Post on 09-Mar-2020
HomeAway Confidential© 2012 HomeAway. All rights reserved.
Eye for Travel 2014 – HomeAway
P2P revolution: myths and realities
Marcello Mastioni, Sr. Dir. EMEA Ops
May 23 2014
HomeAway Confidential© 2012 HomeAway. All rights reserved.
HomeAway
2
HomeAway, Inc. based in Austin,
Texas, is the world's leading online
marketplace for the vacation rental
industry.
Through HomeAway, owners and
property managers offer an extensive
selection of vacation homes that
provide travelers with memorable
experiences and benefits, including
more room to relax and added
privacy, for less than the cost of
traditional hotel accommodations.
The company also makes it easy for
vacation rental owners and property
managers to advertise their properties
and manage bookings online.
HomeAway Confidential© 2012 HomeAway. All rights reserved.
How big?
3 Image source: www.thailander.com
over 950k listings, of which about
1/4th are e-commerce enabled
2.7M rooms,more than the world's
top 3 hotel chains
140M room nights per year
16M monthly unique visitors
HomeAway Confidential© 2012 HomeAway. All rights reserved.
Our brands
4
HomeAway Confidential© 2014 HomeAway. All rights reserved
HomeAway Confidential© 2012 HomeAway. All rights reserved.
Today
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Learn how the Peer to Peer market is revolutionizing the travel
industry and whether traditional travel brands can keep up
• Explore what the popularity of P2P brands tells you about
your ever changing consumer
• Understand how this market creates a sense of trust and
community and if traditional travel brands can capitalise on
this
• Discover what the new distribution eco-system will look like
with the growth of the P2P marketk
• Gain an insight into the legal issues which are affecting this
market and what the future holds
HomeAway Confidential© 2012 HomeAway. All rights reserved.
Contents
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Changing
consumers
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Is there a new paradigm for “good”?
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OLD NEW
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Is Coca-Cola green?
8 Picture source: http://thegreenwashingblog.com/
HomeAway Confidential© 2012 HomeAway. All rights reserved.
It’s about families and groups
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Let’s stay together
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Spending time withmy family/friends isthe most importantpart of my vacation
I use my vacationsto get away from my
usual routine andstresses
I need vacations tofind balance andrestore myself
Vacations are aboutindulging myself
I need vacationsfilled with adventure
and activity
It isn't a vacationunless I have
learned somethingnew
Never Used Occasional Users Regular Users
45% 40% 25% 15% 5% 5%
VR status
Spending time with family/friends is most often cited motivation for taking a vacation
% “strongly agree”
Source: HA research, 2012
HomeAway Confidential© 2012 HomeAway. All rights reserved.
Amenities and space, and yes, authentic and local
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Experiential vs. … practical
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US UK France Germany Italy
Where to go 1st 1st 1st 1st 1st
Other decisions (5) How much to spend, Where to stay, When to travel,
How to get there, Who goes
What to do 7th 7th 7th 7th 7th
Order in which you made/will make each decision for long holiday trips
Source: HA research, 2013
HomeAway Confidential© 2012 HomeAway. All rights reserved.
Online bookable: yes “but”
13
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Changing consumers
14 Source: http://premisepunchtag.wordpress.com/
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Contents
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Creating
trust
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An old job
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Non rented 13.5MLN
Rented 6.1MLN
HomeAway (952K)
Source: November 2010 Radius Global Market Research survey titled “Market Sizing Study”
US and EU vacation rentals inventory
HomeAway Confidential© 2012 HomeAway. All rights reserved.
Do you trust your neighbours?
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Bla Bla Car 2013 “research on trust factors”
“Most modern social networks use friend of a friend as a boundary of private
information. The underlying, but not necessarily correct, assumption is that
friendships are transitive.” Wanita Sherchan, Surya Nepal, Cecile Paris. A Survey of Trust in Social Networks. ACM Computing Survey 45(4): 47 (2013)
2.2
3.5 3.6 3.8
4.7
Strangers Neighbours Facebookcontacts
Colleagues Friends &family
HomeAway Confidential© 2012 HomeAway. All rights reserved. 18
Accumulation
Source: Wanita Sherchan, Surya Nepal, Cecile Paris. A Survey of Trust in Social Networks. ACM Computing Survey 45(4): 47
(2013); Wave image source: http://www.fbookcover.com/
HomeAway Confidential© 2012 HomeAway. All rights reserved. 19
Education
Left hand side chart source: Leon Haland as seen in http://creativityandinnovation.blogspot.ch/, 2011
Right hand side chart source: Pew Research Center, 2013
0 250 500 750 1000 1250 1500 1750 2000 2250
50
40
30
20
10
0
Days to achieve 50M users Cross-over use
Of those who
consume news on …
… percent who also
get news on
71%
60%
57%
64%
21%
27%
47%
25%
19%
28%
22%
23%
88 1046 1096 1325 2354
M users
Days
HomeAway Confidential© 2012 HomeAway. All rights reserved.
Fly wheel
20 Source: GPBULLHOUND, “SOCIAL TRAVEL – THE HUMAN TOUCH”, Feb 2012
HomeAway Confidential© 2012 HomeAway. All rights reserved.
