LockTrip Reports more than $500,000 in Bookings for Q3 2023!
In the third quarter of 2023, a total of 3,032 room-nights were booked through the LockTrip.com marketplace. This represents a 64% increase year over year. The total volume of bookings reached $501,000 — up 98% over the same period of last year.
In Q3 we restructured our marketing campaigns, which resulted in reduced marketing activity between the termination of the old campaigns and the scaling of new ones. By comparison, October is so far the strongest month we ever recorded!
In the chart below, you will see the amount of room-nights booked in the trailing twelve months period (TTM) for each quarter.
Top 10 countries by booking origin:
- Croatia
- Germany
- Serbia
- Netherlands
- United States
- Bulgaria
- Lithuania
- United Kingdom
- France
- Spain
Geographical Distribution
The above map shows the geographical distribution of the booked destinations. A total of 68 countries were booked by LockTrip customers, spread across 6 continents. The most popular countries were Italy and the US, each accounting for roughly 10% of all bookings!
Looking at the continental distribution, Europe saw a slight decline from 70% to 64%, with a strong performance in the Mediterranean countries such as Italy, Greece, Croatia and Spain.
Asia and North America both saw notable increases, gaining roughly 3% market share each.
Payment Methods
Regular crypto payments accounted for 4.4% of all bookings, however, they contributed 9.7% in terms of volumes, thanks to a higher average value compared to credit card bookings.
The newly introduced Hydra-native payments, which include LOC, HYDRA and CHANGE accounted for 1.8% of all bookings and 3.3% of the volumes.
Distribution of Booking Values
In the graphic below, each bubble represents an individual booking.
The average booking value was $501, which is a notable increase from the $439 in the previous quarter. The deviation around this average is large, with the lowest and highest value bookings ranging from $6.27 on the low end up to $10,425 for the booking with the highest value.
Discounts & Pricing
In the past quarter, 67% of bookings made on LockTrip.com had an estimated discount compared to traditional booking sites. The remaining 33% were either not discounted, or there was not suffient data to estimate the discount.
On average, LockTrip.com users realized 19% in estimated savings across all bookings — and 29% considering only bookings with a discount.
LOC Burns
The burning mechanism of LOC sits at the core of the project and fuels it long-term value with every booking made. The chart below shows the recent history of the LOC burns.
The accelerating trajectory is fueled by two factors:
- Increase in the booking volumes
- Decrease in the LOC price
The second quarter marked a new record with more than 33,000 LOC being burnt and therefore permanently removed from circulation!
Since the end of Q3, another 12,000 LOC were sent to the burn address and an additional 16,000 LOC are waiting to be burnt as customers check into their already booked hotels.
🎉 Switching to Monthly Booking Reports!
We are excited to announce that starting with November (for the month of October), we will be switching to monthly booking reports!
The new series will be structured differently to the current reporting format. While much of the information shared in the quarterly reports will be carried over to the new format, some of the data series will be replaced with other ones and/or supplemented by completely new ones.
Note: We will also switch to a more automated type of data collection, with improved methodology and filtering. As a result, there might be slight differences in the numbers.
We don’t want to spoiler too much, but expect some interesting insights that weren’t shared before. Our goal will be to focus on the most useful metrics while at the same time preventing the leak of critical information that could expose our strategies or know-how.
👉 Join the LockTrip Community
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.
