Cloudbeds announces the release of its highly anticipated ‘Big Book of OTAs: A Hotelier’s Guide to Top Distribution Channels’ for 2023.
The annual report dives into the evolving landscape of Online Travel Agencies (OTAs), offering lodging businesses strategic insights to enhance their distribution strategies and maximize revenue in a dynamic travel market. It also includes a robust directory of 90+ global and regional OTAs.
Based on Cloudbeds’ data gathered from thousands of customer properties, one key takeaway in the 2023 Big Book of OTAs is that there has been a robust resurgence of OTAs, with the highest-revenue generating platforms experiencing a remarkable hold in the market and regional OTAs in Asia rising in popularity, indicating the return of Asian travelers to the market. Other findings include:
- Mobile bookings are a top priority for OTAs as they’re at an all-time high, and demand for hostels, shared accommodations, and experiences is back;
- Leisure travel is softening as the pent-up demand that’s fueled travel since the pandemic cools, while group and corporate travel are primed to pick up the slack;
- OTAs are embracing a future of AI-powered travel planning and uniting forces with fintech companies, signaling the importance for lodging businesses to ensure they utilize similar tools to keep up;
- Traveler loyalty and retention have gained growing importance amidst economic woes.
This year, Cloudbeds has continued to integrate with new OTA partners, adding 18 new channels, including major players Vrbo and Hopper, to give lodging businesses the greatest reach and opportunity to connect with different traveller segments. Additionally, the company has launched 27 new product services with existing channel connections, providing travelers with a direct connection to hosts. In alignment with previous years, Cloudbeds data consistently shows that properties of all sizes see a jump in revenue with additional OTA channels added, with six channels being the magic number.
“Cloudbeds is continuously seeking to diversify our OTA partnerships to aid our customers in building a strong channel mix while simultaneously strengthening the partnerships with the leading OTAs,” said Sebastien Leitner, Vice President of Strategic Partnerships at Cloudbeds. “We’ve found that properties with connections to more than five channels see significant boosts in revenue with each incremental channel. This is why we’re always working to grow and diversify our OTA offerings.”
For more information on building a strong distribution strategy and a comprehensive overview of the top distribution channels worldwide, download a free copy of the second annual “Big Book of OTAs: A Hotelier’s Guide to Top Distribution Channels” at cloudbeds.com/online-travel-agencies.