2022 was supposed to make us forget 2020 and 2021. Yet, short-term rental and hospitality pros saw new uncertainty signs rise.
After a wild 2021 that brought record-breaking booking numbers and average daily rates (ADRs) in many markets, 2022 didn’t give us much of a break. While many of you still recorded great numbers well into summer 2022, uncertainty started growing due to high energy prices, recession threats, and armed conflicts. As a result, we saw you turn to our dynamic pricing and stay restrictions tools more than ever to check whether your pricing strategy matched changing market conditions.
So, as we tie the final bows on a more than eventful 2022, let’s look back at some of your incredible achievements from the past year.
Together we optimized prices around the world.
In 2022, PriceLabs customers used our platform to price over 170,000 listings daily in 135 countries and regions worldwide. That’s some serious global pricing power!
You made short-term rental prices and data work smarter and harder.
You hit our “Sync Now” button more than 3,000,000 times to get us to send price updates on your behalf to Airbnb, Booking, Vrbo, and dozens of booking channels and PMSs. 3,000,000 times wow!
You leveraged data to make smart strategic decisions.
You all took advantage of our dynamic pricing, market reporting, stay restriction recommendation, and listing performance analysis features in a significant way.
You researched over 30,000 local rental markets and uncovered unique insights on your market performance with our Market Dashboards. Unlocking invaluable data gave you a competitive edge!
You harnessed the power of A.I., using our Base Price Recommendation tool more than 500,000 times to determine optimized rates for your listings.
Pioneering the way forward, you have used our groundbreaking Minimum Stay Recommendation engine an impressive 40,000 times since debuting in April of this year.
You were our engines for progress.
This was a record year for the data science and product team at PriceLabs. Overall, we released 88 new features — all centered around making pricing listings smarter, faster, and easier for you. More than 75% of our product updates are based on your feedback. We listen to you and create the solutions you need.
As new features were added, we were blown away by the rate you all took advantage. It was a busy year, and our aspirations are only growing.
Here are a few highlights:
We redesigned and improved our industry-leading Base Price Recommendation Engine.
We changed a few things under the hood, such as giving more weight to future trends. We also made it easier for you to pick a more aggressive or prudent pricing strategy. If you have not done so this quarter, check the Base Price recommendation for your listings.
We launched the industry’s first-ever Minimum Stay Recommendation Engine.
Outside of pricing, the most decisions you need to make to influence the demand for your listings are around your stay restrictions. Not only do you need to decide on a minim length of stay, but also you need to make it very dependent on the day of the week, the time of year, and your occupancy. Our tool leverages A.I. to recommend minimum stay restrictions settings for each of your listings. Learn more about it here.
We made our Comp Sets even more relevant to you.
We’ve made it easier for you to compare the performance of your listing against that of your competitors. Using our Neighborhood Data tool, you can see how a listing performs against nearby competitors. The most significant improvement we’ve made this year is allowing you to create a super refined market view using the Market Dashboard tool and then letting you pick that view from the Neighborhood Data tad. This way, you have more control over which listing we compare you to.
Our Spanish-speaking beta users tried our first localized version.
Several of you are currently testing PriceLabs en español! Thanks to your feedback, we’re busy improving our translations. It will be made available in the coming days to everyone. In early 2023, the French, Italian, and Portuguese versions will follow suit.
We added multiple features to save time for those of you who manage dozens of properties.
We’ve improved our Portfolio Analytics and Multi-Calendar view to make it easier for you to see which changes to conduct and execute across multiple listings simultaneously
You showed an unparalleled enthusiasm for learning.
You showed up in record numbers for the daily demos, weekly training sessions, and monthly product updates webinars we organized: In 2022, you attended 300+ online live webinars organized by PriceLabs, among which 50 were in Spanish, 49 in Italian, 48 in Portuguese, and 47 in French! See our training schedule here!
We had your back every step of the way – and you liked it!
Our support team grew from 5 to 23 people and resolved for you 47,782 support tickets this year — or 140 tickets per day!
You held 16,012 online chat conversations with us.
You gave us a customer satisfaction score (CSAT) of 89.2%, which made our team very happy and proud. We are not stopping our efforts and want to do better in 2023!
We futureproofed your trust in us by making major moves
Our company took some serious initiatives to ensure that we would keep bringing you more value daily.
In August, we announced a $30 million minority growth investment from Summit Partners. This funding will support its continued commitment to building revenue management solutions and fuelling global team growth.
We also announced that we had acquired the leading short-term rental industry news site Rental Scale-Up to ensure that our market analysis stayed on track.
And we couldn’t have done it without you.
Revenue Management Solutions is what we do, and you won’t find a group more passionate about that than we are. But there’s more to it than just that. We’re consistently inspired by the best practices and boundary-breaking spirit of the people that use our product, and we can’t wait to continue to serve you all and watch you grow in 2023.