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Customer Retention in the Hospitality Sector: A Glimpse into Industry 4.0 Through AI Lens
Abstract
In the context of dynamic changes in the hospitality industry, the issue of customer loyalty remains one of the primary cornerstones of business continuity. In light of the emergence of the industry's 4.0 concepts, this study aims to identify new tendencies in the paradigm of customer retention and how AI technologies contribute to those changes. Industry 4.0 can be described as the fourth interrelated transformation and is characterized by the integration of digital technologies, AI, and advanced automation impacting operational models across industries including hospitality. Machine Learning, one of the branches of AI, has the capability of handling large amounts of customer data for Analysis, Modelling, and Personalization reducing time, cost, and efforts in improving customer engagement and loyalty. Further, using AI in the form of virtual products such as chatbots and virtual assistants, they continue to provide consistent and efficient services to the customers hence supporting the causes of customer retention.
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