Advantages of Rate Parity

 

A customer plans a trip to Goa and wants to stay there for a comfortable weekend getaway. He reaches your website after receiving a recommendation from a friend and proceeds to book a room. Just as he is about to pay with his credit card, his wife walks in and asks him to check out the rates on Ibibo, claiming the rates there are lower. Your customer proceeds to book a room and you end up with a much lower profit margin and have to pay a commission to the OTA as well.

Most hoteliers are no strangers to such stories. In fact, such stories are the reason why Rate Parity was introduced.

 

What is Rate Parity

Rate Parity requires you to maintain the same rates on every distribution channel you currently employ. So, with Rate Parity, the rates you currently display on your website need to be the same as that displayed on Ibibo or Makemytrip’s website.

 

What Are The Advantages of Rate Parity

In today’s world, OTAs are a necessary evil; they have the marketing manpower and the social outreach that no individual hotelier can manage. Rate Parity, however, brings you and the OTA back on a level playing field. With Rate Parity, both you and the OTA need to charge the exact same price for the same rooms.

  • Rate Parity allows you to leverage your own marketing and social media efforts without having to lose out on a lot of traffic to your OTA’s.
  • Rate parity lets you dictate the price your rooms sell for, irrespective of the platform your customers come through.
  • Rate Parity also boosts your brand image; there is a reason why Apple is such a trusted and well respected brand. Consumers who see that the price you are charging is uniform across all platforms, they will begin to see you as a much more dependable brand.
  • By maintaining rate parity, you also are able to preserve your relationship with the several different OTAs you employ.
  • You significantly boost the number of hits and bookings you get on your own website. You also do not need to pay absurd amounts in commission to the OTAs.

 

How can you maintain Rate Parity

Sure, you can sign agreements with your OTAs to maintain the prices at the rates you predecide. But your own prices will rarely be constant; it’s pretty for the OTA to argue that it simply was not aware of rate hike.

You can work your way around this tiny loophole by applying a Price Monitoring Technique known as Web scraping. Web Scraping allows you to maintain in price monitoring by constantly ‘scraping’ the rates OTAs are charging for your rooms on their platforms automatically, rather than you needing to keep monitoring their websites.

You can keep track of OTAs who are defaulting on your agreements and take action against them. ITSys solutions provides Web Scraping solutions to hotels to ensure Rate Parity across all their channels

Schedule a free consult to discuss how Web Scraping Rate Parity Solution can help your hotel (Add CTA)

 

Why you need Competitor price monitoring service?

Competitor Price Monitoring has become an indispensable service for taking strategic decisions on product pricing in today’s highly competitive e-commerce market. With standard services and product specifications, product price is the key difference between making a sale and just having a visit to a website. Therefore monitoring the prices of competitor has become the key to survival.

Some of the other reasons why monitoring your competitor is essential in current market scenario are

  1. Most prospective consumers start their search on price comparison engines. If your price is higher than your competitors, your chances of making the sale are bleak. A difference of 100 to 200 basis points doesn’t really matter much but a bigger difference will push your listing down and thereby ruin the chance of a sale.
  2. You need to study the prices and understand the market before pricing the product. Almost all retailers are tech-savvy and more competitive than before and just as you, are probably monitoring prices. Thus it becomes imperative for you to actively monitor a larger base to find the right price point that will make that elusive sale.
  3. Competitor price monitoring also allows you to identify the special promotions, shipping charges, additional attractions like same day shipping, price on delivery, etc. that may have been strategized by your competitor to make more sales. This would better allow you to strategize your business plan and improve sales.

Bottom Line For Your Bottom Line

Focusing on monitoring competitors for prices will allow you to make those extra sales and stay ahead of your competitors. ITSYS Solutions offers affordable, expandable and hosted web scraping services that will provide you with all the information you need in an easily-usable form. To identify and discover on ways web scraping can help your business grow, visit our  website http://www.website-scraping.com

Benefits of monitoring competitor prices by web scraping

Amazon.com’s foray into e-commerce rewrote the rules of the retail industry and ever since, more businesses are selling online than before. The retailers today face many different kinds of challenges and competitions. With customer loyalty on the wane,  pricing the products is now the most crucial decision a business has to make. This requires monitoring the prices of competitors on a regular basis.

By monitoring your competitor sites for prices and stocks you can

Boost Sales: Boost your sales with competition-based pricing. Discover the best price points by increasing / decreasing prices and monitoring the sales. If sales are steady on increasing prices, you can further increase or rollback to the price point at which sales peaked.

Increase Margins: Increase your margins by tracking prices and finding products for which you can raise prices competitively. For example, you can increase the price of an identical but out of stock item if it’s not available on your competitor’s site and thereby increase margins.

Optimize Product Catalog: Optimize your product catalog by monitoring your competitor’s stock availability during the day. You can accordingly optimize your inventory and stock items at a price point which are offered at competitive pricing.

Geographic Pricing: As a large e-store owner/manager, by web scraping the data to monitor prices, you can gain valuable insight into the product pricing across geographies and determine whether you can charge more based on distinguishing factors, such as specific neighborhoods or ZIP codes.

We at ITSYS Solutions specialize in web scraping and provide “hosted” price monitoring solution. Since 2006 have scraped thousands of websites providing our clients from North America and Europe with data in formats as per their requirement. Our “hosted” web scraping services will capture the data anonymously and non-intrusively. For more details on how we can help your business, please feel free to contact us with your web data extraction project requirement and our executives will revert back to you.

Web Scraping in SEO

Search Engine Optimization (SEO) is the process of improving the visibility of a website or a web page in a search engine’s “natural” or un-paid (“organic” or “algorithmic”) search results. The value of having sites highly ranked and visible in search engine results is widely known as they are the principle drivers of traffic to any website. The visibility of a site on search engine could very well be the difference in success or failure of a business.  Although an old concept, but one by which SEO practitioners still swear by is one of the most widely used SEO technique. It requires webmasters to insert relevant meta-tags of keywords and description apart from having the right page title. With numerous sites in same genre trying to outdo each other and algorithms of search engines changing by the day, it is extremely important to monitor your competitors content, keywords and title tags. Doing the task manually everyday is time consuming & tedious. A much faster and simpler way would be to automate this process using a technique of web scraping.

Web scraping or web data mining is a technique used to extract data from HTML web pages in documents. Web scraping can help a lot in  monitoring of the titles, keywords, content, meta-tags of the competitors websites. One can quickly get an idea of which keywords are driving traffic to the competitors’ website, which content categories are attracting links and user engagement, and what resources will it take to rank your site higher than competition? This would allow you or your SEO practitioner to take undertake necessary steps in making changes to site before its too late, and ensure that your site is always at the top of search engines and get traffic to keep your business on the growth trajectory.

For more information, please visit our dedicated site on web scraping.