How Duetto is Further Innovating Hotel Pricing
Duetto Advance combines real-time market data with streaming analytics for continuous pricing optimization.
Duetto is developing further enhancements to its pricing offering, building on its original innovation – Open Pricing.
Open Pricing enables hotels to optimize pricing for each segment, channel, and room type. This allows hotels to target the right customer with the right product at the right time and at the right price through the right channel.
“Open Pricing puts your guests in control, testing their price sensitivity by presenting all available options. Instead of closing out room types and saying “no” to the guest, the guest chooses to say “no” to the hotel. Your rooms remain open to reservations, but only at the rates most competitive and most profitable to you,” said Darren Koch, Chief Product Officer, Duetto.
“However, as the market changes, and the way guests research and book hotels adapt, how hotels price rooms also needs to evolve,” he added.
In early 2023, Duetto announced Advance. Delivering Dynamic Optimization, Advance continues the innovation of Open Pricing.
Dynamic Optimization takes Open Pricing to a new level.
Duetto Advance combines real-time market data with streaming analytics for continuous pricing optimization. With third-party data updated every 20 minutes, Duetto Advance ensures immediate response to market-driving changes to maximize profitability.
● Price in real-time with Dynamic Optimization, continually flexing prices in line with changing market demand, up or down, delivering true real-time rate optimization.
● Access to real-time data and automation features gives you more control over your pricing strategy, allowing you to respond quickly to market changes.
● Duetto Advance ensures your hotels are always offering the best rates possible as Duetto’s machine learning algorithms analyze market data and make real-time adjustments to prices.
Coupled with event-related market intelligence, Duetto Advance further enables revenue teams to be proactive about pricing strategies in their markets, taking calculated decisions on pricing and restrictions, and optimizing operations.
“These data sets, combined with historical and forward-looking data from the PMS, booking engine, and web traffic data, mean that Duetto Advance can identify and react to situations where there is a sudden change in demand, whether this results in an opportunity to quickly raise prices to capture the profit opportunity or pull back rates when unexpected events, such as a concert canceling, mean demand drops off,” said Koch.
More on Duetto's latest innovations, and how hotels around the world use Open Pricing to stay ahead of the competition, can be found in Duetto's latest ebook.