Recent drops in currency value, increasing flight prices and recession-related job uncertainties have had a significant effect on the travel industry. Not only are fewer people travelling, but those who travel are becoming more budget conscious. Effective channel management can assist hoteliers with both issues - by increasing visibility and allowing for variable rate changes between seasons. Surveys suggest that the average hotel chain manages four separate third party channels, yet a failure to standardise data across the board can have negative effects. For effective channel management, an automated system is the preferred choice over manual upkeep, especially when increasing channel usage.
Today consumers compare rates in multiple price comparison websites and booking channels and selects lowest available rates of all. With channel manager revenue managers can more accurately forecast consumer behaviour and take effective pricing decisions for more online revenue. The challenge for many hoteliers in managing multiple channels to ensure accurate rates and inventory allocation to optimise each channel is very difficult. But with channel manager like RateTiger it becomes easier for hoteliers to take more effective pricing decisions.