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Former Priceline Execs Debut Plannin, A Booking Platform That Uses Travel Influencers To Help Plan Trips
Andrew Loewen and Randy Schartner, co-founders of Hotelsbycity.Com and former Priceline executives, just announced their latest project: Plannin, a global travel booking platform that empowers creators to monetize their hotel recommendations and share travel-focused content.
As the creator economy continues to ramp up in value, estimated to generate $250 billion in revenue, Plannin wants to put a twist on travel booking by using influencers as an alternative to travel agents.
With Plannin, creators can tell their audience about their latest trip and which hotels they liked and post photos of their travels. To earn income, they share an affiliate link across social platforms for their followers to sign up on Plannin. Meanwhile, travelers can access thousands of creator recommendations and can directly book hotels through the platform.
"One recommendation from the right person is worth more than 1,000 anonymous reviews. It's about helping people experience travel through creators they trust," Loewen told TechCrunch. He was previously the chief operating officer at Priceline Partner Network.
What's most notable about the platform is that it gives creators a 5% lifetime commission, meaning if a follower clicks on their link and continues to book through Plannin, the creator will earn commission on that account for as long as the account exists.
"We offer a lifetime commission model so creators can earn from their audience even if they don't book that day. The reason we did that is because travel is not an impulse buy. … Many of our bookings happen [15 to 60] days after the original account is created," Loewen said.
Image Credits: PlanninPlacing creators at the forefront is a strategic move for Plannin, ensuring a steady flow of content and traffic to the platform. The company also thinks that travelers will benefit from authentic recommendations from influencers they know and trust who share the same interests and tastes.
However, some people may doubt that honest recommendations can come from influencers driven by financial gain. Schartner, who previously was the president of the Priceline Partner Network, doesn't think it'll be a problem, though. "You would assume that they would give an honest review because it's to their audience. … Most people wouldn't lie or mislead on their personal socials because they have a deeper connection with their audience," he said.
Plannin has already onboarded more than 600 influencers and has about 5,000 posts and 1,500 recommendations on the platform. The company approves creators with more than 10,000 followers, but it may also consider micro-influencers who specialize in travel-focused content.
Image Credits: Plannin Plannin also has a search capability featuring over 2 million hotels worldwide. The platform is partnered with Booking Holdings, which owns Priceline, Agoda, Booking.Com and OpenTable.
Plannin hopes to become a one-stop booking platform for the entire trip experience. For instance, this summer, it'll allow creators to recommend restaurants, tours, attractions and other activities. The company will soon partner with GetYourGuide and OpenTable to help travelers book restaurant table reservations and activities in one place.
Additionally, the platform is launching "Trip Boards" later this month. Creators will be able to curate a full itinerary with all the experiences, hotels and restaurants from a destination in one place. For example, an influencer can make a trip board based on their recent trip to Italy, showing dozens of places from their favorite cities.
Plannin is still in beta, but an official launch is in the works.
The company secured $2.5 million in funding last year, led by Golden Ventures, N49P and former Booking Holdings CEO Jeffery Boyd. The company is looking to raise more venture capital this summer.
Consumentenbond Finds Evidence Of Booking Misleading Customers
Booking.Com and Agoda.Com, both subsidiaries of Booking Holdings, are under scrutiny for allegedly misleading consumers through deceptive advertising practices. The Consumentenbond, a Dutch consumers' association, has raised concerns about fake discounts, incomplete pricing, and artificial scarcity tactics employed by these popular booking platforms. This isn't the first time these issues have been brought to light, as similar complaints were made back in 2020, prompting Booking to promise improvements that have yet to be realized.
Persistent Issues with Pricing TransparencyConsumentenbond researchers investigated various advertisements on both Booking.Com and Agoda.Com, revealing significant discrepancies between advertised prices and actual costs. The researchers found that both sites often list prices excluding unavoidable taxes and service charges. For instance, a hotel room in New York advertised on Booking.Com as costing "from €211 per night" does not include an additional €75 in taxes and fees. This practice misleads consumers into believing they are getting a better deal than they actually are, as the final price only becomes apparent later in the booking process.
Artificial Scarcity TacticsBoth Booking.Com and Agoda.Com have been found to create a false sense of scarcity, which pressures consumers into making hasty decisions. Booking.Com, for example, claimed on a random Tuesday that 84% of all accommodations in Nunspeet were fully booked. However, this figure included private homes not available year-round. Additionally, the site falsely stated that comparable 4-star hotels were fully booked, whereas researchers found available rooms at the only two other 4-star hotels in the area.
