How Can B2B Travel Companies Improve Revenues From Hotel Booking?
Travel is one of the most competitive and crowded industry with multiple players crowding the space. Those that rely on the travel companies don’t just have multiple choices, but also have multiple reasons to keep shuffling between their preferred travel companies. To become the preferred B2B travel portal of a travel agent, start by solving the issues they face and offer anything that adds value to their business.
Travel agents rely on B2B Travel Operators for their business needs. Attracting them to your offers is the first part, but to keep them is a bigger challenge. Every travel agent typically has 3 to 5 logins from various B2B travel portals. They will browse through all the systems for a particular query but end up booking from only one system regularly. If you have a very low look-to-book ratio (less than 10%) it means, you need to improve your offerings for your agents.
When you provide apt solutions to the challenges encountered by the agents, you ensure their continued business with you.
These are just a few of the challenges faced by B2B travel companies. Customers have different needs, no two customers are the same and neither are their demands. Competition continues to be stiff as always and the global pandemic has thrown up more challenges than solutions. Given the circumstances, how can a B2B travel companies boost its revenue from Hotel Booking?
If you are a B2B travel company, here are the key aspect to boost your revenue through hotel booking:
1. Getting the best Suppliers
The biggest and the best suppliers like Expedia, Booking, Agoda, etc have specific technology criteria that is approved by such suppliers. Partnering with a certified technology provider will help you get direct access to the best of the suppliers.
Good suppliers and their inventory help travel companies net more customers. This in turn helps you boost your profits. OTRAMS is partner with some of the biggest and best hotel suppliers in the world and also offers specialty accommodation providers.
2. Powerful Extranet
Any B2B travel companies that specialize in hotels in a particular region, you can boost your profits and margins through direct contracting with hotels and providing unbeatable deals. A powerful extranet helps you create a great inventory of hotels in your region.
You can further improve your revenues by selling this inventory through multiple channels like B2B, B2C, XML Out, and White label. A good direct contracting module allows you to apply different markups and control your margins dynamically.
OTRAMS offers the most extensive and powerful extranet to travel companies. With the OTRAMS extranet solution, you can sell your direct contracting inventory through your online travel portal and also create a standalone booking portal. Speak to our experts for more.
3. API Distribution
API re-distribution open up unlimited possibilities for B2B Travel Operators. You can provide a common API feed to multiple agencies and generate an extra stream of revenue.
Hotel booking APIs are flexible and scalable which makes it easy to integrate them. Travel companies can sell or re-sell inventory through XML / JSON Out and open revenue channels across the world.
OTRAMS offers a ready to integrate API distribution solution to Travel Companies. With over 40+ successful integrations completed, API distribution on OTRAMS is a seamless and easy process to increase your revenues.
4. Value-added Services
Providing a booking engine only is not enough anymore. As a B2B Travel Provider, you need to go beyond and provide added benefits, which attract travel agents to book from your portal.
Loyalty programs and Coupon Modules are examples of such value-added benefits that you can provide to your agents. It will encourage travel agents to work harder and offers that will attract customers.
With a customized loyalty program, you can get agents to come back and book from your platform, every single time. You can also run specialized promotions using the coupon module to provide added benefits and offers for a specific periods or selected inventory.
Back-office solution of OTRAMS offers a coupon and discount module which you can program to your specification and offer the best deals to your travel agents and customers. It also offers an in-built loyalty module that you can customize to your specifications.
5. Booking Optimization
In the digital world, there are many opportunities for your travel business to improve your revenues, reduce your expenses and make better profits.
Hotelmize, is one such booking optimization solution that improves the profitability of your hotel bookings by re-shopping them. With this solution, you can generate extra revenue from your existing bookings.
To learn more about Hotelmize, you can watch this webinar. It is a certified partner of OTRAMS and well-integrated to boost your profits. Travel Businesses who leverage OTRAMS booking system will also be able to leverage Hotelmize at no additional cost.
6. Booking Re-verification
On an average 30% of all the online bookings have a mismatch between customer receipt and hotel entry. This creates a bad experience for Customers at the time of check-in, as they do not get the room or the service they had paid for.
Travel Businesses can leverage an online travel re-verification service – rePUSHTI, to re-verify all their hotel bookings. It is a completely online, ready to integrate solution that re-verifies every hotel booking across 50+ parameters. Learn more about rePUSHTI here.
With rePUSHTI, you can deliver a consistent booking experience, avoid any mismatch and generate repeat business from your customers.
For B2B Travel Companies, Hotel booking is one of the major revenue channels. In a competitive market, companies that provide added value to their agents and customers are going to win the game.
If you are a B2B travel company that wants to generate more revenues through hotel booking the areas to focus on are a good collection of hotels, an enhanced booking experience powered by technology, value-added features that add to the overall profitability of your travel agent as well.
OTRAMS is world’s leading travel ERP platform that can power your business with the best of technology. Our Hotel Booking Solution is unparalleled in the industry that will not only boost your business, but open new opportunities for you. To know more schedule a meeting with our experts.
With our latest Pricing Plan, we have made it a lot easier for Travel Companies to move their business online, with OTRAMS. No Set-up Cost. No Maintenance. No Annual Fees. Check it out here.