Content Library | Editorial Notes


Is AI the next key for Real Estate Developers?

from SAHIC’s Content Center

Because AI can make personal recommendations, build trips, and create itineraries, its uses in the travel implications are endless. At present, AI is used in our daily lives. In the travel industry, it’s reach is already very popular in customer service (e.g., chatbots) and at the backend, doing the work of programmers, call center personnel, and increasing productivity, and of course trip planning (e.g., lots of ChatGPT plug-ins and curated content).

Now, even with many of these great upgrades and “helpers” to the way the industry moves forward, specialists agree that it is still too early to define how AI is truly going to impact the travel industry. As a matter of fact, the promise of Gen AI to transform travel has not yet had a great impact on start-up valuations, despite the proliferation of so-called “AI-based” companies. The reason for this appears to lie in part by high interest rates, but investors also admitted that they are waiting for valuations to normalize and the “big winner” to emerge in generative AI tech.

In this rather speculative scenario, 2 big questions are worth taking special attention to:

On the Distribution level, a debated topic around the impact of Gen AI on the travel ecosystem is whether it will benefit companies of all sizes to stand out or will it mostly allow the larger companies to get even bigger? Given that OTAs have had a 20-year head start and accumulated the vast amounts of data needed to make AI work, the second scenario looks more probable, as accumulated data helps AI make better decisions.

Now, on the Offer level, that’s where things get scary when we hear affirmations like that one stated by Tripadvisor’s CEO when we assured that there is huge opportunity for AI to dissect Trip’s 1 billion+ reviews to provide better detail for travelers for hotels, experiences, and restaurants. This means that the machine play a role in where marketers should invest!

Can AI really create a destination? Is AI going to be the new tool for big Real Estate players to make their fortune?

We most certainly are trying to bring some light to this topic in our March encounter whee CBS travel editor, Peter Greenberg will be offering an I-Talk entitled “The future of chat GPT, what to expect”. Also, on day 2, Global Blockchain Business Council CEO - Sandra Ro -  will be presenting “Blockchain tech as a trust anchor for data in genAI - how to combat distrust in an AI world”

Do not miss out on it!