IDeaS Expands Innovative Pricing Approach With Independent Products
New Capabilities Help Hotels Optimally Price Products Based on Unique Demand Patterns, Make Smarter Pricing Decisions, and Boost Incremental Revenues
IDeaS, a SAS company, the world's leading provider of hospitality revenue management software and services, announced today new capabilities for G3 RMS. Independent Products now allows hoteliers to optimally price each product based on its individually unique demand patterns and any linked rates associated with those products, down to the room-type level.
Today, distribution processes and pricing decisions are complicated by complex configurations and limitations to only dynamically price one rate - the daily rate. Hoteliers need to balance the right daily rate while considering the impact any change would have on all linked rates. This often leads to lost revenue opportunities as this compromise means that not all rates can be properly positioned to the right guests. Independent Products and the power of G3 RMS' Linked Products were designed to solve these issues and generate more revenue. Hoteliers trying to capture longer-staying guests can simultaneously and optimally price multiple products - such as daily, weekly, or monthly. G3 RMS offers numerous benefits, including:
- Expands revenue opportunities - Extended stay properties, for example, can now choose to dynamically price their daily rates as well as rates for weekly, monthly, and other defined lengths of stay. Independent Products unlocks revenue opportunities from key segments and stay patterns.
- Delivers pricing freedom - Optimize and price multiple base rates based on unique demand patterns and competitor data. Paired with Linked Products, which provides flexibility and simplicity by enhancing rate management and distribution for all linked rates (such as advanced purchase or bed and breakfast), hoteliers can achieve a revenue-optimized rate structure for all key products across all occupancy dates and room types.
- Reduces unnecessary discounting and prices optimally - Capture incremental revenue on every room sold by dynamically adjusting discount percentages or amounts based on demand patterns such as season, days to arrival, day of the week, and room type.
Sanjay Nagalia, chief operating officer, IDeaS, said:?"This is a significant update to G3 RMS. Having the flexibility to price Independent Products helps hoteliers capitalize on the unique demand patterns of all key base products and capture the most valuable bookings. It's time hotels and resorts leave behind rules and offsets and confidently optimize pricing for every product, for all types of business, for every room type you sell, for every day, and each length of stay within their strategic guidelines. Our clients can now price and optimize in real-time while eliminating the complex web of rules, manual rate management, and static offline pricing."