Vast shifts in the explosive travel industry have resulted in unlikely opportunities for new companies, who are swooping in to pick up highly lucrative spots in Hawaii travel and elsewhere. Think of it as Hawaii travel meets financial services, social products, and commerce. There are companies that simply know almost everything about us that can tailor Hawaii vacations uniquely to each of us. That includes where we go, what we do, how we pay, and everything we want. This is another fascinating new development in travel and how we buy Hawaii vacations, for example.
The latest players in Hawaii travel aren’t those we know or expect.
There are companies that know us very well and with whom we have deep relationships that are coming to the highly lucrative travel industry where Hawaii plays a prominent role.
Have you seen Chase Travel?
Honestly, we had not. We happened upon it and were shocked to find the bank and credit card company has its eyes firmly set on travel, where you can expect to buy Hawaii vacations big time.
Chase has made some incredible statements about travel, including that they could sell $15,000,000,000 of travel, yes, that’s billions, in the next two years. They said that $1 of every $3 in Chase transactions is travel related!
And it isn’t just Chase. Others, including Citi Bank and Capital One, are also planning to sell you Hawaii vacations. While Bank of America’s Travel Center is another one that will quickly evolve. That site now says, “Take off on a new adventure. Over 200,000 hotels and resorts. Over 200 airlines. 24/7 phone support when you travel.”
FinTech and travel leverage creative new partners.
Most of these new travel players partnered with various companies to get a leg up as they started. Chase is connected with booking.com, while Capital One is partnering with Hopper. Hopper says it has become a billion-dollar company with 100 million users who access its services via its 8-year-old mobile app. Hopper moved into new products like cancel-for-any-reason trip insurance coverage, among many other diverse offerings.
And if you think this is just a few giant banks, it isn’t. Others are swooping in too.
Look for some of the most creative Hawaii deals emanating from these players, including free Hawaii vacation financing, among other new options.
Amazon Travel will undoubtedly try selling you a Hawaii vacation.
That’s another massive financial technology company that knows nearly everything about us following years of experience with us. Amazon will be a travel giant, a tour company, a trip-insurance provider, and more. They have the power to control pricing as they do in their online product store. When they move in, everything changes. Case in point, Editor Jeff recently signed up for Amazon Pharmacy. Why? They sold him a prescription toothpaste for 1/4 of what any other store, including Costco, sells it for.
The key is these companies’ pre-existing relationships with us Hawaii travelers.
These banking companies know us all too well. They see where we spend money, and they know it is on Hawaii travel. They want to finance it, get their cut of it, and they’ll, without doubt, be primary players in this sector sooner than you think.
The plan is to use that knowledge to do what’s called cross-selling. Thus you can expect various perks to be offered to gain your loyalty. This gives all of these companies an extreme competitive advantage compared to legacy companies that sold us vacations, such as Expedia and Booking. Our relationships with those OTAs were far more limited, and their knowledge of us was far less. And the next winners in Hawaii travel will be based on the deep relationships they have maintained with us for years.