A Quick Look At Tariffs And Pricing Consistency In The Travel Sector
When it comes to assessing crucial market forces associated with international trade, we can’t miss tariffs and taxes. These tax liabilities are imposed by the government of a particular state and leave a significant impact on international trade. From the business landscape to travel sectors, one can’t deny the significance of tariffs across industry verticals. With the emergence of online travel agencies and automated booking processes, opportunities are aplenty for the OTAs.
Before we begin the discussion, let’s quickly look at the concept of tariffs, their features, and why are they important for online travel businesses.
How tariff rates determine a hotel’s profitability
Hotels need to set tariff rates that will optimize their occupancy as well as revenue generation. So if a 100-room hotel sets 80% occupancy at $140, it will be better than 100% occupancy at $105 (even though the revenue yield will be almost same for both scenarios). Also they would need to factor in the costs (cleaning, change of sheets, towels, upkeep costs) for the extra 20 rooms at higher occupancy. Constantly reviewing these rates against competition will help the hotel secure a better revenue realization. This is precisely where web scraping and analytics can set pricing consistency for travelers.
What’s the scene in the travel booking sector?
Travel and tourism have undergone a huge transformation over the years! Gone are the days when numerous travel enthusiasts stood in queues to book tickets. The emergence of automation and several tech innovations are the reasons for this metamorphosis. Technology has been the driving force in this context. Right from automating the booking process to creating a reasonable pricing structure, there’s nothing that technology can’t help you achieve.
Of late, data analytics and web crawling are two of the most crucial technologies driving the travel sector. It’s playing an instrumental part, and travel business owners should know the art of leveraging them. Before we get into the pricing structure and the role of Big Data in determining it, here’s a quick look at what it can do for the other aspects of travel.
1. Improving the aesthetics
It’s imperative to remember that every travel business owner strives hard to transform ‘lookers’ into ‘bookers.’ However, that won’t be possible without an attractive, easy-to-use, and effective booking engine. For online travel agencies, seamless booking process and easy-to-operate booking engines seem to be the most useful resources.
Data analytics plays a vital role here. OTA owners can leverage the power of data and create awe-inspiring visual experiences for visitors. A highly functional, easily navigable, and aesthetically beautiful travel site ensures enriching experiences for the visitor.
2. Imagery and representation
When it comes to converting visitors into customers, imagery or the site appearance happens to be of huge importance. A quick glimpse of scenic locales will surely fill your hearts with pure excitement.
Technology, design innovations, and data analytics come together to make it happen. Conversions depend on the way you present your site. Attractive images and stunning site representations will make all the difference.
3. Optimizing consumer decisions
Too many options, choices, and price points will give rise to confusion. While performing the booking process, consumers will simply hate to breeze through countless options and choices. Such choices confuse them to a great extent, which isn’t good for the business.
Since the presence of numerous options confuses the consumer, it’s highly imperative to streamline the process and create targeted price points. Consistent pricing will be the key to ensuring 100% customer satisfaction thus earning their trust and faith. Whenever there’s a tour on the cards, your consumers will only opt for your services.
Here’s what Big Data and analytics can do for OTAs. But, how do you leverage these benefits and make them happen? Almost every entity, big or small, in the travel sector dreams of satisfying their consumers. Since travel is a service-oriented industry, consumer experiences play a vital role in its growth and development. However, the prime emphasis should always be on making this experience even better for your target consumers.
Now, that gives rise to a crucial question. How can you improve customer experiences and determine intelligent pricing for your services? Here’s an answer!
The birth of Web Crawling
The term has been doing the rounds for quite some time now, isn’t it? Well, those who aren’t still aware of web crawling, this brief introduction is for them.
Also termed as web data harvesting, web scraping, or data extraction, web crawling is an effective way of determining intelligent pricing structures. The prime benefit of web data extraction is its role in helping you monitor competitor pricing. Quite naturally, you will have the opportunity to maintain an affordable and competitive pricing structure thus staying ahead of the growth curve.
Statistical references for you
How effective is web crawling or scraping? If crucial and reliable data sources are anything to go by, then web crawling happens to be a dynamic way of devising competitive pricing policies. Market statistics suggest that a whopping 30% of travelers visiting OTAs are potential web crawler bots.
That explains a major part of the story. On that note, it’s time to take a look at how web crawling affects the pricing policies and structure for OTAs.
Why is web crawling for OTA an asset?
Web crawling and data extraction are crucial resources for every online travel agency. These agencies can leverage the power of these processes thus creating affordable and flexible pricing policies. That’s not all; some of the other benefits include:
- Effective price monitoring
- Price analysis
- Market processes and predictions
- Resource determination
- Increasing prospects
- Maximizing tangible and intangible profits
- Market share analysis
- Business expansions
These are some of the direct effects and benefits of using web crawling techniques and data extraction technologies. If you own a travel site, you can rely on the advanced data extraction and scraping techniques, which help you develop crystal clear ideas of the appropriate pricing structure. The prime objective is to gain a competitive edge in the market, which will lead to huge profits in the long run.
There’s no way you can ignore the significance of data extraction or web crawling for your online travel site. With professional assistance from web scrapers, web crawling software systems, and state-of-the-art resources, you will be successful in leveraging the power of data extraction. Whether you are a newcomer or a seasoned player in the travel sector, web crawling will be the key to achieving tariff consistency and determining a competitive pricing structure.