As the year draws to a close, we’re grateful for our users who have trusted us to optimize their revenue management strategy. This year, we priced more than 300,000 listings daily in over 135 countries. With your active participation and feedback, we introduced the Hyper Local Pulse (HLP) algorithm and more than 55 new features this year to maximize revenues, improve occupancy, enhance transparency, and provide greater control.
Highlights of 2023
150 PriceLabs Colleagues to support you
With 150 PriceLabs team members around the world (and we are hiring), we are continuously improving how we support and educate users about PriceLabs. Our growing data science and engineering team is continuously improving our algorithms and products. Together, we are poised for even greater achievements.
85 industry events in 14 countries
We traveled far and wide to meet customers at conferences and share tidbits from what we have learned over the years. We also broadened our horizons, actively participating in events across the hospitality industry – including the BTL Lisbon Tourism Fair, the Recharge event for hospitality professionals, The Glamping Show for glamping enthusiasts, and the Boutique Hotel Owners Conference for the hotel industry.
24×7 Customer support, supporting 100k+ queries
We engaged in over 100K+ email and chat conversations with our customers this year, of which 93% of all customer feedback was a big thumbs up. While we are happy and proud, we will strive to improve in 2024!
1000+ hours of live training
We realize that revenue management can be hard. Apologies for all the charts and numbers we throw at you! We conducted daily training, deep dives, and product updates in 5 different languages to help you maximize PriceLabs’ potential. The year-end highlight was the 12 Days of PriceLabs’ Cheer education series led by our co-founder, Richie Khandelwal. With these bite-sized sessions, we answered specific questions from users with fewer than 5 properties. View our upcoming training sessions here.
Shortyz Award, and Skift Nomination
During the first half of the year, we won the Best Ancillary Service Provider Award at Shortyz 2023. We also received the Certificate for Excellence & Global Customer Support Certification from HotelTechReport. In addition, Skift nominated us at the 2023 Idea Awards in the Problem Solver category due to our groundbreaking innovations.
Boost Earnings with the Hyper Local Pulse (HLP) Algorithm
In September 2023, we launched our most transformative update till now – Hyper Local Pulse (HLP) – a new dynamic pricing algorithm to generate more relevant and precise price recommendations. The improved algorithm benefits from hyper-local relevance, improved elasticity, and enhanced events and holiday pricing. It reduces the need for frequent manual interventions and supports advanced features such as market-driven last-minute and far-out discounts.
Moreover, evidence from our trials suggests that the new algorithm can improve revenues by an additional 9% compared to our previous model. Thousands of users are already using and reaping the benefits.
If you haven’t yet, switch to the new algorithm today to increase RevPAR with more precise recommendations. If you signed up with PriceLabs in or after July 2023, you are already on the new Hyper Local Pulse (HLP) algorithm. You can check the version of the algorithm by following these steps.
Available in 5 languages
From PriceLabs’ inception in 2014, we have strived to be a global solution. This year, we made the platform available in four new languages – Spanish, French, Italian, and Portuguese. Combined with our multi-lingual website, training, onboarding, and product updates webinars, you can make the best of PriceLabs in your native tongue.
Over 100 integrations and counting
In 2023, we achieved a milestone by partnering with 21 new Property Management Systems (PMSs) and taking our total direct integrations to over 100 platforms – an industry-first accomplishment. These include RMS Cloud, Barefoot, Cloudbeds, Losjitech, Hosty, RentalWise, and many more. Visit our Integrations page to learn more about our partners.
Hidden Gems
This year, our product team made great strides in enhancing the platform and it shows in the over 55 features and enhancements we launched. With these many features, a few incredible ones might have flown under the radar. We are excited to shed light on these unsung heroes.
Track market trends with Pacing Data
Using the Pacing data charts in Portfolio Analytics, you can compare last year’s performance within your portfolio or against your local market or a custom comp-set.
Analyze the impact of your actions on key metrics with Booking Curves
Booking Curves in Portfolio Analytics helps you visualize booking trends over time. With Booking Curves, you can easily see how bookings, revenue, and ADR evolve. Is your Revenue performing better for a certain period? What did you do that triggered this? With Booking Curves, you can easily spot the results of an action (e.g., a limited-time promotion) and make better decisions for the future.
