The futuristic digital world of Metaverse is quickly becoming a new trend in the hotel industry, which has been hit hard by the pandemic before. Metaverse has opened a variety of possibilities for the hotel business, from enticing and up-selling visitors to improving the guest experience.

Every industry is scrambling to figure out how to get a piece of this new concept that will transform the world. Everyone is wondering what the Metaverse means and how it will affect the technology world in the future.

This article will address some of your concerns and mainly concentrate on the impacts of the Metaverse on the hospitality industry.

What is Metaverse?

Into the Metaverse

First, it’s critical to clarify the definition of the phrase “Metaverse”. Meta stands for “beyond,” while Verse stands for “universe.” Therefore, the concept of Metaverse implies “beyond the existing universe”.

This simply refers to a digital or virtual world that allows for social interaction, usually through the use of an avatar. Virtual reality and augmented reality are the most popular technologies linked with the Metaverse concept, but video gaming devices and blockchain technology could also play a part.

When corporations and technology experts talk about the Metaverse, they usually picture a digital environment where people worldwide can engage. Alternatively, the Metaverse might be thought of as a link between the virtual and actual worlds, where technology will be able to improve people’s lives in the future.

What is the Hospitality Industry?

“The hospitality industry refers to a variety of businesses and services linked to leisure and customer satisfaction” by Hospitality Industry: The No. 1 Hospitality Information Guide!

Hospitality can be defined in a variety of ways, but it essentially boils down to the act of making someone feel welcome, usually through amusement and comfort. The hospitality industry, which encompasses hotel, food and beverage service, event organizing, theme parks, travel, and tourism, is within the service industry. Tourism organizations, restaurants, and pubs are all included.

Another method to learn more about hospitality is to study The Big Four: food and beverage, travel and tourism, hotel, and recreation.

How can Businesses take advantage of Metaverse?

It’s critical to recognize that Metaverse offers a lot of promise for businesses, allowing them to bridge the geographical gap between them and their customers while creating memorable experiences, minimizing friction, and facilitating connections.

There are two ways for businesses in the hospitality industry to benefit from the futuristic digital world of Metaverse: providing visitors with unique virtual experiences and giving complementary metaverse experiences to complement the more traditional guest experience offered by the hospitality industry.

To discover more about how businesses can use Metaverse, we’ll explore the benefits of it that they can take advantage of.

Benefits of Metaverse on the Hospitality Industry

Since Mark Zuckerberg revealed in October that Facebook is now Meta, it has sparked a tsunami in the technology world, demonstrating the Metaverse’s influence on enterprises. The digital community is talking about the new concept in general, but we need to figure out its benefits and how to apply these benefits to the hospitality business.

Window shopping

3D hotel tour (Picture from CitizenM)

Enhance the customer experience by allowing them to view a 3D virtual tour of rooms, hotel lobby… and more.

Consider a future in which you may take a virtual tour of the hotel rooms or perhaps the entire hotel (including hallways, dining room, lobby, garden, and so on) where you want to book a room. You will be able to join a virtual environment to observe, examine everything with your own eyes, or even interact with the furniture and services available in the room. This new immersive experience will be a significant improvement over current trip preparation methods such as reading blogs/magazines and viewing YouTube videos.

A 3D hotel tour could enhance direct booking and conversion rates by instilling trust in customers’ hotel decisions.

Saving on labor costs

According to forecasts from Harvard Business Review, the Metaverse will play a significant role in automating tasks that were formerly performed manually in the future.

In this case, the hospitality industry stands to gain a lot. The hotel’s labor costs would be reduced if the booking process could be automated, and the traditional booking model converted to an online or virtual one.

Providing virtual environments

Virtual Environment (Picture from Diamondhandshotel)

The hotel can provide services that allow guests to meet and interact in a virtual environment, successfully providing components of the trip experience without requiring customers to travel physically. Virtual Environment/Virtual Reality will be a big evolution in the hospitality industry.

For instance, virtual experiences can be a lifesaver for disabled and elderly people with limited mobility. It may take them to far-flung locations from the comfort of their own homes. It will also aid in the reduction of anxiety and loneliness, as well as the improvement of their mental health. As a result, rehabilitation will be possible, as well as an improvement in general quality of life.

Furthermore, for people who are busy or dislike having to travel a considerable distance to reach a tourist destination, this will be a viable option. A hotel with a virtual environment will provide users with an entirely new experience while also alleviating the concerns of these individuals.

Recently, CitizenM has also taken its first step into the Metaverse by planning to create a place where avatars can “work, sleep, and play.” in the Sandbox by Animoca Brands.

NFTs collectibles

For some people, traveling is about more than just having a nice time at the destination they wish to visit; it’s also about preserving memories and collecting souvenirs. So why not take advantage of the incredible digital world of Metaverse to provide them with an exclusive NFTs collection from their favorite hotels and resorts?

Many hotels and resorts are now incorporating Metaverse and NFTs benefits into their hotel and customer service strategies to improve the visitor experience. For example, SLS South Beach has teamed up with NFT BAZL to offer the first-ever hotel-exclusive NFTs.

Enhance the room’s versatility and quality

With an estimated $800 billion market opportunity by 2024 and Facebook taking the initial moves toward making the Metaverse a reality, we can see that the Metaverse trend is emerging in the technology world

If the Metaverse is rapidly becoming a trend, why aren’t businesses in the hospitality industry seizing this opportunity to give their customers what they want to experience? A hotel that provides visitors with a unique Metaverse experience will be considered a metaverse hotel with great appeal to many people. Providing equipment that is compatible with the Metaverse not only can be a major component in attracting guests but can also enhance the versatility and quality of your hotel rooms.

Closing Thoughts

The Metaverse’s futuristic digital world has the ability to recover and change the pandemic-affected hospitality industry. It will bring magnificent advantages to hotel businesses. On the other hand, building an alternate reality universe will be a difficult task that makes businesses intending to take their steps into the Metaverse should carefully consider their capabilities. Along with that are concerns about whether traveling through the digital world of Metaverse can replace the traditional hotel and tourism industry.

However, it will be fascinating to witness how the Metaverse fuels the hotel business and blurs the barriers between the physical and digital worlds in the future years.