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    How Web3 and the Metaverse Support Hotel Wellness : 4Hoteliers

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    The article could focus solely on Metaverse applications to improve wellness, i.e. the use of interoperable digital spaces of AR, VR and MR, but there are many interesting overlaps, so here we will focus on Web3 and Block. Let’s take a look at chain technology.

    The applicability of these two emerging fields to hotels is questionable, especially in the short term when many technical tasks take priority. This is why we focused this discussion specifically on wellness. Wellness is an area where hotels are already great at adding more value to their guests’ experiences and still have great potential.

    Also, our emphasis at the intersection of Web3, Metaverse Systems, and Wellness is to consider what economists call induced (or latent) demand. It’s not just about developing a hotel in the metaverse or upgrading a spa to get more of your current TAM (Total Addressable Market) compared to your comp set. It is important to understand that as these areas mature, access to more robust out-of-the-box solutions will emerge, leading to lower prices and, as a result, increased customer demand. As they say, the pie will get bigger.

    When it comes to induced demand, let’s first consider Apple Vision Pro’s visionOS. This spatial operating system will likely play a similar role to the original app store, allowing developers to gradually create more useful tools specifically for Apple’s mixed reality headsets, and for all Metaverse devices. opens the door to further development and new applications. A virtuous cycle. Similarly, as wellness technologies become more mainstream and scientifically proven to be beneficial to health, more practitioners and researchers will enter the field, creating more access and more interest. This will lead to new discoveries that will enhance your life.

    Unfortunately, these are just predictions, and speaking as our own devil’s advocate, no one actually knows which way the wind will blow. Still, considering all possibilities can help hotels narrow down the range of possibilities.

    Next generation loyalty and rewards

    Blockchain-based tokens are often proposed as a way to take hotel loyalty and rewards programs to new heights, offering the key benefits of reduced administrative costs and interoperability of points, and the market for these points. Perceived value can be increased through the creation of secondary exchanges that create . But regardless of the data piping that allows guests to earn or redeem, this program is only as good as the hotels and offers behind it.

    Wellness products can enter the picture here, as they serve to drive large ancillary spending and satisfy the desire for experiential travel. All of this can be made more conveniently accessible to customers on loyalty platforms through tokenization, which can be seamlessly converted between local currencies and various assets. management system.

    Additionally, consider third-party wellness businesses outside of hotels. The business has its own loyalty program and the compatibility managed by Web3 allows it to synergistically cross-sell hotels from its customer base. Finally, wellness offers may also be bundled with perks within the metaverse, all of which can be token gated via his NFTs to lower management costs.

    Mixed reality wellness onboarding

    As the demand for hotel wellness products increases, access to skilled labor, rather than price or facility costs per se, becomes the limiting factor. Just as many other professions allow you to hire for passion and then train for skills, this rule can also be applied to the health recruitment process, but some steps are very specific, so The challenge is that it takes time to train new employees.

    Where the fancy Metaverse-related technology comes into play is by offloading much of the training from live sessions and shadowing, allowing newcomers to train virtually on their own time. As sensing hardware becomes more advanced and cheaper, it opens the door to testing AI or remote human-assisted haptic guidance and all his SOPs.

    Additionally, we live in an age where information is accessible and doesn’t necessarily need to be retained, so having a library of AR or VR tutorials can help with quick onboarding right before service delivery. It’s bite-sized learning made possible by cutting-edge technology and made into a game. This is especially important when hotels attempt cross-functional training as an incentive to retain talented team members through continuing education.

    exercise and physical therapy

    On the guest-facing side of mixed reality, movement tracking and working out in a digital environment are obvious applications, especially for wellness, broadly defined as people who want to stay active while traveling for other purposes. With the growth of secondary travel, it is noticeable. Again, given labor issues, the best way to do this at scale is on-demand, where guests can train from their own rooms or gyms with personalized guidance from her AI and trainers. by using an exercise program.

    While there may be many direct-to-consumer services like those mentioned above that specialize in home fitness, the hotel brand’s differentiation lies in its use of top-notch practitioners trained in various schools of physical therapy and body conditioning. It will be brought about by doing. The most important scenario where MR technology can help is reconnecting guests to the same instructor across multiple properties within a brand.

    For example, a guest may develop a trusting relationship with a physical therapist at a branded resort on a Caribbean island and receive a virtual re-evaluation by the same physical therapist when visiting another resort of the same brand. can. A hybrid, value-added experience. And when it comes to hybrids, on-premises trainers may use his AR-guided AI for more accurate body tracking and exercise recommendations. This aspect already shows a lot of potential in sports training.

    Web3 split ownership

    All these futuristic opportunities to enhance your wellness program using next-generation technology are nothing without the capital to get started. While fractional ownership as a financing vehicle can be completed without putting everything on the blockchain, the main benefits of Web3 include lower management costs through smart contracts, and increased tradability of assets as an incentive to purchase. Improvements include the establishment of decentralized autonomous organizations (DAOs). To have a vote on the direction of future projects.

    Applying tokenization to fractional ownership can be very complex both algorithmically and legally. While these challenges cannot be avoided, one source of anxiety that can be overcome is the misconception that the value of cryptocurrencies is highly volatile. To avoid this, ownership tokens should not be diluted to the amount designed for everyday transactions, but should be limited to aggregate subscriptions and allow the DAO to make voting decisions (or potentially include secondary voting). some multifaceted decisions).

    Pre-visualization of virtual worlds

    This is where the term “try before you buy” comes into play. In other words, the more a customer interacts with your product upfront, the more likely they are to purchase. Set up a life-like digital twin of the wellness facility that guests can access via a portal as part of their pre-arrival upsell process, allowing guests to not only tour the space but also preview a selection of treatments. please imagine. Such twins can also be integrated with tokenized loyalty or rewards programs from previous use cases.

    Then, on the management side, virtual renderings of wellness spaces can help model new construction or renovations. Drafting software to generate floor plans is still required, but a digital twin allows decision makers to better imagine how the space will work, achieving consensus faster and improving the development process. Fewer modifications are needed later in the process, which helps reduce costs.

    mixed reality experience

    Finally, the main hurdle hotels face when trying to increase new revenue streams beyond increasing ADR comes down to the supply of labor to complete their services. Applying a hybrid approach that empowers existing teams through instant access to tutorials and remote AR guidance can also lend itself to other wellness-oriented experiences such as cooking classes, aromatherapy, sound therapy, and guided mindfulness sessions.

    Many of these examples may seem unrealistic today, but overall the point here is to demonstrate the wide range of possibilities for driving consumer acceptance of next-generation technologies such as blockchain and the Metaverse. That’s it. This naturally increases access to vendors such as: You can turn these assumptions into fully realized profit centers. It is often difficult for humans to assess exponential trends where the principle of induced demand overrides her current TAM estimate. So for now, follow the news and develop a strategic approach for when the time is right.

    larry mogelonskiMBA, P.Eng. – Hotel strategist, industry commentator, veteran marketer, and speaker. adam mogelonskiis the company’s chief engineer and has a comprehensive understanding of the intricacies of hotel technology stacks as well as the vendors that are paving the way for improved labor efficiency and new revenue growth opportunities.

    With more than 40 years of experience in the hospitality industry, Hotel Mogel Consulting helps hotel owners maximize property performance and technology vendors overcome industry barriers to entry to achieve financial success. Visit our contact page to start a conversation.

    www.hotelmogel.com

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