BUSINESS TRAVEL
Cleartrip, Flipkart | April 16, 2021
Flipkart announced on Thursday that it has agreed to acquire Cleartrip, an online travel and hotel ticketing firm, as the Walmart-owned e-commerce firm seeks to expand its offerings in the world's second-largest internet market.
According to a person familiar with the matter, the deal values 14-year-old Cleartrip, which raised approximately $74 million before the acquisition, at approximately $40 million. Cleartrip, like most other travel companies, is under immense stress as a result of the worldwide pandemic, which has greatly reduced people's desire to travel.
Last month, Indian news outlet MoneyControl announced that the two firms were considering a merger.
Cleartrip is also an Amazon partner in India, powering the American e-commerce giant's ticketing engine. In 2019, the two companies signed an agreement. The American e-commerce company did not react, even though it is currently battling a legal battle to prevent its estranged Indian partner Future Group from selling business to Reliance Retail.
Cleartrip will continue to exist as a standalone brand, with all staff staying, while collaborating with Flipkart to “further create digital innovations to make travel easier for customers,” the two firms announced today.
Flipkart has been reported to be working on adding a flight ticket buying feature on its website for more than a year.
“Through digital commerce, the Flipkart Group is dedicated to improving customer experiences. For many customers, Cleartrip is synonymous with travel, and as we diversify and search for new areas of growth, this investment will further strengthen our diverse portfolio of customer offers. We welcome the Cleartrip team to the Flipkart Group, with their vast industry expertise and technological skills, and look forward to working together to provide greater value and travel experiences for customers,” said Kalyan Krishnamurthy, CEO of Flipkart Group, in a tweet.
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INDUSTRY OUTLOOK
Expedia Group | January 24, 2022
Expedia Group released a new report, the Traveler Value Index: 2022 Outlook, based on a new study conducted in collaboration with Wakefield Research among 5,500 adults across eight countries, combined with Expedia Brands proprietary data. The findings suggest that after two years of enduring a global pandemic, people value travel and personal time more than ever. Simultaneously, travelers have started to adapt to the realities of COVID-19, ranking flex travel at the top of their priorities and focusing intently on traveling for good, including taking steps such as tipping industry workers more and choosing less crowded destinations to limit effects of overtourism. The report underscores the resilience of the industry, and reveals how travel companies can adapt to achieve a competitive advantage in this rapidly evolving environment.
“Travel is about to experience a year unlike ever before as people plan purpose-driven trips, value vacation time more, and up their investment in unique experiences,Still travelers are preparing themselves for possible trip changes as COVID-19 persists, and they want an array of options at their fingertips. Travel companies that prioritize safety and wellbeing, innovative solutions, and transparent communication will be the clear leaders as the entire industry shifts from survival mode into accelerated demand and growth.”
-Ariane Gorin, President, Expedia for Business
There will be a surge in travel for personal wellness.
The pandemic caused people to reflect on the importance of spending time with family and preserving their own personal wellbeing. Most people (81%) plan to take at least one vacation with family and friends in the next six months, and the majority are seeking quick doses of adventure, with more than three quarters (78%) expressing an interest in frequent short trips.
Similarly, the Expedia® 2022 Travel Trends Report found that nearly two in five (36%) U.S. travelers are searching for a sense of contentment and mental wellbeing on their next trip.
The new world of work will alter traveler priorities.
As companies prepare to return to the office and evolve remote work policies, employees are looking to make greater use of their vacation time, and in some cases, combine work and play. More than half (56%) of those who often work remotely will take a “bleisure” style trip — extending a work trip for leisure, or vice versa.
The 2022 Vrbo® Trend Report also found that, compared to pre-COVID, 84% of U.S. families have a greater appreciation for vacation time and 77% have a greater appreciation for separating professional and personal life.
Investment in travel will boom compared to pre-pandemic.
More than half (54%) of respondents say they plan to spend more on trips than they did prior to the pandemic.
Two in 5 (40%) plan to use loyalty points for at least part of a trip in 2022, with Gen Z in the lead.
People will travel more responsibly and consciously, with an increased focus on sustainability.
Over half of people (59%) are willing to pay more fees to make a trip sustainable, and 49% would choose a less crowded destination to reduce effects of overtourism.
Nearly half (43%) will add in extra time for services and transit, helping to minimize long lines, stress on workers, and missed flights.
Travelers will be on the hunt for great deals and flexibility.
As we saw in What Travelers Want and Traveler Value Index in 2021, the ability to book travel for a reasonable price and make changes to trip itineraries is an absolute must in the eyes of travelers. Almost all (84%) respondents agree that a discounted fee is influential when booking a flight online.
A nearly identical percentage (83%) say flexible fare options make a world of difference.
The full report can be downloaded here, containing more data from the study and actionable steps for travel companies based on the findings to help to grow traveler loyalty, trust, and business in 2022.
About Expedia Group
Expedia Group, Inc. companies power travel for everyone, everywhere through our global platform. Driven by the core belief that travel is a force for good, we help people experience the world in new ways and build lasting connections. We provide industry-leading technology solutions to fuel partner growth and success, while facilitating memorable experiences for travelers. Our organization is made up of four pillars: Expedia Services, focused on the group’s platform and technical strategy; Expedia Marketplace, centered on product and technology offerings across the organization; Expedia Brands, housing all our consumer brands; and Expedia for Business, consisting of business-to-business solutions and relationships throughout the travel ecosystem. The Expedia Group family of brands includes: Expedia®, Hotels.com®, Expedia® Partner Solutions, Vrbo®, trivago®, Orbitz®, Travelocity®, Hotwire®, Wotif®, ebookers®, CheapTickets®, Expedia Group™ Media Solutions, CarRentals.com™, and Expedia Cruises™.
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TRAVEL TECHNOLOGY
Iteris | December 08, 2020
Iteris, a global leader in smart mobility infrastructure management, has agreed to acquire TrafficCast International that gives travel information technology, for $16 million.
Madison, Wisconsin-based TrafficCast recorded following 12-month of $14.6 million and changed EBITDA of $1.2 million for the period ending September 30, 2020. Around 60% of the organization's complete sales is identified with its software product items and is accounted for as annual recurring revenue.
TrafficCast works two lines of business – commercial and public area – every of which contributes around 50% of total revenue.
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