No idea. In this industry predictions like this (talking about mediabuying traffic, not webmaster type of traffic) are not easy or doable
FYI, I found the reason why agoda sometimes i so cheap compared to other booking websites. Not sure if its been discussed already. Apparently they use a merchant model, where they buy up hotel rooms in bulk, for a cheaper price, which they can then sell at a great discount. Unfortunately this would probably not be possible for loc, or most small booking agencies.Agodas merchant model seems to be a bit regional though.https://travel.stackexchange.com/questions/138684/hotel-booking-why-is-agoda-much-cheaper-than-booking-com
There is an interesting oppertunity here though. What if loc for example allowed people to become merchants. And resell through lock in the future. For example, if im a local person who knows there will be a big event in my city. I could bulk book a lot of rooms, and offer them for a certain price for profit. But maybe this idea is getting out of hand.
This is a very different business model and not well suiting for a 0 profit company. Because bulk-booking means you carry the risk in case demand does not turn up as expected. To cover for such cases you need a solid profit margin :)
I think what is meant is whether we wouldallow third partiesto buy and re-sell hotel inventory in bulk and/or in retail as per their own discretion, from our aggregated inventory. It is interesting because we are working on an inventory distribution model that would make this possible. However this is more of a concept that we are examining. We are planning to soon update our whitepaper and will include this concept for inventory distribution once we advance more into the prototype phase.
Right, so the third party would take the risk. It could be a company or an individual. This kind of bulk buy-sell by individuals is a big thing in Asia. Thanks for considering the concept. Although, I'm not sure how people would be able to buy bulk in the first place.
So we know that the competition is not sleeping either, but I am impressed with how active their community on crypto twitter is. Look at those re-tweets down below on the screeshot. Such coordinated support from the community would help for sure 🚀
Locktrip And traalala is like slowest snail speed that use the smallest amount of capital to try to last as Long as possible vs massive scaling as fast as possible using investor fund while not making any profit and keep asking investor for more money to gain user count, which strategy is more superior?
Hey I am not trying to criticize, I am just impressed by the support of those guys on twitter. Software development is not so quick and easy as I'm myself into it for 10+ years.
This is like scalping with sports tickets, huge risk as you never know demand. Those buying hotel rooms in bulk today are buying rooms that will not be bought at any cost as the world is still on lockdown, and people in areas who are not, are afraid to travel. It's a good business model in boom times, just like ticket scalping..
Happens to the best, I even experienced this for a few 3+ hours working for bookingcom customer service. Customers could not book and we could only ask them to call back later. To them extremely expensive. Luckily not for LockTrip yet expensive :)
I am looking for hotels at London Heathrow for late July, why does it show no search results? I know there are lots of hotels there and have stayed at hotels at LHR with locktrip before.
Agreed, it actually shows hotels on the map, just not in LT inventory.... maybe this is related to upgrade?
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Have you tried searching for London and then filtering for your desired hotel names?
LT should respond with hotels when a search input of Heathrow is entered in the search field, the search result does show up as London Heathrow (LHR) on LT, but no hotels are delivered.
Oh dear.. Noone is expecting you to bulk rent entire Trump tower during lockdown, on a platform without many users. However, agoda is doing merchant sales. Probably by algoritms. If they do it, it means there is a market for it. Somehow the hotels benefit (prepaid cashflow?), agoda benefits (scalping), customer benefits (big discounts). Since loc and blockchain is a lot about affiliate, it would make sense to somehow make a concept for this in the future. Putting this merchant system in the hands of anyone in open marketplace. If the userbase is large enough for hotels to bother selling bulk through loc platform.
Well my comments arent aimed at you. Im presenting an idea to the team, and im just interested in them taking notice and perhaps replying if they feel like. They can disregard our comments at will if they dont make sense. You already discredited yourself in my mind a few weeks back, when you seemed to take the side of the looters and communist mobs in america. Believing in one of the greatest hoaxes of all time, that somehow western countries are discriminatory towards browns, and to be blamed for all brown failiure, when statistics and history says something entirely different. And now you are strawman arguing against me, by saying there is no need for my idea during covid.. Obviously i mean years in the future when the platform could be mature enough and with enough users for it. (if we are lucky)
H, we all want success for LT. My politics ( as all of ours) are irrelevant to the success of LT. Everyone is able to share opinions and arguments. I share my personal experiences, not opinions. BUT, do you have an experience that can share/challenge my actual, physical experience relevant to the current situation?
Not really. Imo the questions were legit and well argumented.I think even if theywereloaded thats not a reason to ban their community who raised questions. You wont see the locktrip team reacting that way
I was once banned for congratulating the tralala hodlers in their tg for listing at kucoin before someone else there knows it, so admins were pissed that a loc supporter made that announcement 😂😂😂
I think it's better to coexist and even cooperate perhaps. No need for a feud. It's quite narrow minded to think these 2 companies are competing. The competition lies with the big non crypto giants. I'm invested in both. And also if one looks better on paper, it doesn't necessarily mean it will emerge as a winner. History is full of examples where one company triumphs over a competitor simply because they are lucky with timing or better business minded. I hope both do well. Also some very high marketcap cryptos have a overly sensitive tg channel. I've been banned from many already.
I was banned from snx for pointing out that their model is just a betting platform and not actually as it presents itself.
