Travelling can be stressful, and one of the most significant factors is the constant doubt, “Did I get a good deal?” Sadly, chances are, no.

Online Travel Agents (OTAs) help connect hotels to guests, but at a hefty price with commission rates ranging from 15% to as high as 30%. With their margins reduced, hotels often have no choice but to increase their prices and pass the cost on to their guests.

The Problem

In 2015 the global travel industry generated US$5,880.4 billion in revenue. By 2020 it’s forecast to hit US$8,736.1 billion. The hotel sector accounts for 14.1% of total industry revenue (US$716.4 billion in 2015) making it the second largest segment of the travel industry.

However, with the majority of hotel bookings now being made online, traditional travel institutions have been slow at keeping up with the evolving sector. Instead, OTAs have stepped in and currently make up nearly 70% of all online bookings. By 2020 the two largest OTAs (Expedia and Priceline) are forecast to together channel 94% of all online reservations. By controlling the sector, OTAs can out-market hotels, impose unfavourable terms, and limit hotels’ engagement with their guests.

Increasingly dependent on the OTAs, and with their profit margins reduced, hotels are forced to either increase their price per room or look to cut costs in other areas (both of which are felt by their customers). Additionally, by booking their stay through an OTA, guests are no longer rewarded for brand loyalty to the hotel, but to the OTA instead.

The GOeureka Solution

GOeureka (GO) aims to change all this, by decentralising the hotel booking sector and allowing hotels to connect with their guest directly.

Leveraging blockchain technology GO will be an unbiased and transparent technology partner to hotels, providing a commission-free booking platform and helping them to maintain control of their brand, loyalty program, and bottom line. With their profit margins no longer under threat, these savings can then be passed on to their guests.

The GO platform includes a web-based inventory management system for hotels, as well as web-based booking engines for rooms and services for consumers, with GO acting solely as an intermediary to engage the two.

GO’s patent-pending Re-Booking feature will help guests ensure they secure the best deal, and by not imposing rate parity clauses GO will provide hotel managers with the freedom to manage their own revenue stream and utilise the GO platform to their advantage.

GO will also transform traditional loyalty programs to deliver increasing value, and will engage the community by creating a sandbox that enables developers and the general public to propose new ideas and features for the platform. For features implemented within the GO platform, consumers will be rewarded.

The next-gen solution for online hotel booking is coming, and with the blockchain, it’ll be unbiased, accountable, and affordable for all.

Are you ready to GOeureka?

About GOeureka

GOeureka is a travel tech company utilising blockchain technology to build a hotel booking platform. Their mission is to decentralise the hotel booking sector and deliver greater transparency by allowing hotels to directly connect with their customers. As a technology partner to hotels, GO aims to provide a dynamic digital experience to users and eradicate the high commission structures imposed by online travel agents. By reducing the financial commitments of hotels to third-party booking platforms, GO’s vision is to enable hotels to focus more resources on providing better intrinsic value and services to travellers around the globe.

To learn more, visit https://goeureka.io