The Hotel Industry has served its customers with a bunch of hospitality services that made people come back over the years. But the one thing that any customer is concerned the most about is the pricing they have to pay. Not just hotels, but be it flights, cruises, or any other field, most of the customers put the price as a significant deciding factor that affects their decision. So, to provide the customers with exactly what they are looking for and to make an informed price decision, the hotel industry relies heavily on hotel rate shopping tools.
They have not only just changed the overall scenario and working processes of the hotel industry but have made revenue generation and management much simpler over the years. So, what exactly are these Hotel Rate Shopping and Market Intelligence Tools, and why do hotel rate shoppers love them so much?
- What Are Hotel Rate Shopper & Market Intelligence Tools?
- Best Hotel Comparison Rate Shopping Tools That Provide Accurate Market Analysis?
- 1. Mackorps
- 2. OTA Insight
- 3. Amadeus
- 3. Rateping Technologies Pvt Ltd
- 4. Hotel Runner
- 5. SiteMinder
- 6. RateGain
- 7. RateTiger Shopper (By eRevMax)
- 8. Travolutionary (by Gimmonix)
- 9. Hotel Compete
- 10. Rate Insights by Trivago
- 11. Hotel Price Reporter
- How Can Hotel Rate Shopping Tools Increase Profitability?
- How Can A Hotel Rate Shopping Tool Help You Achieve Your Goals?
- The Most Important Features Of A Hotel Price Rate Shopping Tool
- Frequently Asked Questions:
What Are Hotel Rate Shopper & Market Intelligence Tools?
Rate Shopping is acquiring rate intelligence by considering different options in terms of price in any industry. It helps you to get an understanding of the current market prices prevailing and thus accordingly helps you set up your pricing decisions.
Similarly, Market Intelligence is the general understanding of any information relevant to your market so that one can make confident business strategy decisions. It is important to have a whisk understanding of both the terms in order to attain a competitive advantage in any field.
Hotel Rate Shopper and Market Intelligence Tools help in getting such essential information by aggregating major pointers from the hotel industry and presenting them in a single search. This has made the research process much simpler over the years and has been a game changer in the industry.
Analytics is the bread and butter of revenue management and growth of any business which can be simplified using such tools. It helps in segmenting customers, forecasting demand, determining optimal pricing, understanding market behavior, and core knowledge about customers. Hotel Price Shopping helps business owners to make an informed price decision and accordingly set a successful revenue generation strategy.
Best Hotel Comparison Rate Shopping Tools That Provide Accurate Market Analysis?
To make your rate shopping for hotels Easy, we have listed 10+ best hotel competitor rate shopping tools and companies that provide accurate market analysis. Dive in to find your perfect fit.
MakcCorps is a hotel rate shopping tool that provides hotel pricing data via APIs from over 200 OTAs in a single GET request to travel agencies, companies, & hotel chains. The Hotel API dynamically connects you to a robust hotel aggregator, which has been meticulously refined over 10 years. With a proprietary blend, the hotel aggregator precisely maps hotel IDs from dozens of suppliers and routinely cleans that data for accuracy and quality.
- Lower Prices and discounts will help in increasing the number of bookings. MackCorps Hotel rate comparison tool can help you to provide a transparent panel to visitors.
- You can timely release discounts depending upon your profit margin and the price your competitor has set. Secure competitive advantage & sharp pricing.
- The API doesn’t allow booking facilities through the platform.
2. OTA Insight
OTA Insight is another hotel price shopping rate shopping and market intelligence tool that provides real-time information on your competitors’ complete pricing strategy. It features granular insights on competitors’ rates, ranking, reputation, and OTB occupancy, and empowers hotel partners with relevant datasets.
- Gain an edge in the market by accessing competitors’ data and understanding their pricing strategy.
- Also, it helps you to deliver smarter revenue, distribution, and marketing outcomes through its market-leading commercial platform.
- It doesn’t provide real-time reviews and the personal experiences of the customers.
Amadeus powers more personalized and authentic travel experiences. It is designed to enrich every stage of the traveler’s journey and help hospitality providers acquire, service, and retain guests by profitability driving demand and converting them into loyal fans.
- It is a forward-looking business intelligence solution empowering hoteliers to create the most profitable revenue strategies.
- With access to detailed insight into forward-looking on-the-books data for both your property and your competitive set, you can create unique strategies to outperform your competition and attract the right business mix for your property.
- It doesn’t facilitate a price comparison between different hotels.
