In today’s fast-paced business world, local brands are finding it increasingly difficult to compete with larger, well-established companies. One of the main challenges they face is high acquisition costs, which make it difficult to attract new customers and increase market share. Additionally, local brands often struggle with visibility gaps, which makes it difficult for them to reach their target audience.
Another major issue that local brands face is low customer engagement and lifetime value. They lack the resources to attract direct customers and often resort to outdated discounts and cashback to drive sales. This can make it difficult for them to build long-term relationships with their customers and increase loyalty.
Large brands also have their own set of challenges, particularly with their marketing budgets. They often lack comprehensive and curated customer behaviour profiles, which can make it difficult for them to effectively target their audience. Additionally, the use of fragmented tech solutions and high costs can lead to inefficiency in their marketing efforts.
Independent hotels and restaurants are also facing challenges in today’s market. They lack a loyalty management system and have to pay high booking fees to OTAs and aggregators. This can make it difficult for them to attract and retain customers. Additionally, they often lack an integrated banking gateway for receiving direct payments and making cross-border payments with one click at preferred pricing.
One of the most significant challenges that independent hotels and restaurants face is the lack of an integrated PMS-POS-Booking Engine-Payment Gateway. According to a recent study, 57% of European independent hotels do not have this type of integration, which represents over 60% of the European SME mid-scale business travel market.
Businesses are also facing challenges when it comes to travel payment cards. They lack access to travel payment cards integrated with expense management and payroll, which makes it difficult for them to manage their expenses and pay their employees while they are travelling.
Furthermore, businesses also don’t have access to a global wholesale marketplace for purchasing travel and eCommerce, which can make it difficult for them to purchase the products they need at a competitive price.
In conclusion, local brands, independent hotels and restaurants, and businesses are all facing challenges in today’s market. High acquisition costs, visibility gaps, and low customer engagement and lifetime value are just a few of the issues that they are dealing with.
Additionally, larger brands are struggling with their marketing budgets, and independent hotels and restaurants are facing challenges with loyalty management systems, booking fees, and integrated payment gateways. Businesses also struggle with access to travel payment cards and a global wholesale marketplace. To be successful in today’s market, these companies will need to find innovative solutions to these challenges and adapt to the ever-changing business landscape.
