FITUR is a global meeting point for the world’s tourism professionals and the leading trade fair for inbound and outbound markets in Latin America. In 2019, FITUR had outshined its participation record with 10,487 companies from 165 countries, 110,848 visitors from the general public, and 142,642 trade visitors. Aiming to surpass these records in this year’s edition, FITUR 2020 is being held from 22nd January to 26th January 2020 at Ifema Trade Fair Centre, Madrid.
One of the companies showcasing their products and services this year is RateGain. Professionals in the hospitality and travel industry will get a chance to know how RateGain can help them with cognitive revenue management, smart distribution, rate intelligence, and maximising guest lifetime value. One will get the opportunity to learn how the power of industry-leading technology backed with more than three decades of experience can unlock revenue opportunities.
How Technology Has Impacted the Travel & Hosptality Industry
Technology has affected various businesses in the industry to a great extent. Travel technology solutions have made business processes a lot easier in this day and age. It has brought efficiency, automation, hotel rate intelligence, business opportunities, and innovations in product and service offerings.
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To keep pace with the changing environment, specific actions that companies have to undertake are:
• Making use of revenue maximization tools
• Connect with key channels for distribution
• Maintaining rate parity across all channels
• Mobile optimised website
• Easy navigation and booking process
• High-resolution pictures for travellers to like the property and book directly on the brand website
• Follow the guests on social media and communicate with their likes/dislikes and reviews
• Enable guests to share their experiences with other prospective guests on social media platforms
Some of the Best Travel Technology Solutions By RateGain Are:
Rate Parity Management System
Rate Parity solution helps to maintain the right price across all channels. It detects violations and validates it. It also provides leverage by defining strategies to enhance revenue and minimize losses. Moreover, it helps in building brand reputation and provides meta visibility.
Revenue Management System
The revenue management system has the following features:
- Real-time analysis of the state of the market – supply and demand
- Rate recommendations – based on historical and real-time data
- Revenue estimates
- Helps in building strategies as per the revenue goals
- Provides a cluster dashboard to track all properties
According to many companies, advancement in technology has helped to enhance communication, productivity, convenience, marketing, revenue, and the speed of business processes. Traditional hospitality companies have to adapt themselves and work accordingly as technology continues to advance every single day.
Competitor Price Intelligence
In a highly competitive market like hospitality and travel, customers have a wide variety of options to choose from while planning their next vacation or business trips. Therefore, it becomes a necessity for hotels, airlines, cruises and travel sellers to price their offerings appropriately and competitively. RateGain’s Optima assists in developing pricing strategies in the hotel industry along with others in the hospitality segment by analysing competitors to provide lighting refresh and accurate rate recommendations which can be accessed at any time to make real-time decision making possible.
Smart Distribution
To ensure frictionless distribution, RateGain’s AI driven distribution system enables businesses in the travel and hospitality industry to unlock new revenue streams by discovering demand channels extracted using 20 billion data points. The platform also provides strategic insights to optimize the channel mix and initiate contracts with new channels in an expedited manner.
Guest Experience Cloud Platform
Maximising guest lifetime value by leveraging social media in the hospitality industry plays an important role to ensure that trust and reputation is maintained in the market. RateGain’s AI solutions for revenue management combined with BCV’s social listening and analytics capabilities allows tracking real-time interactions in the social universe giving hotels visibility to control various scenarios by transforming negative sentiment into a positive one and thereby converting customer delight into dollars.
Conclusion
Business owners need to be more updated to recognise the demands of new-age customers. And, the process of understanding will be a lot easier with the help of specific tools and technology. Thus, it has become crucial for traditional companies to keep updating their strategies in order to survive in a highly dynamic market.
If one wants to know more about upcoming challenges and trends faced by the travel industry, then they can participate in FITUR 2020. You can get a chance to interact with industry leaders and learn more about the latest trends and technology that is going to shape the future.
