To make assessment of the room rates of various competitors in the hotel industry, Rate Shopping tools are used which automate the collection of pricing data of various online travel agencies. This data helps the hoteliers to analyze and set a standard room rate at their hotel to ensure their rates remain competitive in this dynamic business environment. To monitor competitors’ pricing strategies, this tool is a complete solution that tracks real-time price changes and provides actionable insights to stay competitive in the current market. Without using Rate shopping tools it is difficult to stay alive in the hotel business due to dynamic pricing mechanisms. So, being a part of the hotel business, if you are not using Rate Shopping tools to analyze the pricing landscape of your competitors then you may not survive long. Reconsider your decision and start using the best Rate Shopping tools.
Let’s see the top 3 Rate Shopping tools every hotel revenue manager should use:-
- RateGain
RateGain is a global provider of SaaS solutions for travel and hospitality. As per its website it has more than 3,200+ customers, and 700+ partners in 100+ countries. Through a single dashboard it initiates price analysis, tracks market fluctuations and delivers actionable insights. One of the top rated firms for Rate Shopping, RateGain provides AI driven price intelligence and compares it with various other hotel firms to help them optimize revenue and stay stable in a competitive market.
The real time dynamic price fluctuations and advanced competitor analysis, all are done through AI driven advanced mechanisms under RateGain.
- Amadeus
A Spanish multinational company, Amadeus provides travel technology for hotels, travel agencies, and travel related businesses. It creates centralized market data for strategic pricing decisions. Daily updates on price fluctuation as well as market integration is their core key feature which they provide with advanced strategic mechanisms.
This tool is an expert in monitoring parity across online channels ensuring consistent and optimized hotel pricing.
- SiteMinder
One of the largest open hotel commerce platforms, Siteminder provides cost insights and competitive price intelligence to the business. This helps hotels optimize rates and market occupancy, certainly reducing cost-push and improving pricing strategy.
A high-definition visibility of competitor rates and quick shopping filters are key consideration services provided by Siteminder.
Conclusion
A right Rate Shopping tool is important for maintaining profitability and competitiveness in this digital paced environment. Service platforms like RateGain, Amadeus and others play a pivotal role in price monitoring, comprehensive market review, and for making important strategic decisions. Hotel revenue managers can use these top 3 Rate Shopping tools for building an advanced price strategy.
RateGain and other SaaS platform initiates price intelligence and revenue management solutions which empower hotels to track real time pricing data that ensures a structured pricing mechanism to stay competitive in the hotel market. These market intelligence tools provide the greatest insight for exploring and initiating hotel pricing strategies.
