The hospitality sector is the second largest contributor to the global
travel industry and it is currently dominated by online travel agents.
OTA's generate around 70% of online hotel bookings and this has
impacted hotel's direct bookings, profit margins and loyalty programs.
GOeureka, wants to change the scenario by putting hotels and customers
first. Using blockchain technology, GO plans to benefit hotels and
customers by introducing commission-free bookings, accepting payment
through cryptocurrencies that are devoid of merchant fees, and
transforming traditional brand loyalty programs.
GOeureka aims to
create a new symbiosis where hotels maintain control over their brand
while unlocking value for consumers on its platform, the company said.
GOeureka’s vision for the future of the travel industry is a supportive
online ecosystem where all businesses are allowed the opportunity to
thrive and benefit from providing the best goods or services to
travelers. As a technology partner to hotels, GOeureka intends to
provide a seamless web and app experience to users without the high
commission structures imposed by current OTAs.
The company said it
provides an affordable and efficient platform for hotels and consumers
to directly engage and transact with each other, removing the
inequitable commissions to OTAs that ultimately decrease hotels’
margins and increase consumer prices. These benefits are then passed on
to customers.
GOeureka is also introducing a patent-pending
Re-Booking function for customers to obtain the best value for rooms.
When the hotel rate drops, the Re-Booking feature will automatically
detect and re-book an existing booking at the lower rate. Additonally,
GOeureka proposes an interoperable loyalty program that will benefit
hotels and customers by promoting the hotel's own loyalty rewards
program with the option to convert hotel loyalty points into GO Credits
that can be used on the GOeureka platform. For consumers who subscribe
to multiple loyalty programs, GOeureka’s solution for an interoperable
loyalty program could facilitate instant redemptions and exchange for
multiple loyalty point currencies on a single platform. Blockchain acts
as an immutable and secure ledger of all transactions related to the
issuance of GO credits, creating a transparent, auditable supply of
loyalty points without the need for intermediaries, the company noted.
The growth of online travel agencies is a perfect example of how new
technology can disrupt an existing industry. These online agencies have
a huge advantage over the normal hotels since they are able to offer
consumers low prices and more options. However, it is not all rosy for
the online travel agency; the traditional hotel sector is slowly
adopting the online technology. However, these hotels are still lagging
behind. They need to work faster. Otherwise, intermediaries that get
them in touch with customers could start making more than them.
The
GOeureka team thinks they may have found something that will give the
hotel an edge over agencies. To do this, they have decided to augment
the existing loyalty programs with blockchain technology. The aim of
the GO project
is to utilize the blockchain to create a symbiotic relationship
between hotels and customers. Hotels will maintain control of their
brand while customers will get more value at the same price.
The GOeureka Vision
GO has
a plan to create an online ecosystem where businesses thrive by
offering the best services to travelers. As a technology partner for
the hotel industry, GO will offer a simple and direct app and web
experience to users without the high commissions on most sites. By
freeing up resources for hotels, GO will make it possible for them to
offer better customer value and service with their resources.
GOeureka Transparency And The Blockchain
A key feature of the blockchain is accountability. Go will use the
blockchain to make sure that accountability and transparency are
maintained in the ecosystem. Go will replace the pay to play
arrangement utilized by most travel agencies. The platform will be
unbiased and no commission will be charged on users. On GO, hotels will
no longer need to pay for visibility. All displays and search results
will be determined by the performance of a hotel and the reviews it
gets from its users.
GOeureka Hotel Booking Loyalty Programs With The Blockchain
If a hotel wishes to integrate, the GO ecosystem will offer an API
where a hotel can link their inventory with the reservation system.
There will be guides offered to the hotel’s IT department to make the
integration seamless. Go will also integrate with the property
management software of a hotel via strategic partnerships. One issue
that GO will solve is the disconnected loyalty programs. Today, every
airline, car rental service, and the hotel will have its own loyalty
program. This makes it hard for ordinary consumers to accumulate enough
points to redeem for significant rewards. An integrated loyalty program
powered by the blockchain is the future. Go will create an
interoperable program that is powered by this technology. Users will
have the option to convert the loyalty program points of a hotel in GO
credits. With this system, loyalty points earned from a car rental
service can be converted into GO credits. This can then be used to pay
for a hotel room.
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