What Is Hotel Pricing Monitoring? How To Track Hotel Pricing via API
Hotel Pricing plays a key role in the hospitality industry because of such a highly competition-driven field and to maximize profits. Thus, Hotel Pricing Monitoring is a crucial strategy that many hoteliers adopt to maintain and sustain the competition.
Tracking hotel pricing not only helps hoteliers & OTAs to adjust and fluctuate their pricing strategy according to changing market needs but also to keep a check on their competitors. Capturing real-time market prices and current trends can conveniently contribute to better revenue management for businesses.
This blog will explain everything about monitoring hotel prices, their importance, and how you can track the pricing of different hotels.
What Is Hotel Price Monitoring?
Hotel Price Monitoring is a way that helps in the analysis of internal and external variable hotel prices in order to optimize and plan one’s pricing strategy so as to maximize profits.
Hoteliers & OTAs check hotel prices over time in both their internal environment and also of their competitors to understand the changing demands. This helps them to change their pricing strategy based on real-time data and accordingly increase their revenue generation by utilizing the opportunity of high demand.
In order to sustain the cut-throat competition of today in the hospitality industry, it is essential that hoteliers invest in hotel rate intelligence technology and regularly monitor hotel prices, and utilize the opportunity to grow their business.
How Does Hotel Pricing Work?
Hotel prices are dynamic and it is essential that you keep a hawk’s eye on the ever-changing needs in order to regularly update yourself.
In order to understand how hotel prices are determined and how it all works, go through the following questions and quench your thirst with the answers.
Why Is Hotel Price Tracking Important for Hoteliers & OTAs?
Hotel Price Tracking and monitoring are important to outgain the benefits of strategic price management and leverage their business operations to gain more advantages.
Through the process, you can successfully get a record of hotel price history, generate an efficient hotel pricing strategy, set up hotel room rates, and create a hotel price calendar. Monitoring Hotel Prices have numerous benefits which you must have a look at and decide whether it’s worth the effort.
Here are The Benefits of Tracking Hotel Prices:-
1. It Simplifies the Forecasting Process
A hotel rate watcher allows you to track hotel prices with ease. When you keep a track of hotel prices it becomes quite easy to forecast rightly and accordingly set your marketing activities in accordance with that.
Forecasting can be an overwhelming process for hotel owners, but with the right set of real-time pricing data, it can be made efficient.
2. Understand Demand Flow in Your Target Markets
Keeping an eye on Hotel Room Rates can help business owners to understand demand flow in their respective target markets.
You can quickly pick up when your hotel rooms are highest in demand and when you experience lesser bookings. This will help you adjust your business strategy throughout the year to generate higher profits and attract more customers.
3. Keep Your Competitors In Check
By tracking hotel room pricing you not only optimize your pricing but also understand your competitor’s pricing strategy.
It is equally essential that you keep what’s buzzing in your local market in check. Tracking pricing for hotels can provide you with valuable information that can further help you to achieve a competitive advantage in the market.
4. Understand Rate Changes in Market
Understand the changing trends of the hotel industry and update yourself with the best possible choices for your hotel.
Tracking hotel room pricing gives an insight into both hotel price history and current trends through which you can easily manage your business’s important functions.
5. Helps in Price Strategy Optimization
Hotel Price Trackers also help in Price Strategy optimization through the process of yield management and real-time price data. You can actually use the hotel data intelligence solutions to calculate yield and accordingly optimize your price strategy in a way that is beneficial throughout the year.
Hoteliers use Yield Management for a foolproof pricing strategy as it doesn’t just forecast but actually calculates precise percentages and results which can be applied to practical use.
How To Track Hotel Prices From Expedia And Booking.com Using Makcorps Hotel API?
Follow the step-by-step instructions to get hotel prices dataset and track hotel prices from Expedia and booking.com:
Step 1: First Step is to signup for the free pack from the website.
Step 2: Once you sign up, you have to use your username and password to get the JWT token from the POST API like this. Let’s understand this with a simple python code. We will use the requests library to implement this task.
Step 3: Once you print this you will get a JSON response which will contain a JWT token.
The response will look like this.
{'access_token': 'eyJ0eXAiOiJKV1QiLCJhbGciOiJIUzI1NiJ9.eyJleHAiOjE2NzQ5MTQ3MjUsImlhdCI6MTY3NDkxMjkyNSwibmJmIjoxNjc0OTEyOTI1LCJpZGVudGl0eSI6MTczNn0.je1SjEiEF7nSwZ0Dg8n4mUV2ipWt8DsK-s8CJT4IY5M'}
Step 4: In this final step we are going to make a GET request to the pricing API using the JWT token we have generated in the II step. Again we are going to use the requests module of python.
Step 5: Once you run this code you will get a JSON response of 30 hotels from Sydney. The response will look like this.
Step 6: Now, this JSON response will show you the top 4 cheapest OTAs and their offer price for that particular hotel. This response will consist of top OTAs like booking.com, Expedia, Hotels.com, Priceline, etc.
Now, one thing you might be thinking is for which date are these prices for? Well in the free pack, you get prices for a random date. If you want to get prices according to particular check-in and check-out dates then you should try our premium APIs.
In those APIs, you can get prices for any date. You can contact us to get a trial of our premium APIs.
Frequently Asked Questions:
Is There Any Tool That Offers Hotel Pricing Monitoring For Free?
Not entirely, but Makcorps Hotel Pricing API is one such pricing monitoring tool that offers you a free trial for 30 days with 200 APIs. Afterward, you can switch to premium and also take a custom plan according to your hotel price searching requirements.
Who Can Use Hotel Price Tracking Tool ?
Monitoring hotel prices are super beneficial not only for hotels and hotel chains. But, also the OTAs (online travel agencies ) and hotel booking portal developers can use this tool to improve accuracy and provide a better user experience to their visitors.
Does Monitoring Competitors Hotel Prices Impact On Sales?
Monitoring the prices of your rivals alone would not make a direct impact on your hotel sales. But, analysis of pricing data, forecasting, and creating a better pricing strategy using hotel price tracking tools surely make a significant change in increasing your hotel’s bookings.
Conclusion:
Hotel Pricing Monitoring is an effective strategy to generate the best possible revenue out of each individual room and maximize profit overall. Integrate your pricing strategy with the rest of your business with a suitable pricing and business intelligence tool. Real-time market intelligence tools for the hotel industry helps hoteliers make better pricing strategy and decisions based on accurate market data. So, it’s about time that you utilize the term for your profit.
