The Market Intelligence is a new additional tool that shows the trends of potential competitors identified by the AI of Smartpricing.
The feature is available on the left menu of the Smartpricing Platform under the voice “Market Intelligence”. At this moment, this feature is currently available only to a selected group of users. Further information will be available directly on the platform soon.
Competitors list
Smartpricing automatically calculates the list of your potential competitors by analyzing various factors which include geographical location, type of property, online reviews, services offered, prices, and seasonality. It constantly monitors market fluctuations and renews the list of competitors daily to ensure the information is always up to date.
The list ranks potential competitors from most to least significant and also indicates the average of reviews collected on OTA platforms.
You can expand the list at any time by adding new competitors with a simple click on the ✚ button. Changes are immediately saved but have no impact on your strategy. It’s also possible to remove a competitor from the list.
💡 The competitors are chosen by the algorithm based on:
- Geographic proximity
- Type of accommodation
- Reviews
- Offered services
- Price
- Seasonal trends
Competitors’ list consists of property name, score and relevance. Properties are ranked by a relevance score and manually added competitors will be available on top of the list.
💡 The list of competitors is updated daily to ensure the most relevant information is available to our clients.
NB: Only properties within a 10km radius can be added to the competitor list.
Please be aware that the Market intelligence tool has no impact on your Smartpricing strategy.
When creating the strategy, the Smartpricing algorithm, except for internal parameters, analyzes market and competitor fluctuations to understand the difference between the property's occupancy and the market average occupancy, analyzes demand and offer curves in real-time to understand the market behavior and pays attention to sudden spike and/or drop on average pricing. These values help adjusting prices to optimize sales.
Monitoring competitors is essential, but a strategy predominantly tied to the market could be not effective. Each property has its own story and needs: a competitor may have very different expenses from ours, another may own the property, while another may not, etc.
Map
Our interactive map shows where the competitors are located and allows direct access to their OTA page. The map may be extended to a full screen using arrows in the upper right corner.
The map shows:
- All competitors in grey
- Selected one in blue
Market price trend
The chart displays the price trend for at least 4 months for the following categories:
-
Your price
The price of your cheapest room -
The average price (market trend)
of the cheapest rooms among competitors - Maximum and minimum value of the market trend
- Selecting one or more competitors between those available in Competitors’ list, the Competitors’ prices will be added to the chart
The evolution of the prices of the cheapest rooms of your potential competitors
By moving the mouse arrow through the graph, you may see prices for every category day by day. To change the chart dates you may choose start and end dates in the upper right corner of the chart. There you can also expand it to full screen by clicking on two sided arrow.
The prices of a property may not be available at certain times of the year, such as when the property is closed.