Travelers today are a tech freak who knows how to use technology to make travel cheaper, more convenient and convenient. The technology allows you to stay on the route without having to worry about the route, route and even accommodation. Despite the fact that they are up and running, they can choose from several hotels to suit their budget and requirements, without compromising on any front. Credit goes to the fact that all Metaseark websites and OTAs are not available on mobile, mobile web site responses and mobile applications. Hotels have also been proactive in detecting the paradigm shift and have shaped the whole strategy of promoting and protecting mobile reserves. Now, they are using advanced tariff purchasing software, analyzing prices in full competition and allowing the best rate per room in the hotel inventory. The hospitality industry has the ability to charge the right customer rate at the right time.
In this fast-changing and ever-changing demand, manual monitoring of competition rates is impossible. To add to this, the prices of the same hotel room may vary from one OTA to another, as well as the search location and the type of traveler. Differential pricing is the latest trend in hospitality and only an advanced RateShopping tool is needed to be competitive and profitable in the complex market dynamics.
RateShopping is an effective tool for controlling thousands of competitors' hotel prices across hundreds of different channels, including OTAs, which can help you accurately analyze competitors by formulating the best pricing strategy among competitors. However, in the current scenario, a basic Rate Purchase tool is not enough to confuse the right pricing strategy. Smart hoteliers use many tricks to make reservations and revenue. Some of these are price differentials, different hotel prices by location, ie geolocation pricing. Prices based on the device used to book device-based rates. These combinations have made the task of tracking competition rates even harder for revenue managers. Therefore, it is time for you to evaluate your RateShopping tool, and see if you are skilled enough to provide all of your competition rate monitoring needs. Otherwise, it is time to change what all these features have.
Here are some of the key features of an advanced fare purchase tool that can provide a thorough analysis of competitor prices.
- Geo-based pricing To change the payment capacity of guests from different countries, hotels have launched differential pricing at the hotel's booking location (geo-based pricing). For example, one person from Australia and one person from Brazil are ready to book a hotel in Malaysia, and both will get different prices for the same room, as they are from different countries. Smart fare shopping tools look at the price of competitors in different countries around the world. This information is crucial, as a hotel could sell its inventory to a competitor at a lower price for the same price worldwide.
- Mobile Rates and Desktop Rates: With the advent of smartphones, mobile devices have become the most popular device among masses, destinations, hotels and even for bookings. The passenger is always without a fixed ride and has to make several reservations while traveling from one place to another. According to data, around 150 million bookings were made using mobile devices last year and a growing number. Hotels are also trying to encourage travelers to book via mobile, especially through mobile apps, which offer discounted prices compared to desktop and mobile sites. This specific device pricing differential poses an even greater challenge for revenue managers to have competitive prices. An evolved RateShopping tool will connect you to the intelligence of all the differentiated pricing models that exist in the competing arena. It is wise to have an inventory that will benefit hoteliers to compete with the lowest prices on the market.
- Membership fees vs. non-member fees: At the core of any good hotel is a rewarding and profitable loyalty program. Hotels treat loyal customers differently by offering prices not available on the OTA or hotel website. However, a buy-in of smart fares goes into loyalty bids and gives customers a competitive edge by giving a holistic picture of their competing user group (CUG) pricing strategy. This important information gives a hotel the same or similar rates. Thus, gasping for money is provided. In addition, all information is presented in the desired statistical and graphical format. This allows for quick interpretation to make immediate pricing decisions.
The right pricing strategy can be a key differentiator in hotel performance. Therefore, it is essential to have sufficient knowledge of competitors' prices to obtain a winning pricing strategy. Launching the intelligent and impressive RateShopping tool, which is closely integrated with all major OTAs, is a job done by the Meta website with the hotel's own website. This can help any hotel strengthen its pricing strategy, improve rate matching, and design a hotel that is the best rate provider in the competition.