Hotel Pricing Monitoring: How To Track Hotel Prices Via API

Welcome, hotel owners and Online Travel Agencies (OTAs)!

It’s a tricky balancing act in the hotel business, isn’t it?

Keeping prices competitive, filling rooms, and ensuring the customers are satisfied – all at the same time. Sounds familiar?

We all know that pricing can make or break a deal, right?

But did you know monitoring the hotel prices of your competitors can be your magic wand to conquer these challenges?

Yes, it’s true!

Tracking hotel prices helps you to flexibly change your pricing strategy as the market ebbs and flows.

You can stay one step ahead of your competition by knowing exactly what prices they are offering and figuring out what they’re up to.

And the cherry on top?

Hotel price monitoring also helps in managing your revenue more effectively.

In this guide, we’ll dive deep into how real-time market data and current trends can help you make smart decisions for your business.

Buckle up – it’s time to drive your bookings sky-high!

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 to regularly monitor hotel prices 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 easily get real-time hotel pricing data to analyze to generate an efficient hotel pricing strategy to maximize your hotel room bookings.

Hotel price monitoring has 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

Hotel rate monitoring allows you to track hotel prices with ease. When you keep 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.

For doing so, you can actually use the 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.

So, now you have learned the nitty gritty of hotel price monitoring, it’s time to learn how to monitor hotel prices from the major OTAs like Expedia and booking.com.

How To Track Hotel Prices From Expedia And Booking.com Using Makcorps Hotel API?

Follow the step-by-step instructions to 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:

Conclusion: 

In this journey through the complexities of the hotel industry, we’ve unraveled the value of price monitoring for your hotel’s success. It’s a compass for strategic decision-making, an answer to competitive challenges, and a pathway to maximizing revenue.

Now, it’s time for action. The next step for you, dedicated hoteliers and OTAs, is to implement this strategy with a reliable tool. Turn to the MakCorps Hotel Price Comparison API for Hotels to leverage competitive price comparisons from 200+ OTAs, agencies, and hotel chains.

So, are you ready to boost your profits and elevate your pricing strategy?

Contact us to get MakCorps Hotel Price API NOW.