How Suiters’ own booking channel saved them from high commission costs
Overview
Suiters is a coliving space that is located in 9 different cities in Spain catering to both working professionals and students. The company differentiates itself as a fully furnished space for tenants to stay in without extra costs that would be required for furnishing from their end.
Business Challenges to Our Solutions
Challenge 1
Expensive CAC
Suiters never took bookings directly, and used to list their available units on other booking platforms like Idealista and Homelike. The commission rates of these websites were pretty high - around 10-15% - and wound up expensive for Suiters.
Solution
We built Suiters a booking portal of their own which was branded and integrated to the Suiters website. This meant that Suiters was saving the fees they paid to booking engines (like HomeAlike) and had full operational freedom to list their units however they wanted.70%
Portion of total bookings coming from Suiters' own booking portal55%
Reduction in CAC across the businessChallenge 2
Pricing challenges
Prior to building its own booking system, Suiters had limited flexibility in deciding their unit pricing. It was a hassle to get it changed on an external booking platform.
Solution
A tailor-made booking platform gave Suiters the freedom to decide between individual unit or category pricing, various seasonal pricing mechanisms, and custom pricing based on booking duration.18%
Increase in overall occupancy due to more optimized pricing strategyChallenge 3
Integration of booking channel with PMS
Previously, Suiters would manually add booking details recieved from sites onto their property management system at the time. This process was tedious, time consuming and prone to error.
Solution
The new booking channel is connected to our system's data storage; details of new bookings automatically gets stored accurately onto the system.200 hrs/month
Manpower cost savings due to automation of bookings from OTAsChallenge 4
Need for a customised dashboard
Atop our existing report generation feature, Suiters also wanted to build their own customised analytics dashboard.
Solution
We were able to create APIs catering to Suiters' custom field data, allowing them to build customised reports.faster and better decisions
taken by Suiters' management, enabled by the new dashboards
MonkSpaces.AI provided a unified & customized platform to us to fulfil our customization needs, facilitate seamless integrations with other tools and get enhanced visibility into the business across different geographies.
