We will seed the discovery feed through affiliation partnerships with third-party aggregators in various experiential verticals:
- 1.Restaurant booking: OpenTable | Resy.
- 2.Hotel Booking: Booking.com | Expedia.
- 3.Events: Eventbrite | Ticketmaster.
- 4.Activities: Get your guide.
- 5.Flights: T.B.D.
Depending on the experience, booking affiliation revenue ranges between 5-9% of the purchase value, except for restaurant booking, which equates to a few dollars per booking. However, restaurant bookings have a much higher velocity, and as a result, tend to be an excellent funnel for larger ticket items.
- Future opportunities: Nice third-party vendors pay a subscription/offer affiliation to share their inventory. User-generated events/experiences. Link to booking prototypes.
We believe that embedding the booking experience into the Chat ecosystem creates a better user experience and increases conversion with no additional user acquisition costs. Through providing an end-to-end booking experience within the Chat ecosystem, we can offer the following value propositions:
The integration of calendars and payment functionality creates the opportunity to make more relevant recommendations than the traditional proximity / interest-based suggestions. For the first time, we can recommend experiences that you are available to attend, within your usual price range, and suggest friends who would be interested in attending.
You are an adventurous person and book adrenaline-fuelled activities on occasion. We make a recommendation to go Skydiving at a local dropzone on the weekend as they are having a sale, and suggest inviting your friends Dan, Ashley, Jamie, and or Todd as they are also available and would likely be interested in attending.
The biggest challenge with leisure-based bookings is that people will usually shop around for the best deal. In our case, with the diversification of the business model and reduced cost of not needing to drive traffic continuously, we can take a long-term approach as we don’t need to maximize the return on each transaction. As a result, we can offer discounted pricing to 'Ownthis' subscribers and those who stake $THIS by removing the majority of the profit margin. This further increases the token’s utility, making ownership more valuable. Additionally, given the social nature of the platform, in many cases, users will be booking as a group which offers us the ability to provide further discounts.
While it’s clear that many consumers are willing to lend money to their friends, the idea of asking to be repaid causes tension and stress. BofA, “Friends Again Report,” found that “46% of Americans don’t remind their friends to pay them back due to fear of confrontation”. The “Friends Again Report” also found that “53% of its participants have ended a friendship over not being paid back”. To combat this issue, October 17 was designated as National Pay Back a Friend Day. And as a result, we believe that the ability to seamlessly keep track of individual/group expenses, split funds, and automate reminders on the platform will increase the likelihood of being paid back by friends and family.
How will this impact booking conversion? By reducing the friction, we can improve the conversion rate, especially in cases where one party is purchasing on behalf of a group, even in cases where we do not feature the lowest pricing for a particular experience. It’s always going to be cheaper when you get your money back.
The option of adding your birthday and integrating your calendar unlocks the opportunity to offer an intimate alternative to the Facebook birthday feature. The exciting thing to consider here is how easy it would be to make a booking on behalf of a friend or family member as a gift.
It’s your friend Sam’s birthday next Friday, you both live in the same city, and are available on Friday evening. Coldplay, a band you mutually like, is in town and playing a show that night. You receive a recommendation to create an event to see Coldplay with Sam for her birthday. And within the event invitation, there is an option to buy tickets. You purchase tickets and surprise Sam by sending the event in the chat with the purchased tickets attached.