Hotel booking platform Arbitrip has launched a new price monitoring feature that automatically re-books rooms if the rate has decreased.
The company offers the service as a free, built-in feature. Once a reservation is made, the platform monitors the price and automatically re-books if a lower rate or better room becomes available.
Arbitrip uses machine learning algorithms to study user preferences and booking requirements to individually match each hotel reservation. The company said travel managers can then choose the property based on previous business traveller reviews then pay and track all bookings throughout their company through a central dashboard.
The platform was one of six finalists in the Business Travel Disrupt Awards at the 2018 Business Travel Show.
Commenting on the new price monitoring feature, CEO Benny Yonovich said: “Hotel prices are just as volatile as stock prices. There is a 40 per cent chance that your hotel room rate will 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.”
According to Arbitrip, it has been projected that half of all hotel bookings will be made online by 2022, making it essential for businesses to leverage technology to improve efficiency and identify cost savings.
Yonovich added: “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.”