Revolutionizing Travel Booking: The Hopper Way in 2023

The Next Generation of Travelers and Their Information Resources

• The commercial director for chains for Hopper, Alexander Havers de Newt, mentioned that while Hopper is a well-known household name in the US as the third largest online travel agent, they are still working on gaining recognition in Europe.

• Hopper's annual revenue is substantial, with a reported 4 billion last year, marking a significant growth from their 2019 numbers. They have also achieved close to 80 million downloads and are focused on serving the next generation of travelers.

• The next generation of travelers has different preferences and behaviors compared to traditional travelers. They rely heavily on platforms like TikTok and Instagram for travel information, in contrast to the typical Google and TripAdvisor sources.

The Next Generation of Travelers and Their Information Resources

Revolutionizing Travel Booking with Hopper

• Hopper aims to assist travelers in deciding where to go for their next trip by providing insights into the best time to book travel. They start interacting with potential customers six months before a booking is made, leveraging a price prediction model to determine the optimal booking moment.

• The focus is on revenue management and providing new tools for customers. It's noted that a majority of hotels do not utilize a revenue management system, highlighting the unique angle Hopper taps into for customers.

• Influencers play a significant role in promoting Hopper. The company collaborates with influencers who have a strong following, particularly during times of economic uncertainty when people seek ways to save on travel expenses.

• Hopper stands out by not offering a typical booking engine online. Additionally, the company is focused on accommodating all types of accommodation, emphasizing the inclusivity of their platform. They aim to connect users to multiple inventory sources for a seamless booking experience.

• Hotels and brands are starting to recognize the importance of engaging with the younger generation through platforms like Hopper, indicating a shift in the industry's mindset towards catering to a new demographic.

Revolutionizing Travel Booking with Hopper

Enhancing Loyalty Program and Fintech Perspective

• The key focus is on getting customers attached to the loyalty program, and the company aims to help by obtaining direct supply from various sources, including through scraping and meta means.

• Hopper's impressive focus on fintech and predictiveness has advanced the concept of hedging, offering benefits to both hotel suppliers and travelers by either helping them make or save money.

• The company's fintech solutions target the anxiety travelers face, offering risk-based products like 'cancel for any reason' to alleviate concerns and boost traveler confidence.

• The goal is to make such technology available to a wider audience, powering competitor websites to increase direct business and retain more customers.

Enhancing Loyalty Program and Fintech Perspective

The Evolution of Travel Insurance and Customer-Centric Policies

• Travel industry businesses, such as hotels and airlines, are seeking to restore guaranteed cash flow as a result of the challenges faced in recent years.

• There is a shift in focus towards customer-centric policies, where customers are provided with options to cancel their bookings while respecting the hotels' set policies.

• A solution offered to customers is the opportunity to pay a little extra to cover potential cancellations, providing them with the flexibility they desire in their travel plans.

• The product is dynamically priced, utilizing AI to find the optimal balance between a flexible and non-refundable rate, aiming to attract more customers.

• The traditional travel insurance model often involves a cumbersome process to claim refunds, requiring documentation such as death certificates or hospital bills.

• In contrast, the modern approach aims to simplify the process, allowing travelers to cancel with no questions asked, making it more convenient and appealing.

The Evolution of Travel Insurance and Customer-Centric Policies

The Dynamics of White Labeling and Responsibility

• The speaker emphasizes the 100% financial responsibility they take on when white labeling products for travel companies. This means that if there are any financial errors, they are the ones who bear the cost.

• Even when they white label products for other travel companies, they still retain the responsibility for any financial issues that may arise. Despite revenue sharing, the speaker's company remains accountable.

• The 'Merchant of Records' role is taken on by the speaker's company, placing them in the middle of the transactions. They highlight the significance of their algorithm and data analysis in dynamically offering products through white labeling.

• The discussion shifts to the collaboration between revenue managers, marketing teams, and commercial teams during the pandemic. The speaker shares the value of bringing teams together for brainstorming and campaigns with companies like Delta and United.

• The synergy between these teams leads to more significant results and benefits for both users and businesses, emphasizing the importance of working together rather than operating in silos.

The Dynamics of White Labeling and Responsibility

Conclusion:

In conclusion, Hopper's forward-thinking approach to travel booking, loyalty programs, and customer-centric policies is reshaping the industry and catering to the evolving needs of travelers in 2023.