The idea of going on a trip, whether it’s to a tropical location by air, or a short road trip to a scenic vacation rental lakeside cabin, has always been one filled with pure excitement. The anticipation builds after much discussion and online research about where-to-go, how-to-get there, where-to-stay and what-to-do-there. Finally the ball swings in full motion as online reservations are made for the vacation rental, flights, and rental car.
Travel Gone Digital
The immense digitization of almost all industries in the last couple of decades is without a doubt changing the landscape of the business, and the travel industry is no exception to this. Discussions on the best places to go, sites to see, places to stay and most cost-effective ways to get there have moved online to places like TripAdvisor, and transport apps such as Rome2Rio, where everyone’s voice can be heard. Then there’s the shift from traditional vacation accommodation such as hotels and lodges to the vacation rentals of rooms, apartments and entire houses anywhere from a night to a couple of months that has been facilitated by startup turned billion dollar giants such as Airbnb, HomeAway and VRBO. It’s never been easier to find the most affordable ways to get to your destination with informative and comparative websites such as Kayak and Expedia and accessible on any device.
Having an entire vacation just a couple of clicks away is just fantastic news for consumers and providers alike, and is something worth getting really excited about. For consumers, there’s never been more diverse options right at your fingertips – from beach houses to penthouses to cabins, villas and even tree houses. For service providers this is only just the beginning – the evolving terrain of the travel industry is creating new demands and needs to be met by employment opportunities which have not previously existed. This domain has really become the innovative entrepreneur’s paradise. PhoCusWright tracked that nearly $900 million in the funding of over 60 vacation rental startups alone between 2005 and 2012.[1] The products and services created are often so targeted, specific and composed of a sophisticated and savvy elements of hospitality, management, finance, digital marketing all infused with cutting edge technology tying it all together, with the end goal of giving the best value to end consumers in the simplest way possible.
Homestay, for example has a built-in video chat function for better communication and understanding prior to the stay. Handy, a startup cleaning and maintenance and hospitality service that offer on demand options for such services. SafelyStay was created with the goal of increasing trust between all parties of the vacation rental experience. [2]Alan Clarke, CEO of Homestay was quoted saying, “As the marketplace matures, entrepreneurs will find ways to create value for that ecosystem.” These ways are possibilities are endless, and with all these new opportunities comes an element of risk both for the consumers and the service providers. Pablow, Inc. is excited to be involved in the blooming travel industry and in particular the private rental market, and who’s mission is to bring travel insurance into this age of innovation for both ends of the market – consumers and service providers alike! We are excited to hear your thoughts and innovations, where you think this market is headed and what can be done better to shape the future of our promising industry!
Get in touch with us and tell us about your business and market segment, to be covered in future blog posts. We want to hear your thoughts. #PABLOWPROTECTS
[1] Pg. 3 Deepak Jain, Douglas Quinby, Maggie Rauch, Cathy Schetzina., PhoCusWright’s US Vacation Rentals 2009-2014: A Market Reinvented. (May 2013)
[2] Jason Q. Freed + Skift Team., The Vacation Rental Technology Ecosystem (July 2015) http://products.skift.com/trend/vacation-rental-tech/?utm_campaign=Skift+Trends+Reports&utm_source=hs_email&utm_medium=email&utm_content=2087035
Pablow 