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 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.
Hotel price tracking solutions 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. To know more benefits of hotel rate shopping tool head over to the blog.
So, what exactly are these Hotel Rate Shopping and Market Intelligence tools find ut below.
What Are Hotel Rate Shopper & Market Intelligence Tools?
Rate Shopping is all about acquiring hotel 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. In additon to that, if you’re looking for solutions to improve work & operational performace for that hotel business intelligence tools are here for you.
It is important to have a whisk understanding of both terms in order to attain a competitive advantage in any field.
Analytics is the bread and butter of hotel 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. Before you invest your hard-earned money into a hotel rate shopper, don’t forget to check out must look for features of the hotel rate shopping tool.
Best Hotel Rate Shopper That Provides 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 one of the leading hotel api provider company that provides hotel historical pricing & current pricing data via APIs from over 200 OTAs in a single GET request to travel agencies, companies, & hotel chains.
This hotel pricing API dynamically connects you to a robust hotel aggregator, which has been meticulously refined over 10 years. With a proprietary blend, the hotel aggregator API precisely maps hotel IDs from dozens of suppliers and routinely cleans that data for accuracy and quality.
To get precise information about Makcorps Pricing API, watch the video:
- 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.
Rating: 9 out of 10.
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 and analysing competitor’s 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.
Rating: 8 out of 10
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 hotel 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.
Rating: 8 out of 10
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 your competitors prices and set pricing effectively.
- It doesn’t provide actual reviews of the customers regarding a particular search.
Rating: 7 out of 10
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.
Rating: 8 out of 10
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.
Rating: 8 out of 10
RateGain is a leading provider of SaaS products for travel and hospitality companies helping them maximize occupancy rates in hotels 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.
Rating: 8.5 out of 10
RateTiger is a rate shopper which is an easy-to-use hotel BI, rate shopping, and price intelligence tool.
Get access to the hotel prices dataset that you can use for – Analyzing rate position and market movement – Shop for multiple nights as well as multiple room types – Monitor competitor’s hotel 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 Engines, and other hotel technology systems for a seamless online distribution experience.
- It doesn’t offer customer reviews on its API software.
Rating: 8 out of 10
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 hotel negotiated rate intelligence 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.
Rating: 7 out of 10
Hotel Compete is a business intelligence start-up for the Hospitality Industry, specializing in market research.
This product 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.
Rating: 8 out of 10
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.
Such as, 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, and the level of demand for hotels in your area. This is what makes it a perfect tool for optimizing hotel room rates to maximize booking.
- 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.
Rating: 8 out of 10
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.
Rating: 8 out of 10
How Can Hotel Rate Shopping Tools Increase Profitability?
Hotel rate shopping software helps businesses to get an understanding of information relevant to the market, and use that data to make confident dynamic pricing strategies for your hotel in accordance with real-time market demand & competition.
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 Shopper Help You Achieve Your Goals?
For hotel revenue managers 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.
Plus, It helps you to save up huge costs and time input and utilize it in some other result-oriented business function. Thus, it contributes to helping your business achieve its goals.
Frequently Asked Questions:
The Price Range of the 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 their 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 hotel 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 this extremely handy and useful softwares which actually eases the process to a great extent?
Explore the features of Makcorps hotel API and other 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.