There’s nothing more frustrating than making a travel booking and discovering the price has subsequently reduced. Whether it is a flight, hotel room, train journey or experience, it can be a costly practice, especially for businesses making multiple bookings.
Price guarantees and price matches are becoming increasingly more common and technology advancements are making application much easier for sellers and buyers alike. Now, an online booking tool that helps travel managers and business travellers to find and book the best hotels for each business trip, is promising to use the latest technology to automatically re-book a hotel room if the price decreases.
Arbitrip, from by Tel Aviv-based Arigato Advanced Travel Technology, has formally launched its ‘Price Monitoring’ feature, which automatically re-books hotel rooms for businesses if the price has decreased, or a better room becomes available. A first within the industry, Arbitrip is the only provider within the UK offering this service as a free built-in feature.
The platform uses machine learning algorithms to study user preferences and booking requirements so they can individually match each hotel booking. Travel managers can then choose the hotel they want based on previous business traveller reviews, and then pay and track all bookings throughout the company through one centralised dashboard.
Arbitrip claims to “ensure that companies are booking the right hotels, at the best prices”. This is backed with claims its customers save an average of 23.5% compared to leading OTAs like Booking.com.
Basic economics and supply and demand means that a commodity’s price can change due to market forces. It is not uncommon that a flight or a hotel room can drop in price as the time of travel and occupancy approaches.
“Hotel prices are just as volatile as stock prices. Often, we see prices of hotel rooms drop due to changes in supply and demand in specific areas. We are leveraging on this phenomenon to ensure our customers get the best price, every time,” says Benny Yonovich, CEO and co-founder of Arbitrip.
The ‘Price Monitoring’ feature comes at no extra cost for customers. Once a reservation is made, Arbitrip constantly monitors the price and automatically re-books if applicable even if it is a no cancellation booking. Also, if a more luxurious room or a better hotel becomes available for the same price, Arbitrip can upgrade the booking at no extra cost.
“Businesses want to know they’re getting a good deal at a good hotel. It’s quite simple, however a lot of travellers are sceptical about booking hotels because the process is clunky, they don’t trust the reviews, or they are hit with hidden costs,” adds Mr Yonovich.