How to get global hotels inventory and sell online
The inventories of any hotel are considered to be its biggest asset. It shows the amount of investment that has been done and indirectly, it also shows how expanded and well established that particular chain of hotels is. Managing the inventory of your hotel is a very big task for a hotelier because you need to make sure how much inventory is tied up and how much of it is occupied. You need to stay updated about the levels of hotel inventory at all times to manage your Consumer demand accordingly. Efficiently managing the hotel inventory can prove to be extremely beneficial for your hotel in the long run. For example, Marriott increased its annual revenues by 200 million dollars when they introduced inventory management systems.
Inventory management is a very broad term that includes the management of a hotels’ room inventory. It includes understanding and controlling the inventories in such a way that it not only generates but also increases the consumer demand and hence the revenues. Analyzing and keeping a constant check on your inventory is important because it also helps you to determine the seasons in which you get the maximum demand and the seasons in which you get the lowest demand. That way, it makes it easier for you to manage the high demand season and helps you to generate more demand in the trough seasons. The concept of dynamic pricing can also be implemented to generate demand in the trough seasons. Dynamic pricing is a strategy in which your prices change according to the demand being generated. Inventory management also helps the hotel to be aware of the prices being offered by the competitors and helps the online travel agencies to choose from the hotels available depending on the level of transparency of the prices being offered.
The hotels need to come up with different balanced strategies that can help them track and promote their hotel inventories to the travel agencies. If the inventories are not managed properly, it can create a lot of financial problems for the hotel itself along with the travel agency. Technology has played a major role in helping the hotels and the travel agencies to keep a track of the inventories and hence manage the demand that is being generated. If the travel agencies as updated with the inventories, they will be able to book the best hotel suited to their client. One of the ways through which the advanced observed in technology has helped the travel agencies to have access to and keep track of the hotel inventories if through knowing the lead time. To maximize the number of revenues being generated by a travel agency, you need to know the time it will take to sell the hotel rooms. Travel agencies can then accordingly, know how much access they require to the inventories of different hotels.
Another important factor that online travel agencies need to consider is the level of distribution. This means that the travel agencies need to know the minimum amount of hotel bookings that they need to make to maintain their revenues or how much more hotel bookings are required which will help them to increase their revenues. Different booking engines can also be used that can greatly help the travel agencies to keep track of the distribution of the different hotel inventories. If we think about the distribution of hotel inventories in this aspect, the travel agencies need to keep track of the inventories so that they can manage their bookings accordingly. Travel agencies also need to keep track and constantly monitor the sales and the demand of the hotel inventories to effectively promote, maintain and manage the levels of inventories. Different software can be used to help the travel agencies to take care of the inventories.
Having the correct type of technology within your organization is extremely important for the travel agencies to have access to hotel inventories and sell them online because this is something that can not happen if your travel agency is not in alignment with the other departments within the organization, for example, the marketing team, the finance team, and the team responsible for the sales management. There is a big variety of different software in the market that have been developed in the last few numbers of years that can help your travel agency to understand the different organizational departments a little better and help you stay in alignment with them. If your travel agency purchases any of the software available in the market, your travel agency will have all the information that is required from within the organization and multiple decisions can be made simultaneously without wasting much time. Purchasing software may sound a little intimidating at first or even maybe a waste of money but if your travel agency purchases the correct software, it can prove to be extremely beneficial for your travel agency in the long run.