Revenue Management Trends 2020
Open pricing allows hotels to choose all types of segments, channels and room types in real-time. This gives a Revenue Manager new and better insights into demand. Rates har no longer adjusted based on single BAR rate, allowing for an open approach to pricing.
Automation and personalization
Based on several data sets, hotels can present rates and packages tailored specifically to each guest that visit their website. Rates and offers are based on an individual's total value, or worth to your hotel.
Autopilot & Real time pricing
Due to the dramatic decline in demand as a direct consequence of the coronavirus, the entire hotel market is forced to make big adjustments to survive and at the same time focus on long term planning to also, prepare for when the market starts to recover.
We have already seen huge layoffs and hotels furloughing most of their entire departments. This is a painful period for everyone and it ́s completely re-writing the global hospitality scene as we know it.
With the new hotel landscape starts to pick back up, forecasting will be almost impossible without any relevant precedent data and we will see a higher demand for supportive, revenue management software supporting real time pricing and autopilot, where the need for human manual application is very low.
If you want to dig deeper into the impact of COVID-19 on the hotel landscape we have put together educational recorded webinars with the most common advice for hoteliers on how to handle the corona-crisis.