RatePing helps Hotels and Vacation Rentals stay alert and ensures that you make the smartest pricing decisions. Their Mobile and Web app makes pricing decisions quite simple, and anyone can use them. Rate ping is one of the best rate shopping solutions out there in the market. The technology is simple to use.
- It’s simple and easy to use and provides efficient support from the company.
- Its intuitive and quick updating helps take faster decisions. Accurate pricing and price parity across channels are the most important things to drive direct bookings and RatePing helps you monitor and set pricing effectively. pricing effectively and also set prices.
- It doesn’t provide actual reviews of the customers regarding a particular search.
4. Hotel Runner
HotelRunner, helps hotels and travel agencies to go online from offline while creating innovative sales channels via state-of-the-art technologies and enabling users to achieve higher recognition in international markets, broader customer outreach, and higher profitability.
- HotelRunner automates inventory distribution, maximizes direct channel revenues, and boosts profit margins.
- Moreover, it is a marketplace for the tourism industry, bringing together hotels, travel agencies, and service providers on the same platform.
- Hotels can market their property to various travel agencies, while both improving their online visibilities, and buying a variety of goods and services.
- It doesn’t help with making a price comparison over the API.
See detailed insight reports that provide real-time market and performance data to help you make more informed pricing and distribution decisions. You can see which channels are performing best, and where you should focus your marketing efforts or closely monitor the hotel prices of your competitors.
- The channel manager integration is very powerful and reliable.
- Information travels in a very secure mode and there are no gaps in that information.
It doesn’t support customer reviews and feedback.
RateGain is a leading provider of SaaS products for travel and hospitality companies helping them maximize revenue every day through its AI-powered solutions. They provide holistic Rate Intelligence and Competitive Intelligence to our customers so that they always stay ahead of their competition.
- RateGain is a prominent channel manager connection connected with almost 400 plus OTAs which is very useful.
- The software is easy to use and consolidates a ton of useful data onto one platform.
- It doesn’t allow you to get bookings from the platform directly.
RateTiger Shopper is an easy-to-use hotel BI, rate shopping, and price intelligence tool. Get access to your property rate data against that of competitors – Analyze rate position and market movement – Shop for multiple nights as well as multiple room types – Monitor competitor’s price movement including closed and open dates – Retain rate parity and rate integrity.
- It has deep two-way integration with distribution channel partners including Booking.com, Expedia, Agoda, Airbnb, Google, HRS, and Hotelbeds, among various others.
- It also offers connections to leading PMS, RMS, CRS, Booking Engine, and other hotel technology systems for a seamless online distribution experience.
- It doesn’t offer customer reviews on its API software.
Travolutionary empowers some of the world’s leading travel brands to stay competitive in the cut-throat online consolidation travel space. It not only helps you compete effectively but also manages your pricing efficiently, improves conversions, and maximizes profits.
- It provides access to all major OTA direct and negotiated rates as well as over 80 wholesale bed banks, totaling close to 1.4 million unique accommodation options available online for instant reservation.
- It doesn’t feature real-time feedback and opinions of the customers.
Hotel Compete is a business intelligence start-up for the Hospitality Industry, specializing in market research. Our products help hoteliers gain a booking eye view to building the maximum revenue for the best rate given their amenities, location, and competitors.
- It provides fair competitive pricing in this competition. Also, it helps you generate more revenue by attracting customers through unexpected deals and offers.
- The API doesn’t provide sentimental opinions and actual feedback from the pre-visited customers.
The complete hotel Rate Insights feature on trivago Hotel Manager PRO provides you with everything you need to know on one simple dashboard to set competitive rates: Benchmarking of competitor rates on all OTAs, Overview of room rates over 360 days, notification of rate changes, the impact of local events on rates, level of demand for hotels in your area.
- Allows you to instantly catch up on the trending hotel rates and patterns in the industry. Also, using this hotel tool rate site you can quickly attain a competitive advantage by designing a selective price strategy.
- It doesn’t help in booking the chosen property over its software.
The Hotel Price Reporter helps leading hotel operators to gather and process vast amounts of pricing and demand data from multiple channels to uncover patterns and make better-informed pricing decisions.
- Its leading revenue management tool lets you uncover pricing and demand insights, simplify your hotel portfolio’s monitoring, and helps you engage in new ways.
- The API doesn’t showcase real-time reviews and suggestions about a particular property.
How Can Hotel Rate Shopping Tools Increase Profitability?
A Hotel Rate Shopping Software helps businesses to get an understanding of information relevant to the market and use that data to make confident business strategy decisions. For hotels, it’s important to understand the competitor’s pricing strategy and demand forecasts in real time to create effective pricing strategies and thus increase revenue generation. On-time price deals and exclusive offers will attract customers to the business which can boost profitability.
