Booking.com’s new unit, BookingSuite, has announced a new, enhanced version of its RateManager revenue management product. Now available worldwide, the latest version of RateManger also features new group rate functionalities and a soon-to-be-released, redesigned dashboard that aims to make it easier for accommodation providers to access and take action on a multitude of real-time pricing recommendations to increase revenue and profitability.
“Strategically optimising pricing for multiple room types and policies across several distribution channels is a daily challenge for many properties, but it’s a reality that no one can avoid if they want to remain competitive in an increasingly digital world,” said Rob Ransom, Global Director of BookingSuite. “The new enhancements of the RateManager recommendation engine make it even more accurate and reliable for accommodation management. Plus, we’ve made it easy for users to push these rate recommendations to all their channels instantly with just one click.”
At the core of BookingSuite’s new RateManager platform are predictive modelling techniques that leverage machine learning to monitor the precise patterns that emerge in terms of daily bookings and cancellations, while accounting for seasonality, events, and competitor rates. Drawing on aggregated demand data from Booking.com and dozens of other variables, these modelling techniques are constantly determining the rates that will yield the best results. Consequently, the new platform is able to pinpoint the optimal prices for each day and rate type to maximize revenue.