Trippki ICO Review - A Threat To Online Travel Agents?

5개월 전

What Is Trippki?

”Trippki is a hotel booking platform, creating a better relationship between customers and suppliers through its decentralised rewards protocol, TRIP tokens”

Essentially, Trippki is an innovative new platform - hosted on the Ethereum network - with the purpose of fixing the current system offered by Online Travel Agents (OTAs) and they will attempt to do this by introducing a rewards system which truly rewards the customers.

Before we go into more detail about Trippki, I’m going to describe a bit of background and the current problems in the marketplace so that you can all understand exactly why Trippki was created.

The Current Market Problems & Background

When you want to book a holiday, what do you do?

There are a few different options here; you could book a holiday package with flights, travel and accommodation included, you could book your flights and accommodation separately.

Whichever option you pick, there is likely to be one common overlap; you go to an Online Travel Agent (OTA) to look at prices. In fact, you may even go to several OTAs to compare prices in search for the cheapest offer.

Have you noticed that the prices are all virtually the same for all OTAs?

This isn’t 100% the case as some OTAs will offer an improved service and charge a little more than others, yet the prices are still always very similar.

What’s the reason for this?

When a hotel wants to get customers, they know that the best way is to get listed with Online Travel Agents. They agree a deal to be listed on their website under certain conditions:

The OTA will add a fee to the hotel price (usually 20-30%)
The hotel agrees not to offer customers a cheaper price or allow anyone else to do so

Number 2 is very important for the purpose of Trippki so let’s talk more specifics about the effect that has:

I mentioned before about how all Online Travel Agents seem to offer virtually the same prices - other than small differences - and number 2 is exactly the reason; hotels agree into contracts which don’t actually allow them the option to offer a cheaper price.

This doesn’t just apply to other Online Travel Agents either; this usually applies to their own website and thus even when customers want to book directly with the hotel.

So now you have the 2 options:

1. Book through a popular Online Travel Agent
2. Book directly through the hotel for the same price

It’s pretty clear which option customers would pick; why would you even consider booking directly with a hotel if it’s offering the same price as the well known and reputable Online Tavel Agent whose adverts you see on TV every other day?

Introducing Loyalty Programs

To encourage customers to book directly through their hotel without lowering their prices (as this would break their contract with their Online Travel Agents), hotels often offer customers loyalty points.

Loyalty points can be amazing; air miles are a great example because you can collect these points and use them with a whole host of different airlines to fly to thousands of different locations.

In other words, these loyalty points are great because you will almost certainly have the opportunity to use them again and in a place you probably would have gone to anyway; you don’t have to go out of your way to use the points.

Air Miles Are The Exception

According to a study by Colloquy, around 54% of loyalty program memberships are inactive; the points are just sitting there without anyone using them.

The most common reasons for this are because the points are either for services that people don’t require or the points are limited to very specific uses.

This is why I’ve highlighted air miles; because they are the opposite of these 2 things and that’s exactly what makes them so popular.

Imagine if you had to use your air miles within 2 months and you could only travel to 7 different locations, on certain days of the week and between certain hours.

Some people might use the points but they would be a lot less popular than they currently are. And that is the same problem that hotels suffer with loyalty programs.

The best situation is when hotels are part of a large chain such as the Hilton Hotels. When this is the case, you can usually stay in one of many of their hotels worldwide and, therefore, the rewards points are very useful.

However, this is a relatively rare scenario. Instead, most of the time, you will book with a hotel that just one or two locations and thus the rewards points are pretty useless for you, unless you happen to be going back to the same location again.
This leads us back to my point earlier that you will most likely choose to book through the Online Travel Agent because they are more reputable and there is no real benefit booking through the hotel directly.

Can We Make The Points Useful?

So far, I’ve given the example of air miles and compared it to hotel rewards systems because I want to highlight one hugely important point (it’s pretty much the basis of why Trippki is being made):

Rewards points are great if they utilised very easily and in many different locations so that customers aren’t limited. Otherwise, they’re pretty useless

Currently, the hotel rewards systems are pretty useless so what if a new system came along that connected virtually all hotels and the points could even be converted to regular currency?

Well, that could definitely change the whole system so, without further ado, let’s introduce the TRIP token reward.

Tell Me More About Trippki

Trippki will be creating a rewards system which can be used across all hotels signed up to the program.

As all of these hotels will be using the TRIP token as the rewards points, customers will be able to use them in a massive variety of locations.

This will alleviate the biggest problems with the current rewards programs employed by hotels - suddenly, customers will have such a wealth of different options when using their points that the number of possible uses of tokens will increase greatly.

This makes them far more valuable to customers.

On top of this, the TRIP tokens will be an Ethereum token that will be hosted on exchanges. Therefore, customers can easily sell their tokens for Bitcoin, Ethereum or other Cryptocurrencies. From there, they can sell back to their regular fiat currency with ease if they wish.

Suddenly, the rewards points offered by hotels should go from being viewed as virtually worthless by customers to a token which is highly valuable and can even be sold for real money.

How Do You Gain The Points?

The exact system of collecting points will depend on the hotel. However, Trippki offer several examples that they encourage.

The most obvious time is in the booking process. Anyone who books with their selected hotel will most likely collect points.

This isn’t where it ends though; the vast majority of hotels also offer their own services e.g. the hotel bar, restaurant, spa, tennis courts etc.

Hotels would obviously like to fill these services with customers as it would result in more revenue for them and result in customers finishing their trip with a very positive experience specifically because of the hotel.

So, hotels can and most likely would offer more TRIP tokens to their customers for using their services too.

The truth is, the possibilities are endless; by creating a token which can be rewarded for anything, can be redeemed in thousands of different places and has real convertible value, customers will always want to accrue as many points/tokens as possible.

What Can I Buy With Tokens? And Where?

As I mentioned before, one of the single biggest selling points of the tokens in comparison to a regular rewards system, is the fact that the tokens will be usable in so many different places:

You could book a hotel in Dubai and later that year use your points in a b&b in Scotland as long as they’re both signed up to the platform.

But what exactly can you use your points on?

The answer is… virtually anything

You can book a hotel with just your tokens/points, you can use local services such as booking tennis courts or spa days, in the restaurant or in the bar.

The decision is entirely up to the hotel but Trippki will be encouraging hotels to offer as many services as possible in return for tokens.

This will help to promote the true value of the token; the fact that they can be used for so many different things and in so many different places that virtually everyone will want some, thus driving demand.

The Team

Token Sale Details

  • Token Price (USD or ETH): 1 ETH = 2,222 TRIP tokens

  • Currencies Accepted: ETH

  • Minimum Raise Amount: 27,000 ETH soft cap (18,000 ETH pre-sale cap)

  • Maximum Raise Amount: 36,000 ETH hard cap

  • Bonus Details:

  • 20 ETH – 99 ETH = 2% bonus

  • 100 ETH – 399 ETH = 5%

  • 400 ETH – 999 ETH = 10%

  • 1,000+ ETH = 15%


The End

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thanks for this very sensible info. @heavey

This post has received a 17.48 % upvote from @booster thanks to: @heavey.