LT has always supported that way of thinking ... IMHO better focus on how to make LT a success ... and the current situation with Covid hurting the industry, nothing new actually, I've been through similar times like this may be 4 times already, and the situation has always recovered and the persistent and lucky win 😋 Unless there is a total apocalipsis like a big asteroid hitting earth, or a mega vulcano erupting, or humanity going into global nuclear war, all should be good ...
nice booking 👏... but i think ‘the amount waiting to be burnt’ was not updated accordingly
Unfortunately these were all test-bookings. This is also why the "waiting to be burnt" number hasn't updated. Because LOC were only sent to the lockup, but not to the parking wallet. Apoplogies for the wrong expectations and the late notification
I am not sure this is the correct approach to a hotel search. Typically i search for a location then pick the most appropriate hotel in that location. It's very rare that i would have a specific hotel in mind. Previously I stayed at the Hilton garden inn hotel at LHR with locktrip. This doesn't show up in London searches either. I do think there is something malfunctioning to show no hotel results for the second busiest airport in the world. I hope this is not reflective of a broader issue with the inventory.
My proposal was meant to see if the issue lies within the mapping or whether it is a database issue. Because some places are not properly mapped with the available inventory. But this type of issue shouldn't be possible with the smart search functionality we have prepared for the next deployment :) I will assist you with your booking in pm 😊
Other question. If against expectations things with corona do not improve for a long time. This question came to my mind due to a customer canceling a car in Portugal due to a second lockdown. How long can the company go on without getting enough bookings? And how many bookings per day are needed to be at break even for LockTrip?
Thank you, I am really bullish for LockTrip and expect a bright future. I would think that things turn around with covid as well. I even bought more yesterday and I am investing every month with any money I can miss. Still good to know in case I am wrong with how long the covid situation will take.
Not a simple question of course. Take your time. I won't mind if you need to answer that later either.
According to our continuity plan we are well funded for more than 2 years without raising any capital and without receiving any bookings 😊 In terms of break-even, we can't really tell because it depends on multiple determining factors. However once we are on a growth trajectory that won't be a concern :)
In search I just found that someone asked the same in February and the answer was also 2 years. Does that mean 2 years from now or more like one and half year left?
Oh wait is says more then. Sorry, could you please provide me with a more precise estimate?
In our covid update posted in March we were talking about 25-30 months. So more than 2 years from now. However I wouldn't focus too much on that number, since it merely represents a baseline scenario. Funding will not be a failing point for the project as long as other parameters continue to perform as expected 😊
📚LockTrip Academy — 2.1 Identify Your Unique StrengthsAs we near towards the launch of the affiliate tools, we are resuming our articles on LockTrip Academy. This will allow our affiliates to prepare their strategy, experiment with the tools and be ready for when the global travel industry picks up again - whenever that will be. We advise affiliates to use the time for non-financial preparations only.
Before you can start thinking about your affiliate strategy, you first need to think about yourself. This may sound distracting at first, but to some extent the strategy will find you and not the other way around. There may be certain limitations as well as opportunities that arise from your skills, character or work management.In this section of the academy we are exploring how your strengths and abilities may guide you towards a more efficient affiliate strategy.https://academy.locktrip.com/starting-your-career/selecting-a-strategy/2.1-identify-your-unique-strengths
I guess with the average booking amount times the processing fee, the company makes 1-2 euros per booking revenue. So kind of easy to guesstimate that we are talking about at least 10k bookings a months to break even. Or I am completely off track?
Don’t forget the premiums that can bring in more money as the regular bookings
I also think it is doable. Already before the crisis there have been at least 1 booking per day. So growing by a factor of 300 is a like doubling every day for 1 week and then staying flat :)
That big whale that is selling starts hurting himself. It used to be around 11 eth for 10000 loc for a while and now it started to go down. Last trade was for 10.5 eth and the pace slowed down significantly
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Hey Sergej, what do you mean by processing fee? There are big unknowns such as the share of referred bookings, revenue from other features on the marketplace, cost of marketing etc. Also, we wouldn't like to present all these data publicly, since current and future competitors could draw valuable conclusions from it 😊
Out of 2.5% cc fee, 1.1% is the actual processing fee and the rest is the company extra which is used for hedging etc? I think it was like this if I remember the idea right. Completely wrong?
The total credit card fee right now is 3.1%. Of these, 2% are third party payment processing fees and 1.1% is the affiliate fee. No additional fees apply. We don't receive anything from referred bookings. Only if the booking is unreferred, the 1.1% is used to cover company expenses
With the introduction of LOC Economy 2.0 we also removed the requirement for hedging. You may want to re-read the detailed explanation in our LOC Economy 2.0 announcement from December:https://medium.com/locktrip/locktrip-announces-economy-2-0-going-live-100c03a02770
Since we started the topic... The cc processing fee contains interchange fee which is dependent on the country of the issuing bank. In EU it is regulated at 0.3% while in other countries can be quite high. Are you charged a flat processing fee or not? To be honest, 3.1% sounds outrageously high to me. Do you think that once the volumes go up, you would be in a position to negotiate it down?
As Walter pointed out, the payment processing fee is only 2%. The rate is not flat, especially when the currency needs to be converted in the process. But the 2% are an average which we quote uniformly. This includes bank fees + processing fees arising from Stripe. If I remember correctly, SafeCharge had a 2.5% fee. So we were able to reduce it with the integration of Stripe :)
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