Finding and booking accommodation has never been easier. Visit any large Online Travel Agent (OTAs) and you’ll be presented with a disorienting amount of offers. But what on the surface seems like a great service has come at significant cost to both the hotels and customers. Hotels suffer both financially and in terms of brand degradation, while the customer isn’t presented with the best offers.
Hotels want to have a direct relationship with their customers, that’s how they can offer their guests the best service and the best deals. Reward systems offer an answer, but hotels are struggling with how to implement a reward solution that really works, something that creates true value and ultimately builds loyalty with their guests.
While loyalty reward systems help to establish a relationship with a customer, in practice they don’t deliver. Points are hard to redeem, are not interoperable and are hard for the hotels to maintain. The Trippki loyalty reward system is powered by a crypto-token, TRIP, that enables a new level of customer experience, and doesn’t require maintenance on behalf of the hotel owner. TRIP is a cryptographically secure and decentralized token, a crypto-asset that is robust and redeemable at the holder’s discretion. TRIP token value comes from the access to a cost-efficient universal loyalty points travel economy. Over time customers build reputation within the platform, allowing hotels to tailor bespoke offers to them.
Trippki, unlike any other OTA, is designed to generate network effects, because it is scalable and open. The distribution of TRIP ensures the economic incentives align quickly to achieve the necessary tipping point. TRIP is not inflationary, only 200 Million TRIP tokens will be minted, 40% of which are available through the Token Sale and 40% of which are locked into a Smart Contract called The Vault, and are released as the system scales. At predefined milestones The Vault reduces Trippki Making Travel More Rewarding the overall supply of TRIP by buying it from the market and burning it.
FIXING THE BROKEN REWARDS SYSTEM
There are a lot of fragmented travel rewards systems out there, many on a global scale. The idea behind Trippki is to create a more versatile rewards program that empowers guests to travel more often without sacrificing the security of their personal information.
Loyalty rewards programs are everywhere; from craft stores to gas stations. There are some estimated 3.8 billion loyalty program memberships in the US, but 54% of these accounts are inactive, according to a study by Colloquy. The travel industry is no different. There certainly are benefits to providing a loyalty program to your customer base, however, the current structure hinders its potential. Rewards function independently from each other, making it difficult for guests to truly benefit. If one was to cash out their points to book a hotel, they are often limited in terms of hotel locations, dates, and length of their stay. In addition, many rewards programs set these points to expire after a certain amount of time, leaving customers frustrated. This results in a high rate of inactive or lapsed loyalty membership accounts.
These broken rewards systems are what inspired the team to develop Trippki. We want to provide a new kind of travel rewards program that allows points to be redeemable at the holder’s discretion. Trippki will accomplish this by leveraging the power of cryptocurrency and blockchain technology, with our native token, TRIP. TRIP will be rewarded to guests in the form of a kickback after staying at a participating hotel. TRIP can be applied to a wide range of hotel amenities to encourage the guest to book specialty services, tours, dine at on-premise dining, etc. For the guest, TRIP has immediate utility as it can be used to pay for hotel bookings and services on Trippki as well as be exchanged into other cryptocurrencies, such as Bitcoin. This broadens the versatility of reward points and increases the transferability of points to better serve the customer’s needs. Travel reward programs mainly aim to benefit the guest, but with Trippki the hotels also benefit. Current loyalty membership programs require a large amount of maintenance on the owner’s behalf.
Trippki utilizes the distributed ledger of blockchain to dramatically decrease the amount of money and time required to establish and sustain customer reward programs. Additionally, by using TRIP, hotels incentivize guests to promote them on social media, refer them to friends, and so forth, expanding their reach. While the current travel rewards system is desperately in need of creating a new, more flexible system in order to be able to cater to the needs of individual guests, it also needs to reconsider its handling and storage of guest’s personal information.
Current travel rewards programs, through both individual hotels and third party online travel agents, store massive amounts of personal information in data silos. These silos are at risk of security breaches, putting guest’s information at risk. By using blockchain technology, Trippki aims to fix this by utilizing an open protocol powered by an Ethereum-based token, instead of the traditional closed silo model.
Our goal is to build a decentralized travel rewards protocol that will help re-establish the line of communication between hotels and their guests, instead of relying on online travel agents, diversify the redeemability of travel reward points and secure individual’s data.
To learn more, visit our website at Trippki.com where you can read our white paper.