The day 1 of WIT saw participation from a large number of business leaders and innovative startups. Amongst many business leaders Bobby Healy, the Chief Technology Officer of CarTrawler, attended the event. Bobby Healy is a technology entrepreneur mastering the art of booking engine software. He joined CarTrawler in 2005 and is playing an important role in the development of the company.
During his session, he brought to light many interesting observations. Here are some of them:
#1- Car Rental Brands have huge scope in European Markets
Car rental services have been growing at a faster pace in Asian markets, clearly highlighted by the 400% annual growth of CarTrawler in China in last 3 years. On the other hand, European markets are yet to experience the same. As stated by Bobby Healy, this continent is a “sweet spot” for car rental brands where customers are ready to experiment with the products & services and suppliers have less control over the distribution network. Thus Intermediators can interfere & bring significant changes in the market. In American markets lack of fragmentation is the biggest obstacle for car rentals.
#2- Data Analysis is must to understand the consumers
One of the reasons behind CarTrawler’s success in the market is their huge database. They have huge world-wide data set of all airlines. Through the advanced systems, CarTrawler not only keeps a track of its bookings but analyses the decision-making behaviour of customers. This helps the brand to determine the optimum price points, select reliable suppliers and define the right products for the customers. Thus, accumulating and reading the data is extremely essential to understand the customer behaviour and needs.
#3- Website should be a complete source of information
Website is always a first point of contact for all the consumers. Ensuring rich content with a simplified navigation can help in easily influencing the psyche of the users. Over the years, CarTrawler has leveraged this and ensured that their website becomes a comprehensive source of information with a smooth journey. This track of the navigation can help in understanding the consumer behaviour and give a clarity on the loopholes and consumer demands.
#4- International car-rental brands dominate the market
Over the years, international brands have been capturing the markets because of their efficient global supply chain system. With 1500 car rental agents and efficient team across different countries, CarTrawler has been able to function smoothly and thus has been the choice of majority of travellers. Whereas all the domestic players, because of less reach and consumer understanding, are still struggling to achieve the seamless operations.
#5- Essentials of business development
Bobby Healy stated that any form of business should initially begin as a B2B business. Simultaneously, it should also have a B2C plan. This is highly required for understanding the needs and demands of the customers. Every business endeavour should be coupled with the brand’s core business values and goals. Networking is important but it should be done in such a manner that the firms do not compete with its B2B partners while attempting to obtain B2C solutions.
You can find more stories from TravelRave here.