Why LockTrip is leading the final disruption of the travel industry
Disruption. Change. Revolution. You probably hear such terms all the time, maybe even too often. Almost all startups and companies claim to do the next big thing. But only a few will shape the future. So, how do we know what will truly disrupt an industry?
The Huffington Post wrote an article about 5 Ways The Travel Industry Is Changing In 2018. Among those 5 factors, they chose to list the blockchain technology as the primary factor, while mentioning LockTrip as the leading travel company in that field:
Blockchain is one of the newest and flashiest technologies appearing in the last decade, and services in virtually every industry have sought to incorporate it in some way. Travel is no exception, and companies like LockTrip have already started using back-end tools that employ blockchain to streamline booking, flight planning, payment, and other functionalities that competitors can only deliver by using middlemen.
But why did they list blockchain as the most important one?
When it comes to change, there are many things to consider. Artificial intelligence for example will enable better matches, learn what you are most probably searching for and understand your needs. Virtual reality will open up new ways to view and explore your next stay and choose more wisely. But all of those technologies got mentioned as secondary change factors. The reason for that? Economy.
When it comes to disruption, nothing beats economy. Yes, people want an easy and smooth booking experience and yes, they also want to know what exactly they are booking. But the first thing they will always do is to check the price tag.
History teaches us: Lower prices were the strongest weapon for online travel agencies when they disrupted conventional travel agencies. They lowered the cost per booking by eliminating expensive sales personnel and the costs for inefficient sales offices around the world. But the journey is not over yet, as they still take around 20% commission from your booking.
The last battle against commissions: Achieving true 0%
The travel industry is very price sensitive and the fight is on for every percent in savings. Taking no commission at all is a game changer.
This is what we are now offering on our marketplace and it is only possible due to the blockchain technology. It marks the final economic disruption for the industry of travel agencies as there wont be any further room for monetary improvement. All other disruptions that might follow will have to be based on secondary areas such as improving the booking experience.
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