Web 2.0 and the Online Marketplace

The document discusses the importance of the online marketplace for hotels, highlighting that a significant percentage of hotel bookings will be made online, with projections showing over 45% completion by 2010. It outlines how Web 2.0 has transformed the consumer buying cycle by providing easier access to extensive research and information, allowing consumers to compare options more transparently. The document emphasizes that hotels must adapt to this new environment by understanding consumer behavior and maintaining rate parity while managing online reputation.