse: The new door of teaching in hospitality industry

The concept of metaverse, of humans interacting in a virtual space, seems like sci-fi. Lately metaverse has stormed the internet, it has opened means of profit and investment. According to reports, the metaverse market is predicted to grow exponentially to value more than $800 billion by 2024. Metaverse has got everyone's attention as it dilutes the concept of only viewing content online to experiencing it by being present in the virtual world. This face of technology is the next edge for people to travel, collaborate, socialize, etc.

Metaverse Exposure

 Metaverse defined as a "more comprehensive universe" is a 3D world wherein users turn into avatars to interact in a shared online environment. This interactive world that brings together AR (augmented reality), VR (virtual reality) and MR (mixed reality) was valued at $46 billion in 2020. Virtual lands have been sold for over $2 million.

 Metaverse is a world where users live in an enriched interactive world, making it more like the real world. It basically brings together all the real-world activities like playing games, going to a concert, celebrating parties, even owning a piece of land in a virtual space.  Many tech giants, unprejudiced investors and businesses, envision 3D interactive virtual worlds to bring a revolution in the world of technology. The digital real-estate is escalating. And as per reports the annual revenue of Metaverse is expected to aggregate $1 trillion.

This being said, the expeditious development and supportive investments in metaverse could reshape various industries like the hospitality industry to make it a reality. Metaverse that is hypothetical as of now holds huge possibilities that will open new opportunities for the hospitality industry, from shopping to socializing and a lot more.

Metaverse and Accommodation industry

 Now-a-days, people who travel depend majorly on modern technology. And meeting the fast-changing expectations of guests is one of the most crucial challenges in the accommodation industry. From bots to QR menus and a lot more, technology has become very vital for a seamlessly successful guest experience as travelers these days are tech savvy. And metaverse could transform the personalized guest experience and redefine the hospitality industry.

The hospitality establishments will have to start exploring opportunities and investing time in learning about the metaverse. Guests begin their experience with accommodation research and if the guests could get a flavor of the hotel from the very beginning of the process through metaverse, there could be a huge improvement in their business performance.

Here are some ways metaverse could become the new door of teaching in the hospitality industry.

Reformed guest booking

Potential customers also need first-hand experience, they need to be provided essential information such as the room sizes, facilities, amenities, etc. Here, a metaverse experience will help to convert these potential customers to guests, as this experience will give the travelers a clear view on how their experience of their stay would be. The guests would be able to compare rooms according to their rates and preferences. This would make the customers much more confident before booking their stay. This will also increase the direct sales and help in improving revenues.

Lifelike virtual tours

Before finalizing a hotel for a leisure trip or business trip travelers would prefer a virtual tour of the hotel. There exist companies that offer 360°, 3D tours to attract travelers which does not provide a very fulfilling experience. Travelers could turn into avatars to be transported virtually to walk through the entire hotel property before checking in. Travelers could get an immersive lifelike experience of hotel rooms, amenities, aesthetics, that other means are unable to deliver.

Enriched virtual journey

Researches prove, travelers these days desire unique experiences for every next trip. With metaverse, the hospitality industry could provide their guests with a virtually enriching experience to help them connect with the local and authentic culture. The success of the hospitality industry is measured by the guest's satisfaction and so experiencing a sense of connection before a trip could also increase conversion rates.

A technology like this could be highly beneficial for the hospitality industry. Metaverse can make a great impact by boosting the revenue, building brand loyalty and creating a personalized experience. Metaverse once in action will need a lot of teaching in the hospitality industry as only the early users would be able to reap its benefits as this technology would take various shapes to satisfy the needs of tech savvy travelers.

The Article is Written by Sachin Gupta, Chancellor of Sanskriti University