Beonprice Revolutionizes the Mexican Market
Rubén Sánchez, CEO of Beonprice announced the company’s proposal to revolutionize the hotel industry in Mexico with its big data technology and machine learning techniques.
Top leaders in the hospitality sector gathered in Mexico City to attend Beonprice´s seminar on pricing and distribution. At the event, hoteliers discussed the technology used to react to the constant market changes in real time and methods to achieve optimal pricing. Beonprice helped hoteliers design new business strategies so that hoteliers can increase profits by 11% for each hotel room.
In addition, Sánchez announced the latest features for the advanced version of his revenue management system (RMS). Hotels can now generate higher revenue quarterly and make more strategic decisions. According to estimated figures issued by the Secretary of Tourism, Mexico’s hotel industry in 2015 had 201 million rooms/night available during the year. Of those 201 million rooms available, 113 million were occupied, accounting for a 55.9% occupancy rate of the national capacity. Five-star hotels naturally had the highest occupancy rate (68.5%) since they have more rooms (185,000).
In 2015, Mexico had a total of 107 million tourists/travelers, of which, 86 million (80.4%) were national travelers and 21 million (19.6%) were foreign tourists. “Hotels are dealing with this high demand and accelerated search for best room rates; we want to help hotels transform their way of doing business at the same speed, using the data intelligence that our system provides, all in real time, ” said Sánchez, Beonprice’s CEO.
The advanced version of Beonprice´s RMS extracts and processes all the necessary data. Thanks to Big Data technology, the solution provides the seller with costs, room availability, disparities, competitor market demand in real time, and suggests the optimal price per room for each sales channel.
The RMS tool uses data from the past, present and future when making comparisons and is a powerful source of information when it comes to proposing and implementing price and room availability strategies. The RMS offers an intelligent interpretation of information that is quick and easy to access, a differentiating feature from their competitors.
With the new version of Beonprice´s technology solution, revenue managers can save time in daily operations and analysis and focus more time on developing an efficient and profitable revenue strategy. Thus, revenue managers can react quicker to market changes in real time.
“We want to revolutionize the hotel industry in Mexico, using our industry-leading technology. Our goal is to help hoteliers stay competitive and increase their revenue by 11%. This year, we are expecting to see 6% of our customers make the switch to the advanced version and 20% the following year, “added Sánchez.
Other features of Beonprice´s RMS:
Hotel quality has been included as a parameter when making hotel room price recommendations. Price is not the only factor that hoteliers must consider in their revenue management strategy. Putting the customer at the heart of pricing strategies is vital for calculating a hotel´s competitive position and for achieving the optimal price. For this reason, BEONPRICE has designed an algorithm that simulates and predicts customer behavior when booking a hotel room.
Segmentation according to customer and distribution channel mix.
Because Beonprice provides customer support in Spanish and adapts to Mexico’s working hours, hoteliers can be proactive (not reactive) to the dynamics of the market. Additionally, Beonprice invoices monthly in pesos, interacts with its clients online and has an intuitive interface. The solution is particularly useful to hotel chains of at least five hotels with more than 100 rooms.
Beonprice Mexico serves 3 out of 4 major hotel chains, including Grupo Posadas, BF Hoteles, City Express, Hoteles Misión, Grupo Brisas and Grupo Habita, among others. The tech company also has an office in Mexico City and will soon open another office in Cancun, Mexico.
Take a look at our photo gallery to see more highlights from the event: