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

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...

Choose a Rate Shopping Tool that can help you to benefit from this practice. At a time when mobile phones had already made deep inroads into the lives of the people, the advent of mobile internet started creating revolutionary ripples worldwide. The hospitality industry is also experiencing this change, gradually adjusting to it and now reaping benefits from it. As the traveller in large numbers took to these tiny devices for booking their travel, hotels worldwide respo...

Is it possible that Artificial Intelligence can replace human intelligence in revenue management and pricing analysis? More important to understand here is what it will replace, than a clear “Yes” or “No” to this question. We are sure you must have read about the increasing reach of AI at least a few times recently, in print or digital. Artificial Intelligence is taking over in every business. The time for machine learning has indeed arrived. In almost every industry, mach...

For years, the hospitality industry has been struggling to upgrade its legacy systems both to meet the needs of the fast-growing field of new players and return the types of sophisticated queries consumers are increasingly demanding. And while those of us in the trenches of distribution continue to work diligently to meet the new challenges, I’m increasingly convinced the only real answer is to blow it all up. Yes, it sounds radical, but it needs to be seriously conside...

The hospitality industry, like any other industry in this cutthroat competitive era is massively overcrowded, implying that many hotels, big and small, have swarmed the industry in the recent past offering ample choices to the guests, or perhaps spoiling them. A traveller could now easily switch to any property where he wishes to stay in any desired location, basis his/her requirements. For the hotels, in such a scenario, having the same traveller become their loyal customer ...

What do airlines, tour operator and hotels have in common? All of them sell fixed time-limited resources. Moreover, when it comes to maximizing revenue from a fixed resource, say, hotel rooms, and a permanently fixed price does not help! Let us find out why. Today, industries like hospitality and tourism face a constantly changing customer landscape, wherein seasonal opportunities like events, contingencies and trends rapidly come and go. Leveraging these opportunities to ma...