April 9, 2020, Detroit, MI – StorTrack (www.StorTrack.com) the leading data provider serving the self-storage industry, has announced a major upgrade to Optimize, its on-demand pricing intelligence tool. Optimize is used by hundreds of self-storage companies across the world to monitor and manage unit pricing in thousands of competitive markets.
One of the key features of Optimize is monitoring the rate at which prices are changed in a market (what is termed ‘price volatility’). This measurement reflects market activity and gives useful insight into competitive behavior. The StorTrack data team had noticed that price volatility growth had ‘flattened’ over the past 6-12 months after a sustained period of growth from 2016 to 2019 (as more self-storage properties adopted active approaches to pricing and customer acquisition).
“Price volatility is currently a reflection of day-to-day activity”, states Cindy Rivera, Product Marketing Manager of StorTrack, “but what we have noticed is that an increasing number of operators are changing prices more than once per day, meaning we need to adapt our system to reflect this”. In fact, in a recent one-week study of 10,000 stores over 90% of the stores changed a price at least twice in a 24-hour period and more than 40% of unit types had changes applied in this fashion.
As competition increases, the rate at which pricing is manipulated is accelerating. This kind of dynamic pricing – which is standard in travel markets like air travel and hospitality – is a result of increased use of sophisticated data-driven revenue management systems, and an increased emphasis on price management as the key driver of customer acquisition and overall store performance.
From April, Optimize will track pricing more than once each day and is deploying a model-driven process to increase tracking frequency if a store is acting accordingly.
“StorTrack is uniquely equipped to achieve this – it is part of Aggregate Intelligence, the leading dynamic data provider to major airlines and hotel chains”, says John Tilly, CEO of Aggregate Intelligence, “we deliver billions of rows of data every day to customers around the world with a focus on accuracy and currency.”
For more information on Optimize, contact the StorTrack team at 1-800-969-7424.
About StorTrack and Optimize
Launched in 2014, StorTrack is the leading data brand serving the self-storage industry. With 5+ years of comprehensive market data on tens of thousands of stores in all markets across the USA, Canada, UK, Europe and Australia, StorTrack provides services to both the operator and investor sides of the self-storage market. Optimize is StorTrack’s operator-focused market intelligence tool, providing an intuitive, easy-to-access and full-featured subscription product that provides dynamic insight on competitive activity.
About Aggregate Intelligence, Inc.
Aggregate Intelligence, Inc (Ai) is based in Detroit, MI and is the parent company of StorTrack. Ai is a global business intelligence company specializing in connecting businesses with the data and tools to support better decisions. The company works in multiple markets including self-storage, hospitality, air travel, rental cars, ecommerce, retail, events and ticketing.