Live data - A rate shopper is used to tie together ever-changing rates across various channels through daily live shops that provide a snapshot of what is happening in the market.
Competitor monitoring - Rate shoppers allow you to keep track and compare the pricing strategy of your competition across all key OTAs; a key part of comp set analysis in revenue managers improving their bottom line.
Integration - Good rate shoppers can also integrate with your PMS data so you can look at historical data, which can be compared in the same platform as your live data.
Room mapping - This helps hoteliers compare apples to apples by putting specific room types between competitors side by side. This is useful in giving an accurate insight into why competitors’ rooms may be priced differently from yours, ensuring a price strategy isn’t prematurely adjusted.
Demand forecast - Hoteliers can measure their rate shopping data against local market demand to better anticipate potential high yield periods that will shape elements of their pricing strategy. Effective forecasting will look at major events and minor events, with solid revenue management also being able to react to unforeseen events and capitalise on the increased demand.