Booking .com have released their RateIntelligence tool to accommodation providers worldwide. This tool allows hostels to get instant information about demand for their market and monitor competitor pricing.
From Booking’s announcement:
“BookingSuite announced the global release of RateIntelligence, a new market intelligence tool that empowers accommodation partners of Booking.com to make smart pricing decisions in real time through instant access to market demand data and competitor rate information up to a year into the future. RateIntelligence is the latest innovation of BookingSuite, an company within the Booking .com group of companies dedicated to empowering accommodation providers with smart, powerful technology that enables them to serve the needs of their customers and at the same time help them grow their businesses.
RateIntelligence is the only tool of its kind to provide accommodation providers with daily updates on market demand data and rate shopping insights for their property 360 days in advance.”
For hostels that use dynamic pricing (adjusting prices based on demand) this could prove to be a very valuable tool for maximizing revenue.
For hostels that do not use dynamic pricing this tool could still be interesting for recognizing demand spikes due to holidays, conventions, festivals, or other events in your city. This could help ensure that you are properly staffed and prepared for any peaks in demand.
For more information, see the RateIntelligence sign up page.