How Klook Is Changing Up Your Travel Experience

Aug.08 — Anita Ngai, chief revenue officer at Klook, discusses the travel booking service platform, their expansion plans, how they make money, their target audience, their plans for an IPO and the company’s business strategy. She speaks on “Bloomberg Daybreak: Asia.”

Nito especially my colleagues who’ve used your service to book things like you know tickets to ocean park and other travel experiences but you’re also wanting to compete with the likes of em bambi so maybe to start with give us an idea of how you position yourself and how you describe your business yeah hi so we are an online travel platform that provides an

Opportunity for people to book and discover in the destination services and products so we carry things from tours activities attraction tickets even must eats and local foods so it really kind of covers everything that you would want on a trip aside from the flight and accommodations we are on track to making 1 billion u.s. dollars and bookings by the end of the

Year this year and that really puts us in a very good spot in terms of having the the kind of supply and the kind of products that travelers will want to see around the world yep and a good spot when it comes to fundraising i think with this latest round it takes you to a total of 300 million dollars what are you gonna do with all that cash anita well one of the

Main things that we want to do is definitely to expand outside of asia we were first established in hong kong but it was always our long-term goal to actually be serving travelers worldwide so we do have our sights on europe and us and earlier this year we’ve already opened our offices in amsterdam and london and hopefully by the end of the year we’ll be in the

Us as well and we really want to make ourselves to be known to travelers worldwide well i just before it asked any question about where you’re going in the future i want to about the past founded in 2014 you know whose idea this is a kind of a crowded space isn’t it that you could okay we’re going to sit down start this company and four years later we’re gonna be

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Raising all this money yeah our co-founders three of them actually two of them are investment bankers one of them coming from technology backgrounds they’re all big travelers themselves and actually they ran into a problem they found that there were online platforms for them to book flights to book accommodations but a way when it came to things to do they really

Didn’t find platform that actually could serve them it’s true that there’s probably a lot of names out there to help people book flights and accommodations but when when it comes to activities there really wasn’t that much in the landscape so this is kind of where we come in and even today i think that’s still very much the case some of the offerings that we have

Is still quite unique we’re very much a mobile first company which means that we have a lot of our products that are instant booking or translate it into more sort of user friendly language it means that you can wake up in the morning and decide what you want to do that day and still be able to book on our platform well it’s so foreign to me i usually just kind of

Look around you know but but still how do you make money it is your it is your audience more the younger generation the millennials new travelers people like in asia who are going to europe do the people who get the experience bookings give you a cut is it ads on the platform how do you make money on this we are an online platform which means we work with more than

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5,000 merchant partners who actually provide the services and the products that we sell on our platform on our website or on our app what that means is when we work with them we get a booking we actually share that we’re having you part of that revenue back with them but we obviously are also keeping part of that as our profit and that’s how we run our business we

Do also have other opportunities such as what you mentioned doing a little bit of advertising on our on our platforms as well as actually doing a lot of b2b what we call b – b – c kind of partnerships as well where we also distribute our products on other people’s website or apps anita what’s a plan for an ipo i think the last we heard was sometime before 2020

Can you give us a bit more details about your timeframe there we are always thinking about this so we get asked this question quite often at this moment we are still trying to focus on really building our user base worldwide and trying to provide really good experience for travelers but we always are keeping our minds on potential ipo in the future we talk a lot

About you know trade tensions the potential tensions playing out when it comes to areas like tourism hospitality and the services industries is that something that you’re sort of keenly aware of at the moment and also i’d like to ask you what your number one growth target is yeah we believe that it is precisely during tense let’s say tense environments like this

That actually traveled platforms like ourselves become very important we really want to make sure that people around the world get to see an experience and talk to people from different cultures from different countries and really not have that boundary blocking them off from really meeting the world so we believe in that mission a lot in terms of our goals we

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Really want to be doing a few things but i think number one thing we really want to do is to capture the consumer preference that’s becoming very obvious millenials and even other age groups really wanting to do experiences over buying things in terms of material goods this is where again where we come in a lot we do provide that set of experiences that people can

Can purchase and secondly we want to make ourselves to become a household name i think there’s quite a few household names that people can think of when they think of booking flights online booking accommodations online but for booking things to do people may still be as research research shows that spending 40 50 hours on average to research for their trips or

Talking to their hotel concierge we want to become the name that they think of when they actually are preparing for a trip and i always use the mum test what i call the mom test my mom knows of quite a few sort of hotel and flight booking site but she still doesn’t quite know our name yet so okay when i pass the mom test i feel that’s kind of our gomez yeah and

You might disrupt concierge design our thought of them not being so good but quickly a household name what how did you get this name can look with it what is where does it come from obviously you’re trying to be like your b & b so why does what is k look the name yeah we get asked about how we pronounce the name is a clue cos it k look well we don’t usually

Correct people i think either way actually it sounds great to us the name really came about from actually a contraction of the two words keep looking and that really summarizes our mission to keep looking in your journey

Transcribed from video
How Klook Is Changing Up Your Travel Experience By Bloomberg Markets and Finance