Plus, being aware of local events and other seasonal occurrences that impact overall market demand. and using the aggregated information to adjust your pricing and revenue management strategy accordingly these softwares for hotel rate shopping will contribute to the overall growth of the business.
How Can A Hotel Rate Shopping Tool Help You Achieve Your Goals?
The hotel rate comparison tool simplifies the business process of refining essential information in a single get result. What used to take up hours in the manual process now takes minutes. It helps you to save up huge cost and time input and utilize it in some other result-oriented business function. Thus, it contributes to helping your business achieve its goals.
The Most Important Features Of A Hotel Price Rate Shopping Tool
So, how do these rate shopping tools come to your rescue when you need them the most? It is their super-cool features that make them so reliable and practical in nature. Here are some of the important features that make a rate shopping tool great.
1. Accurate Live Data
What is a piece of information if not provided on time with accuracy? This is one of the most advanced features of this software that is worth investing in. The price intelligence tools for hotels provide accurate live data so that you can access your competitor’s pricing in real-time.
Integration of multiple business functions such as revenue management, room availability, bookings, and much more helps the hotel to save up on precious time. This is easily done using a suitable tool.
Another wonderful feature of hotel rate shoppers includes monitoring real-time industry pricing trends, and other business practices. Keeping up a check on industry trends and competitors is a must to stay one step ahead and attract customers. Stay updated with important news and information.
4. Room Mapping
The Room Mapping feature allows you to list and maintain the availability of rooms on the portal at a certain price. You can manage the pricing and offers and deals according to the timing and use it to earn profits and take up bookings from the clients.
5. Demand Forecasting
Demand Forecasting in the tool will help you to understand the current industry trends and patterns so that you can accordingly modify your business strategy. By giving you a brief on local events, weather, and other demand drivers, you can use real-time information to optimize your plans and earn the best possible returns.
Hotels, just like any other retailer would like to know more about how small or large the demand will be. This feature helps in forecasting the same by analyzing multiple factors simultaneously.
Frequently Asked Questions:
The Price Range of Hotel shopping Tool is purely based on the individual needs and customization of a business. The amount of rate shopping any hotelier chooses to receive regularly is the major deciding factor on the pricing of these tools. Each hotel business can analyze its needs and requirements to evaluate what will work out for them to maximize revenue and accordingly select a suitable plan for themselves.
It is important that you have assessed the supporting package cost and also whether the ability to make changes as needed is included in the cost or comes at an additional fee. Pre-planning and checking are better than late surprises. You can start with a sample starter package to try your hands on the software.
Hotel rate shoppers need to implement and integrate the software before it aligns well with your business. On average, it usually takes up to 2 business days to launch a hotel from the time of receiving the setup information to the delivery of the first report. After that, you can use the manual of the software to make the process easy and handy. Use the available short videos, and training sessions available to fully understand and utilize your software.
1. Either by following one’s own journey with a custom rate shopping module or
2. By directly using an existing rate shopping tool.
In the first case when we are following a hotel intelligence system with a Custom Rate Shopping Module the steps involved in extracting and refining the information become quite hefty.
Any business intelligence works in multiple ways. It extracts information from various sources, collects it in a central repository, and displays it as diagrams and dashboards that people can comfortably use.
In the second case, when we implement a rate shopping tool, it provides separate features that do all the necessary time-taking processes on its own and come up with up-to-date and high-quality data.
Which one is best?
Among both approaches, it is better to use the second one as it will keep up with the latest business information and is relatively much easier to use. Also, it provides extensive comparison options that will help you to make an informed decision on your functions.
Using just a mere tool for hotel rate shopping will not help with generating profits and attaining a competitive advantage if the data provided is not used aptly. Independent hotels can review the rate shopping data manually every day and can conduct a competitive analysis with the same. Data insights would give them command over their revenues.
Enterprises with multi-property operations can integrate rate shoppers into their revenue management system and assign a dedicated manager that can use the research and review rate data. Through this as well, a business can benefit a lot by studying custom rate analytics.
The Hotel Rate Shopping Tools can be integrated with your business process to create a successful revenue management strategy and can take your business to attain great heights.
Why just see the bigger picture when you can attain it through the automation process of these extremely handy and useful softwares which actually ease the process to a great extent?
Explore the features of multiple APIs listed in the blog and select the most suitable one according to your business requirements. Make real-time data-driven decisions that bolster profitability and success.