Pricing Intelligence Insights for Hotel & Restaurant Suppliers

 
BURLINGTON, Mass. - Aug. 21, 2020 - PRLog -- The U.S. has more than 91,000 hotels and motels that generate more than $200 billion a year, according to IBISWorld.According to the National Restaurant Association, in 2019, there were more than 1 million restaurants generating around $900 billion in the U.S.

Foodservice equipment is used in the preparation and storage of food products for commercial purposes. It is commonly found in restaurants, hotels, and other commercial kitchens. The increase in demand and development of the hospitality industry and the use of different types of storage equipment for perishable and processed food items have driven the demand for food service equipment.

We at GrowByData collected hotel and restaurant service equipment retail price data in Google Shopping from January 2019 to January 2020. Below are market and competitive price intelligence insights.

Most Price Competitive Retailers
Per our data, Houzz is the most competitive online retailers with the most frequent price changes. They recorded 16% of the price changes on 12,400 products. If you are a seller, you will have to use competitive pricing intelligence to optimize your prices to stand out on this platform.

Most Price Competitive Hotel and Restaurant Supply Brands
Flash products were the most competitive and had the highest number of price changes during our data collection period. We recorded almost four million price changes on 7,940 products. This means they are making price changes on one product approximately 500 times on average. Eagle, who has the largest variety of products, only had 58,000 price changes on 10,224 products, which gives them an average of 58 price changes per SKU.

Most Price Competitive Month of the Year
We found a total of 8.6 million price changes on more than 48,000 unique SKUs during our data collection period. Below is a breakdown of the price changes on a monthly basis. On average, there were two sellers that made price changes on a product every day. We found that April had the highest number of price changes and September had the lowest number of price changes.

When we broke the price changes down further, we found that in April, the prices were lowered more than other months while January and July had the highest percentage of prices raised. This means that as a buyer of hotel and restaurant supplies, you'll want to consider buying in April because the prices are lowered more often. If you are a seller of these products, you are more likely to sell at higher prices in January (11%) or July (11%), as prices increased more often in these months.

To Summarize

We at GrowByData strongly suggest that suppliers utilize Competitive Pricing Intelligence software, understand how their competitors are pricing and dynamically reprice to offer a competitive price.

Get full insights on "https://growbydata.com/pricing-intelligence-insights-hotel-restaurant/" from GrowByData.
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Tags:Hotel & Restaurant Supplies
Industry:Retail
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