Under the tab ''Rate Shopping'' there are multiple reports and settings
Daily Index: This report provides an overview of the prices of the comp set. A Rate shopper shops for the first 90 days rates once a day for the comp set, and as from day 91 the system shops rates twice a week. When the hotel is located in a city with rapidly changing demand and rates, the hotel might consider to opt for the additional option of the refresh button. With the refresh button, the hotel has the possibility to shop rates multiple times a day.
When a rate from the comp set is highlighted in red, it indicates that the competitor is cheaper than the own hotel. When a competitor's rate is green, it indicates the rate is higher in comparison with the own hotels' rate. The blue rates, are rates with a MLOS (minimum length of stay restriction). You can see the length of the restriction, by going over the date with the mouse.
A square in front of the rate, shows that the rate of that competitor is stable since the previous time the rates were shopped. When there is a green triangle behind the rate, it means the price has increased and a red triangle means the rate has decreased.
In the grey bar, it is possible to select which rates are being compared. Moreover, it is possible to select the number of persons, the room type and meal plan.
Daily Index Chart: This graph shows the information from the Daily Index in a chart. In this chart the rates of comp set for the upcoming 14 days are shown. To look at another period of time, it is possible to select dates at date from ... to .... In the grey bar, it is possible to select which rates are being compared. Moreover, it is possible to select the number of persons, the room type and meal plan.
Competition Rate History: This chart provides an overview of the historical rates of the comp set for a specific date. Additionally, the chart shows the published rate of the own hotel, the competitor based rate, the occupancy based rate and the combined recommended rate. By clicking on the hotels, their rates will disappear or show up. Moreover, it is possible to visualize the chart as a table by selecting table.
At date arrival is it possible to select the date for which the historical rates are shown. At date from ... to ... it is possible to select the date range for which historical rates are shown. In the grey bar, it is possible to select which rates are being compared. Moreover, it is possible to select the number of persons, the room type and meal plan.
Rate Parity Check: This report compares the rates of the own hotel on different booking platforms. A square in front of the rate, shows that the rate is stable since the previous time the rates were shopped. When there is a green triangle behind the rate, it means the price has increased and a red triangle means the rate has decreased. By going over the rate with the mouse, the difference in rate is shown. In the grey bar, it is possible to select which rates are being compared. Moreover, it is possible to select the number of persons, the room type and meal plan.
Competitor Index: This setting is used when setting up the hotel, or when the competitor based recommended rate is too high/low. In this index certain criteria need to be filled in, which will result in a ranking.
The review score can be filled in by looking up to competitors on booking.com, and taking over the review score. The next step is to fill in the build/renovation. This criterium is based on the hotels' own opinion, what do you think of the condition of the competitor's hotel? 5 indicates top condition, 4 means well maintained, 3 means average etc.
The last step is to fill in the location. This, again, is based on the opinion of the hotel. It is essential to first determine which is the largest group of online bookers and to what segment they belong. What would this segment think of the location of the own hotel and what grade would they link to this location? What would this same segment think of the location of the comp set? When the own hotel has a different target group for weekdays and weekends, it is possible to create a second ranking for the weekend, based on location.
The own criteria are rarely used. Only when a hotel believes they have a unique selling point, for example a parking in the city centre, these criteria might be used.
Based on the criteria a ranking is created. This ranking is formulated into a weighted average per hotel and the competitor based recommended rate is calculated. For example, when the own hotel has a higher ranking, the system will boost the hotels' rate by using the algorithm.
When one of the hotels in to comp set is priced out of the market, which causes your competitor recommended rate being too high, it is possible to switch this hotel off. When switching the hotel off, it will be shown in the Daily Index, but it will not be used in the calculation.
