LockTrip Q4 2020 Booking Report
LockTrip Outperforms the Industry by 165%
In the fourth quarter of 2020 a total of 175 room-nights have been booked through the LockTrip.com marketplace. This represents a decline of only 2% compared to the same period last year, despite the current challenges with the pandemic and a seriously damaged travel industry.
This shows that the improvements to the product were able to offset the headwinds. As the quality and usability of the marketplace continues to improve week by week, we expect this trend to carry on.
The total volume of bookings was $18,300, which represents a slight drop in average value per room-night.
Geographical Distribution
The map above shows the geographical distribution of the destinations booked. As can be seen, the US is among the top booked countries. But it should be noted that it is also one of the biggest and most populated ones.
Other than that we see a strong performance in the UAE, Germany, Italy and Bulgaria.
Looking at the continental distribution, we see a much more balanced situation compared to Q3, where 70% of bookings came from Europe. Seeing Europe shrink as a portion of the pie is in line with our expectations, as European countries imposed much stronger restrictions compared to the rest of the world.
As soon as European countries re-open, we expect the trend to reverse again.
Payment Methods
This quarter we have seen the share of crypto payments grow, as the first partnerships with major crypto projects were forged.
The share is likely to grow once the marketing campaigns towards each of the crypto communities go live.
Booking Values
In the graphic below, each booking is represented by a small circle.
The average booking value was $254 for the period of Q4. The deviation around this average is significant, with the lowest and highest value bookings ranging from $25 on the low end up to $1,891 for the booking with the highest value.
Special Edition — LockTrip vs. Industry
Since this is the final quarter of a very unusual and challenging year, we want to take a wider look at our performance. In times of sudden and impactful changes within industries, it is often a better approach to measure growth relative to the industry average.
In the graphic below, we have charted the year-over-year growth rates for LockTrip, Expedia and Booking.com.
* Official Q4 numbers for Booking.com have not been released yet. An estimate of -65% was taken based on the comments made during their Q3 earnings call in November.
The graph shows LockTrip consistently outperforming the two biggest players in the industry. It is also visible that the major marketplace upgrade deployed at the beginning of Q3 accelerated the trend further.
To further illustrate the magnitude of this, we have calculated the relative growth rate for each quarter.
In Q4 LockTrip outperformed the industry by 165%. Although there is no guarantee that this growth rate will translate to absolute numbers once restrictions ease up, it is nevertheless a strong sign and tunes as highly optimistic.
Once again we can see a clear uptick starting in Q3, which we attribute to the massive deployment made at that time.
We are looking forward to a much stronger 2021 and want to thank you for your support throughout these unusual times!
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LockTrip is a blockchain-based travel marketplace that allows users to save up to 60% on their bookings by cutting out middlemen. Every booking burns LOC proportionally to its booking value, continuously reducing its total supply.