Agoda.Com has similarly been accused of deceptive scarcity tactics. When booking a room for two people, the site claimed it was the last room available. However, researchers could still book the same room for a group of ten on the same night, indicating that the claim of limited availability was false and intended to rush consumers into booking.
Misleading Discounts and ConditionsThe investigation also uncovered misleading discount practices. Many of the advertised discounts were incorrect, giving consumers a false sense of urgency to secure a seemingly good deal. Moreover, Agoda's "lowest price guarantee" was found to be riddled with conditions not clearly stated on the website. The "free cancellation" option also turned out to be misleading in several cases, as it was not truly free.
Sandra Molenaar, director of the Consumentenbond, condemned these practices, stating that they are deliberate tactics designed to manipulate consumers into making quick decisions under false pretenses. "They are riled up with lies," she said, emphasizing that these strategies are employed to create a false sense of urgency and a perception of scarcity, making consumers feel they have found a good deal when they have not.
In light of these findings, the Consumentenbond has reported Booking's violations to the Authority for Consumers and Markets (ACM). The ACM is responsible for ensuring fair competition and protecting consumer rights in the Netherlands. The Consumentenbond hopes that this report will prompt regulatory action to enforce transparency and honesty in online booking practices.
This is not the first time Booking Holdings has been accused of misleading practices. In 2020, similar issues were brought to Booking's attention, and the company had pledged to make improvements. However, the recent findings indicate that these promises have not been fulfilled, as the same deceptive tactics continue to be used.
The continued use of misleading pricing and fake scarcity tactics by Booking.Com and Agoda.Com highlights a significant issue in the online travel booking industry. Consumers are being misled into making hurried decisions based on incomplete information and false advertising. The Consumentenbond advises consumers to be vigilant, carefully read all terms and conditions, and compare prices across multiple platforms before making a booking.
The allegations against Booking.Com and Agoda.Com underscore the need for stricter regulations and better enforcement of existing consumer protection laws in the online travel booking industry. As these platforms play a significant role in the global travel market, ensuring transparency and fairness is crucial for protecting consumers and maintaining trust in digital marketplaces. The Consumentenbond's report and subsequent action by the ACM could be pivotal in driving positive changes in the industry, ultimately benefiting consumers worldwide.
Spotlight On Booking Holdings: Analyzing The Surge In Options Activity
Whales with a lot of money to spend have taken a noticeably bullish stance on Booking Holdings.
Looking at options history for Booking Holdings BKNG we detected 25 trades.
If we consider the specifics of each trade, it is accurate to state that 44% of the investors opened trades with bullish expectations and 36% with bearish.
From the overall spotted trades, 10 are puts, for a total amount of $542,832 and 15, calls, for a total amount of $1,244,937.
Expected Price MovementsBased on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $2000.0 to $4250.0 for Booking Holdings over the recent three months.
Volume & Open Interest DevelopmentExamining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Booking Holdings's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Booking Holdings's significant trades, within a strike price range of $2000.0 to $4250.0, over the past month.
Booking Holdings Option Volume And Open Interest Over Last 30 Days Significant Options Trades Detected: Symbol PUT/CALL Trade Type Sentiment Exp. Date Ask Bid Price Strike Price Total Trade Price Open Interest Volume BKNG CALL TRADE BEARISH 01/17/25 $1827.0 $1810.0 $1810.0 $2000.00 $181.0K 209 3 BKNG CALL TRADE BULLISH 01/17/25 $1785.0 $1775.9 $1785.0 $2000.00 $178.5K 209 5 BKNG PUT SWEEP BEARISH 05/31/24 $14.6 $13.5 $13.4 $3690.00 $112.8K 19 0 BKNG CALL TRADE BULLISH 01/17/25 $1070.0 $1052.5 $1070.0 $2800.00 $107.0K 194 3 BKNG CALL TRADE BULLISH 01/17/25 $1070.0 $1052.9 $1068.68 $2800.00 $106.8K 194 0 About Booking HoldingsBooking is the world's largest online travel agency by sales, offering booking and payment services for hotel and alternative accommodation rooms, airline tickets, rental cars, restaurant reservations, cruises, experiences, and other vacation packages. The company operates several branded travel booking sites, including Booking.Com, Agoda, OpenTable, and Rentalcars.Com, and has expanded into travel media with the acquisitions of Kayak and Momondo. Transaction fees for online bookings account for the bulk of revenue and profits.
After a thorough review of the options trading surrounding Booking Holdings, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Booking Holdings's Current Market StatusOptions trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Booking Holdings options trades with real-time alerts from Benzinga Pro.
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