Chris Kronenthal, President & CTO at FreedomPay
The challenges experienced over the last 12 months are creating new opportunities for tech-investment as hospitality organisations re-evaluate what’s really important. Underpinning this is the recognition that better use of data-commerce is now vital to maintain operations, respond to rapid change, and support growth.
Even prior to the COVID pandemic, hospitality leaders were hungry for richer, real-time data to help them identify customer trends and anticipate needs. During 2020, on-going digital investments helped many businesses pivot fast and respond to the constraints of lockdown on their businesses and supply chains.
As restrictions ease, hospitality brands are having to balance more demanding practices with a need to maintain profit, as well as working even harder to win customers back into their physical outlets, venues, and facilities.
In 2021, being able to harness the power of data to pinpoint trends, optimise loyalty, personalise offers and ensure efficient real-time analysis and inventory control is more important than ever.
Ability to harness transaction data is a key differentiator.
With the advent of tokenisation, it is now possible to use real-time transactional data to track, analyse and map customer trends in multiple channels and across the hospitality ecosystem - without compromising data or security.
With more consumers than ever abandoning cash and switching to e-payments including contactless and mobile payments, the ability to really see and predict what’s happening, why and when, is now a reality that is helping hospitality businesses to be more competitive and profitable.
And this has not gone unnoticed. A recent report commissioned by FreedomPay and J.P. Morgan reveals that 44% of retail and hospitality leaders perceive data value has become more important in the past 12 months. At the same time, it shows that 38% are now looking to combine data sources. This means that smashing data silos and encouraging better sharing and flow of information from front to back-end operations is now central to investment strategies.
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