The travel market is continuously growing and it has become an industry with more than $854.80 billion market size. But with time many big players have jumped the ship to take their own piece of share. With this price war has become very natural.
Multiple travel agencies started collecting a tremendous amount of data from niche websites to stay ahead in the price game. These companies have huge funds to collect this much data. But it is pretty obvious that to gain a competitive advantage in the market you need this data.
Booking.com itself controls 40% of this travel market and the rest is shared between other agencies like Expedia, Hotels.com, etc. I hope you can clearly see a problem over here. If you are into the travel industry then you must have faced this heat.
Booking.com use the term “We’ll match” on their website. It means that they already know what prices their competitors are offering. Even if you find a lower price than them they will adjust it for you. And you can see the result in its annual profit graph below. They made around $96.4 billion in profits in 2019 which is just amazing. This is what transparent pricing does to your travel business.
But of course, there is a solution to overcome this problem. You can integrate hotel API to get the price of any hotel around the globe for any date and pax. By using this API you can track hotel prices from more than 200 OTAs including booking.com, Expedia, etc.
Advantages of using a hotel price comparison API
- Transparent Pricing– With prices from multiple vendors you can attract more customers to your website. Show them that your prices are much lower when it comes to booking a certain hotel. Since you will already have an idea of your competitor’s pricing through this hotel API you can adjust your own price in accordance with market competition-based pricing to get that booking done from your platform.
- Revenue Growth– With more bookings you will end up with more revenue. Of course, your per-customer profit will reduce but you will get more customers on your website and more customers means more conversions.
- Cost and Time Saving– By leveraging an API that consolidates hotel data from multiple sources, businesses can save time and resources that would otherwise be spent on manual data collection and integration. The API streamlines the process, allowing companies to focus on other aspects of their operations.
- Flexibility and Customization– With this Hotel API you will have the flexibility to check hotel prices from any part of the world in just a single GET request. You can either check the price of all the hotels in a city at once or you can check the price of a particular hotel too. You can customize the API to get only 4-star hotels.
- Browny Points– Whenever a customer visits your website and sees this transparent pricing option you earn browny points in their mind. Even if they don’t book now they will do it later because customers love transparency. This is the sole reason why amazon.com is so successful because it offers multiple pricing options for a single product. Your product perceived utility should be high enough to earn that point.
So, now you know how incorporating a Hotel Price Comparison API can significantly contribute to the revenue expansion of online travel agencies (OTAs) and hotels.
If you want to grow your revenue and attract more customers, you can use MakCorps Hotel Price Comparison API.
Overall, using a hotel price comparison API empowers businesses in the travel industry to provide a more comprehensive and efficient service to their customers. It enables them to offer a wider range of hotel options, competitive pricing, and real-time information, ultimately enhancing customer satisfaction and driving revenue growth.
Here are a few resources which may help you to set the best pricing for your hotel rooms.
- 10 best hotel API providers (from pricing to review and guest data)
- How to do hotel pricing monitoring
- Best hotel pricing strategies