“I guess that technology will play an even bigger role in Revenue Management in 2022: like integrated solutions for all departments in a hotel/resort to be able to easily combine and track all data in an effort towards total revenue management, a shift towards cloud-based systems (cloud-based PMS for those who don’t have it yet, allowing reservations to work remotely), two-way connection for booking engines and channel managers for those who are not using it yet, more emphasis on mobile bookings and brand websites that are easier and smoother to use (more user friendly and fewer steps to confirm a booking).
Analytics and reporting (especially forward-looking data) will be really important and therefore more properties would like to invest in RMS software and/or in rate shopping and business intelligence tools. These would allow them to understand the guest behaviour and upcoming trends in more detail to create proper strategies (e.g., flight search traffic, geographic locations, length of stay, competition, etc).
The strategy will be even more dynamic, with a focus on providing more options and authentic experiences to guests (not only focusing on numbers and forecasts). There might be more packages being offered and collaborations with partners or airlines; with a lot of focus on safety, wellness and exclusivity. But also, totally different offerings have emerged this year and will still be offered in 2022; for example long-stay offers (flat rates for weekly or monthly stays), or day packages.
As the industry tries to get back on its feet after the pandemic, innovation will be key. There will be more awareness about costs (related to a booking whether it is a direct booking or via a third party) and how distribution channels might be better optimized. Hotels that do not have a CRM might invest in one. The market might be more dynamic and volatile and we might see more hotels shifting to automated systems/RMS. Many hotels that do not have proper Revenue Management will rethink their strategy and change their mindset around it. We could see more empowerment for Revenue Managers.
The availability of more RMS options and business intelligence tools will also increase in the market; maybe making it more accessible to independent hotels and smaller hotels. The trend of more flexible terms and conditions that emerged with the pandemic will definitely continue throughout 2022, encouraging guests to book longer in advance which might also lead to a better long-term strategy. And finally, the focus will shift to short term forecasts vs. long term ones (pre-pandemic) and updating it regularly as the market will be very volatile.”