Data analytics in hotels considers different mediums to decide the volume of booking received from each channel. Hoteliers can utilize this information to understand which channel gives the most bookings and which channel needs more tending.
FREMONT, CA: Even though data analytics is in the initial phase in the hotel industry – it provides a trove of advantages for hoteliers. Businesses around the world now realize the importance of data analytics. Getting the right insights enables hotels to stay competitive.
Let us look at how data analytics can help the hotel industry:
Hotel Pricing Strategies
Tracking real-time data can benefit the hotel industry in multiple ways. Analyzing booking patterns reveals the demand trends which hotels can utilize to implement dynamic pricing.
They can also leverage real-time data to create and provide customized packages to the right customer. Adopting a pricing strategy tempered with real-time data analytics is vital for hotel revenue management.
Hotel Booking Channels
Hotels receive bookings from multiple different channels, including direct bookings, online travel agencies (OTA), and website bookings. Data analytics in hotels considers different mediums to decide the volume of booking received from each channel. Hoteliers can utilize this information to understand which channel gives the most bookings and which channel needs more tending.
Demand Forecasting to Maximize Revenue
Evaluating customer behavior patterns and real-time data can help hotels predict demand with higher accuracy. Demand forecasting analysis is very much useful for inventory management, revenue management, and establishing dynamic pricing strategies.
Machine learning and data analytics enable hotels to determine the optimal room rate in real-time to increase revenue.