Hopper is adding another fintech product to its lineup as well as launching a price fridge for hotel bookings. In March, CEO Fred Lalondo considered it a logical next step, saying its existing fintech offers – such as flight price freezing, flight delay protection and refundable bookings for flights and hotels – accounted for about two-thirds of the company’s revenue and increased the average number of hopper users. 15% cost.
Anbesha Bhattacharjee, head of Hoopers FinTech, said the hotel price hike means the uncertainty that travelers are feeling due to the seaweed needs to be overcome. “Hotels have traditionally been a thought, but lately hotels have been a no-brainer because people are actually taking to the streets and need to suspend their hotels. And they are not sure when the right price point for these hotels and when to book. So when they see a prediction and we tell them it’s a good time to buy or freeze, they actually take that advice and they want to promise the price,” Bhattacharjee says.
“The thing we’re seeing is that our customers are much more aware – they like to be very sure before they make a promise … the price frost helps them do it … relieves them of such worries if the price goes up. … These help to lock in their price and then decide to go the other way and lose the good price.” Prices are available for all hotels on the platform and the cost is based on an algorithm that analyzes data to predict when specific booking prices may go up or down. Users can freeze the best available rate for 60 days at any hotel.
If the price increases within that period, the hopper will cover the difference up to $100 and the user pays a lower price if the price decreases. If a booking is made, the price deposit is credited to the booking price. If the user decides not to book that hotel, the price frozen deposit can be transferred to another booking made within 60 days window. However, if no action is taken within 60 days, the user forfeits the deposit. Bhattacharjee admits that the hotel can be sold when the customer is ready to make a booking, and that the freezing is not a specific room, but guarantees a rate.