US: SaaS product provider RateGain, has launched VR Gain, an innovative solution set created to address the challenges of the vacation rental industry.
RateGain says it has launched VR Gain because the vacation rental industry remains “largely unorganised”, and it is increasingly difficult for revenue management, distribution, and marketing teams in rental companies and demand partners to plan and execute strategies to unlock additional revenue.
Some of the challenges that RateGain wants to address in the vacation rental industry are:
• Increased competition from new entrants: largely dominated by two players till a few years ago, demand from travellers has seen new international and local players emerge.
• Low occupancy rates: new supply has softened demand, with occupancy rates averaging at 37 per cent. With pricing being a decisive factor, demand partners with more competitive prices get access to more supply.
• Lack of benchmarking and price intelligence tools: property name and address are not specific, mapping automation on name and address or matching is not feasible, SEO on individual listing is not sufficient, making listing a manual process that cannot be scaled.
• Limitations in the identification and sourcing of new supply, requiring a substantial investment of time and resources without commensurate results.
• Most channel managers and switches are not suitable to meet the unique demands of this industry.
RateGain’s AI-powered solution VR Gain aims to allow rental companies to leverage the following solutions:
• Get competitive price intelligence from over 240 billion price points and 1000+ demand sources to monitor other vacation rentals as well as competing independent hotels, apartments, etc. using proprietary image mapping technology
• Get a clear picture of exclusive versus common listings versus their competition
• Select the right set of listing for price competitiveness audits
• Get access to 3.4 million inventory from across the world
• Connect instantly to the largest demand network of over 1500+ channels in the world through RateGain’s smart distribution platform
RateGain CEO Harmeet Singh said: “Unlike traditional hospitality, the vacation rental industry has witnessed tremendous growth across the world with no defined standardisation making it an interesting problem for RateGain to solve.
“After six months of R&D and successful pilots with few of the largest OTAs, we are confident that our solution will be able to address the challenges of both supply and demand partners looking to emerge as a leader in their respective markets,” he added.
For more information, visit the RateGain website here.