Rate shopper is an important tool for a hotelier because it allows them to quickly and easily compare their room rates to their other competitor’s hotels in the area. This information can be used to make informed decisions about pricing strategies, such as adjusting rates to stay competitive or offering promotions to attract more bookings. Additionally, by keeping an eye on competitors’ rates, a hotelier can better anticipate market trends and adjust their business strategy accordingly.
Why is conventional rate shopping is no more way out?
Conventional rate shopping, or manually checking competitors’ rates, has become less effective as a way of keeping track of the competition in the hotel industry. With the advancement of technology, there are now automated rate shopper tools that provide a more efficient and accurate solution.
Time-consuming: Checking the rates of all competitors on a regular basis can be very time-consuming and labor-intensive.
Tedious work: Manually tracking rates for multiple properties and room types can be a tedious and repetitive task.
Inaccurate data: Manually gathered data can be prone to errors and inconsistencies, making it difficult to get an accurate and complete picture of the market.
Inefficient: Manually tracking rates does not allow for real time updates and insights, making it difficult to respond quickly to changes in the market.
Limitations: Manually checking rates only provides a snapshot in time and may not give a complete view of all available rates, promotions, and packages offered by competitors.
Before you consider rate shopper these are the below features –
1.Competitive rate analysis:
The ability to compare a hotel’s room rates to those of other hotels in the area. This allows hoteliers to see how their rates compare to the competition and make informed decisions about pricing strategy.
2.Historical rate tracking:
The ability to track changes in room rates over time. This can help hoteliers understand historical trends and anticipate future changes in demand.
3.Automated rate suggestion
The ability to automatically update room rates in real time based on market conditions. This can help hoteliers stay competitive and respond quickly to changes in demand.
4. Rate rules and restrictions:
The ability to set and manage rate rules and restrictions, such as minimum length of stay or advance booking requirements.
5. Multiple channels support:
The ability to view and manage room rates across multiple distribution channels, such as the hotel’s website, online travel agencies (OTAs), and global distribution systems (GDS).
6. Integration with property management system:
The ability to integrate with a hotel’s property management system (PMS) to pull in historical data and automate rate updates.
7.Reporting and analytics:
The ability to generate detailed reports and analytics on occupancy rates, revenue per room, and other metrics. This can help hoteliers understand the performance of their hotel and make data-driven decisions.
What is trends:
Bookingjini ‘s rate shopper feature is having 2 views in dashboard to understand the trends on market.
Graph view shows the average price and availability for hotels over the next 60 days, including both competitors’ and your own.
The calendar view shows the average rate and change in rate on a daily basis, based on the rates pulled in the last 7 days. Both views provide different perspectives on trends in hotel pricing and availability.
Overall, trend analysis can help hotels to make data-driven decisions, improving their overall performance and profitability.