A rate shopper is a software solution used by hotel professionals to monitor room rates on the Internet.
Rate shoppers give revenue managers overview of the local market conditions to help them make pricing decisions and maximize revenue.
No matter the size of your hotel, you need to have access to market data in order to set your room prices. A rate shopping software can help you remain competitively priced and stay open for business.
A rate shopper is an indispensable tool in your hotel rate management.
What are the features a rate shopper needs to have?
A good quality rate shopper for your hotel would need to have:
Hotel rate comparison: The rate shopper software needs to be able to track and compare rates between your own hotel and your main competitors
Price evolution tracker: The ability to track the evolution of the room rates over time
Local market demand: Track the local market occupancy levels and help in your yield management
Rate parity: Track rate parity compliance across different channels on the Internet
On-line reviews and scores: Track the on-line review scores and see how that can impact prices and occupancy levels
What should you look out for when picking a hotel rate shopping software?
How quickly you can start using the rate shopping software? Do you need to go through an elaborate lengthy sales meeting or can you start using the software straight away?
How often is the data refreshed? It is important you are served the freshest data in order to stay on top of your local market conditions.
What channels does it support? The most popular OTA platforms today are Expedia and Booking.com. Therefore, it is important to make sure both Expedia and Booking.com are covered by your rate shopper.
Is there any long-term commitment requirement? In these uncertain times, the last thing you need for your hotel business is to have a long-term engagement with a software provider that’s difficult to get out of.
Multi-language and multi-currency support? Can you track just a single currency or can you track prices across multiple currencies?
How often can you update your competitor set? Is it a one-time only selection at the start of your subscription, or is your rate shopper letting you update your competitor set as often as you like?
What is the best rate shopper for independent hotels?
We believe that it is Hotel Price Reporter.
The service is offered free from any long-term contract, without any setup fees and with instant activation.
Sign-up to your trial account today at www.hotepricereporter.com.