How Indian Travel Marketplace Startups can Take a Cue from Global Peers
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“India is still a small market, but it’s a long term bet that will pay off” says AirBnB’s co founder and CEO Brian Cheskey.
The co-founder and CEO of Airbnb, Cheskey gave a 5-star rating to Indian market saying, “the reason I am incredibly excited is, say in about 10 years from now it will be one of the world’s biggest markets for Airbnb.” in an interview to Indian media.
Finding a niche in the hospitality segment, AirBnB has positioned itself on the top junctures in the hospitality and travel segment. AirBnb has launched its new platform ‘Trips’ quite recently.
A huge number of international travel marketplaces are taking away clients of home-grown travel startups. On one side, international travel marketplaces are gaining traction by betting high for long-term goals in Indian market, Indian travel companies are struggling to survive in cut-throat competition amid global players.
India, being one of the upcoming markets in the world to become one of the company’s key revenue generators, has caught the attention of many travel platforms. The story of grappling Indian startups in the space is no hidden fact from the world after the unfortunate incidence of Stayzilla shutting down abruptly. The 2001-launched Indian startup broke the niche when it first launched itself with an all-new concept in the market. But gradually, the firm had to shut down its operations and is now fighting an alleged money fraud case. Since other Indian travel startups like EasemyTrip.com, OyoRooms, HolidayIQ or Tripoto are just limited to their specific segments of business, a larger chunk of customers is shifting on international platforms like AirBnB, Travelocity and Expedia.
In the rising Indian market where global players are making higher profits, the home grown companies should take cues from their successful business models. Listed are the #3 cues which Indian startups can adopt to buck up their sales.
One Stopover for Any and Everything
One of the basic needs of customers to get everything at one place is what gets major attraction in market. International platforms like Travelocity and Airbnb run quite a similar kind of business model which avails the facility of being a one stopover for larger number of consumers in market without any inconvenience. In fact, both of these international companies are soon going to raise their IPOs in market, as per some media reports.
Connect at Any Price Point
A fixed price point may hamper the sales of the company; therefore, one should design a package which will be easier to customized. The lower price points will help and gain more customers instead of keeping a stagnant one, especially when you are a startup. Since there are a lot of people who love traveling, the Economic Times statistics say that country’s young and rapidly expanding middle class spend big on travel.
Advantageous for Both the Parties
A marketplace that connects a path of trade for the number of parties to meet their requirements and increase the customer base is what travel firms are looking at. The tie ups of platform with hotel chains and other startups of travel related industries could be a lucrative idea to endorse on.