Tips & Best Practices for Hospitality & Travel Professionals | RateGain Blog

We’ve long been hearing about the importance of Chinese travelers, as China consistently ranks as the No. 1 market for outbound tourism. According to the China National Tourism Administration, Chinese tourists made 62 million outbound trips in the first half of 2017, an increase of 5 percent over the same period last year and more than any other country in the world. That number is expected to increase again by 4 percent when final 2017 numbers are tallied. Perhaps more...

Earlier in hospitality domain, the pricing structures and decisions were majorly based on factors like supply and demand, local events, corporate/negotiated rates, event/group bookings, majorly because of the absence of hospitality technology tools. With the advent of hotel price intelligence tools, competitor rates became an important factor in pricing. However, in the current scenario, the focus is shifting to guest reviews and ratings. Now, the price that you can charge fo...

You may be the smartest revenue managers with the expertise in revenue management and pricing strategies. You may have a sizeable stock of inventory to play with and you may have access to an umpteen number of online channels to reach your consumer. Nevertheless, certainly, this is not enough to ensure high RevPAR and ADR. Despite having all checks and systems in place your hotel’s bottom line can suffer because of revenue leakages, which usually go unnoticed. Hence, we ne...

With all the disruption we’re seeing in travel these days, it wasn’t surprising to read that Phocuswright research shows we are in an unprecedented period of opportunity for travel startups. According to their report, “The State of Travel Startups 2017,” a flood of travel-focused investors, incubators and other entrepreneurial support programs have given $62 billion to 1,497 travel startups since 2005. While a lot of that has been poured into mobile and the sharing econ...

Location Based Price Tracking; a Key Feature to Look Out For in a Rate Intelligence Tool With advances in travel technology tools and travellers being more aware, the hotel industry has grown to become a highly competitive domain to cater to the needs of this new generation of travellers. This has led to extreme volatility too in its operations. In such a scenario, a key challenge faced by the hotels is how to sell their entire inventory and at the best possible price at all...

Pricing has always been an important aspect of any business as it plays a quintessential role in the effective running of all industries worldwide. Hotel price management, i.e., how the goods and services of any business are priced and tagged in the extremely competitive market scenario goes a long way in determining the firm’s profitability in the long run. The hotel industry is a perfect example of the application of dynamic pricing in diverse market situations to ensure...

For the last few years, hospitality has been all abuzz about threats from the sharing economy. But recent headlines indicate that the long-term disruption from companies like Airbnb may be more about a blurring of lines in hospitality as hotel companies move to offer more vacation rentals and Airbnb moves into a hybrid version of the hotel space. Last week, Airbnb made it clear it thinks there is value in traditional lodging options with the announcement it was building...