The four principles of collaborative consumption
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Critical Mass
Belief In “The Commons”
Idling Capacity
Trust Between Strangers
Christina Glover, What’s Mine is Yours: The Rise and Fall of
Collaborative Consumption, 2011
“This is what the internet
was made for, an instant
platform sharing excess
capacity among many
people.”
Robin
Chase,
founder of
Zipcar
Self-Managed Peer-
Policed Systems
HomeAway Confidential© 2012 HomeAway. All rights reserved.
Managing and building trust
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Trust Facets
Calculative E.g. based on economic model
Relational E.g. employee relationships
Emotional Outcome of an interaction
Cognitive E.g. positive referrals
Institutional Environment that penalizes misbehaviors
Dispositional Generalized expectations that develop over time
Trust Properties
Context specific Would you trust your mechanic to be your dentist?
Non-transitive, but propagative and composable
Alice trusts Bob and Charlie. Charlie and Bob trusts John
Dynamic and self-reinforcing Members act positively with other members whom they trust.
Subjective, asymmetric and event sensitive
Trust take a long time to build, but a single high-impact event may destroy it completely
Source: Wanita Sherchan, Surya Nepal, Cecile Paris. A Survey of Trust in Social Networks. ACM Computing Survey 45(4): 47
(2013); Wave image source: http://www.fbookcover.com/
ROI transparency
Inspirational language and images
Urgency messaging?
Nurture fans …
… and crack down on NFMPs
Personalization
T&S, customer service
HomeAway Confidential© 2012 HomeAway. All rights reserved.
Creating trust
23 Source: www.webdesignerdepot.com
HomeAway Confidential© 2012 HomeAway. All rights reserved.
Contents
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Shaping the
ecosystem
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The traveller journey …
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Dream
Book
Pre-Stay Stay
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… is a social journey
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Planning
Business Trip Planning
Discovery
Live recommendations
Collaborative consumption / group buying
Source: GPBULLHOUND, “SOCIAL TRAVEL – THE HUMAN TOUCH”, Feb 2012
HomeAway Confidential© 2012 HomeAway. All rights reserved.
SoLoMo
27 Source: http://siliconangle.com/blog/2012/06/18/
Local Mobile Social
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Mobile
28 Source: PhoCusWright Euro Consumer Trends @ ITB Berlin, 2014
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Mobile
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Siri Samsung Tablet of the Future
Source: PhoCusWright’s TRAVEL INNOVATION & TECHNOLOGY TRENDS: 2012 & Beyond, Special Report for World Travel
Market, by Bob Offutt & Cathy Schetzina
HomeAway Confidential© 2012 HomeAway. All rights reserved.
Glad to have you
30 Source: PhoCusWright’s TRAVEL INNOVATION & TECHNOLOGY TRENDS: 2012 & Beyond, Special Report for World Travel
Market, by Bob Offutt & Cathy Schetzina
HomeAway Confidential© 2012 HomeAway. All rights reserved.
Meta
31 Source: DerbySoft presentation @ ITB Berlin 2014, from PhoCusWright data
Percent of online travel shoppers who typically use metasearch sites, 2013
HomeAway Confidential© 2012 HomeAway. All rights reserved.
Big Data
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Travel distribution is in the midst of significant
changes. Technology – in many cases using
semantic tools – is countering some of the value
GDSs provide by aggregating content. In the
meantime, GDSs are fighting back by providing
tools to easily access nontraditional content.
These phenomena are happening against the
backdrop of the explosion of social media in travel
marketing. The growth of online travel planning and
booking will be fueled by the ready availability of
low-cost devices for those without access to the
Internet. For computer-challenged users, new
interfaces will make machines more user-friendly.
Sweeping changes in the distribution channel, keen
competition for customers, and the effect of
online travel reviews mean travel companies
must have complete, accurate and timely
information about their business operations and
customers’ perceptions. At the same time, the
mobile web will migrate from company-specific apps
to apps that provide value across multiple suppliers.
Perhaps the most significant opportunity is the
possibilities that big data, cloud computing and
logical data warehouses bring to the table. And
finally, we all want a better trip experience. With
new technology, it actually might happen.
Source: PhoCusWright’s TRAVEL INNOVATION & TECHNOLOGY TRENDS: 2012 & Beyond, Special Report for World Travel
Market, by Bob Offutt & Cathy Schetzina
HomeAway Confidential© 2012 HomeAway. All rights reserved.
Manufacturing authenticity?
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Local opportunities Market structure
Left hand side chart source: Tamara Rátz, Innovation and Creativity in Niche Tourism Development in Hungary, 2013
Right hand side chart source: When They Get There & Why They Go, by Douglas Quinby, PhoCusWright @ ITB Berlin 2014
HomeAway Confidential© 2012 HomeAway. All rights reserved.
Shaping the ecosystem
34 Source: http://www.seo.com/
HomeAway Confidential© 2012 HomeAway. All rights reserved.
Contents
35
Win win
regulation
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Win win regulation
36 Source: http://cbldf.org/