Monitor the performance of your listings with 40+ Performance Metrics
Using the Performance Metrics on the Pricing Dashboard, you can easily identify listings requiring your attention. Filter and sort with more than 40 metrics tailored to your monitoring preferences. For instance, pick ‘Last booked date’ and future ‘Total Occupancy’ as metrics for your listings. This combination reveals listings available soon but lacking new bookings.
Visualize Global Market Trends with the free World STR Index Tool
The World STR Index by PriceLabs is a free tool for tracking short-term rental market performance globally. It offers data from Airbnb markets worldwide, refreshed monthly. You can access free insights on which locations are gaining or losing popularity.
Benchmark against Hotels in your market
A key aspect of good benchmarking is taking a step back and considering the relevant market definition from your guests’ perspective. For instance, if you own a luxury 1-bedroom villa that offers concierge services, your competition will likely include 5-star hotels in your area. With the Hotel Data tab, you can select from our hyper-local Hotel database via Booking.com to compare your prices.
Customize Hotel Weight and Customize Hotel Compsets
For operators of multi-unit accommodations like apart-hotels and serviced apartments, we launched two advanced features to provide refined control over our pricing algorithm. Customize Hotel Weights can balance or adjust the influence of hotel-related pricing data on your listings. Customize Hotel Compsets lets you select which neighboring hotels should influence your pricing strategy. By default, PriceLabs considers the 10 nearest hotels when determining pricing.
Make adjustments for specific dates, but if it’s a last-minute booking, default to PriceLabs settings for peace of mind with the Expiry Date Option
Date-Specific Overrides (DSO) in the Pricing Calendar allows you to adjust prices, stay restrictions, and check-in restrictions for specific days. We’ve introduced an advanced setting that allows you to set an expiry timeframe for DSOs. This feature ensures that your DSOs don’t get in the way of potential last-minute bookings. While setting up a DSO, simply enter the specified number of days in the Set Override Expiry option. Let’s say today is January 3rd, and you want to apply a 15% discount for January 6th but disable it within 1 day of the stay date; then, come November 5th, the override will be disabled and if a booking comes, it will be booked on the original price without a discount.
Unlock your listing’s full potential to start 2024 strong
Last Year’s Data in the Neighborhood Data tab
Thanks to the Future Prices chart within the ‘Neighborhood Data’ tab, you can now compare your upcoming bookings to last year’s bookings. With this, you can see if you’re getting more bookings or pricing more (or less) compared to last year. Also, explore Price Evolution data under the Future Prices chart’s More Options for insights into how our recommendations have evolved over time. Both of these features can help you set up a strong foundation for next year by offering what prices have worked in the past and where you might need to adjust your strategy.
Compare Your Performance Against the Market with Last Year’s Data
With the Neighborhood Data tab, you can track whether bookings are coming in slower or faster than last year in your market. The Occupancy curve shows last year’s market occupancy, with the “Market Occupancy (Last Year Today)” curve indicating the occupancy on the same day last year and “Market Occupancy (Last Year Final)” revealing the previous year’s final occupancy.
Base Price Nudges
PriceLabs’ Nudges alert users when a listing’s Base Price requires adjustment. If the current Base Price deviates by more than 5% from the recommendation, a nudge (shown as a yellow bulb icon in the Pricing Dashboard) prompts users to realign with market conditions. This allows for easy review and changes without manually checking each listing.
Additional Features To Save Time And Focus On What Matters
Desktop App
Our Desktop App provides a seamless experience on your computer. To download it, access PriceLabs via a Chromium-based browser, like Chrome, and find the download link by clicking on your initials in the top right corner.
Smart Presets
While PriceLabs offers over 30 customization options, navigating through them, especially for newcomers, can feel daunting. The Smart Presets tool guides you in adjusting PriceLabs with clear inputs for optimal settings. Smart Presets tailor customizations to your listing type, whether it’s a short-term, mid-term, or multi-unit rental.
Access data via APIs and CSVs
We understand that businesses, particularly property managers and revenue management teams, often require our data integrated directly into their internal systems. To cater to this, our platform allows users to download various tables and graphs in CSV format easily. Furthermore, for those seeking seamless integration, we offer APIs to connect PriceLabs to your systems.
Thanks to your input, we have been able to innovate and come up with stellar enhancements as part of the Breakthrough release this year. We are excited about the journey ahead and the prospect of achieving even greater heights together. Thank you for being an integral part of the PriceLabs community. Here’s to a prosperous and collaborative year ahead!
