We are creating a system that would guide you throughout the whole trip with Virtual Guides in AR glasses and help to book experiences and other things right on the spot.
We are in 23 destinations and created 600 travel experiences ready to book.
Millennials are spending more on experiences than on transportation and hospitality together!
Do you remember 80, I mentioned before? That’s crazy that 80% of travelers are booking experiences offline, by calling, or asking concierges in hotels, as I foolishly did.
Meanwhile, the tour and activities market will reach $183 billion by 2020.
It is a truly HUGE opportunity, and we only need to solve the Trust problem with a little innovation.
Problem or Opportunity
Before telling you my vision of the future of VR/AR Travel, let me tell you about my one of my trips.
A couple of years ago, I was in Singapore for a short business trip and of course, I decided to discover the city. But when I checked a couple of websites for experiences all of them was with unreal and ancient stock images. Nothing was appealing to book so I just wandered around the Gardens by the Bay.
On my way back to THE Airport, I got a video recommendation from a local friend on the awesome Garden Rhapsody Light Show at THE Gardens by the Bay. And how did I MISS that?!
But you know what the irony was? I had seen that experience on one of the provider’s website, but the photo was so shitty that I didn’t even consider it. It was a true disappointment as 95% of all providers runs on Stock Photos.
That’s why most travelers do not trust online websites for booking tours and activities.
It is 2019 and we don’t trust the internet for experiences, so 80% of people book it offline!
It’s no surprise then, that although businesses spend millions online to get attention, the conversion rate is around 1%.
Solution (product or service)
The way we’ve been taught to travel is perfectly suited for a world that no longer exists. The modern Travel sale has lost its way, everybody is doing the same on same old websites with stock photos. Not even marketing is working anymore - SEO, SEM, Pop-ups, Facebook, Instagram.
We personally do not book with social media or Google search, why would our customers do?
So we thought, the only way to stand out if we create a real connection with people with new channels and 360 content. If we already experience the world in 360, why should we limit us online?
We started to co-producing inspiring and immersive 360 videos for a fraction of the cost of traditional videos, helping providers convert 2 times more customers.
Today, we offer 360 experiences in VR/AR via new Channels in Airports, Hotels, and the transfers between them.
Our competitors are split into three areas:
1. 360 Content creators - AirPano (www.airpano.com) or YouVisit (www.youvisit.com).
2. General Travel content creators, such as Meero.com that just closed Round B with $45M.
3. VR/AR Travel apps - Kayak VR app or Gala360 (www.gala360app.com)
The added value of 360Stories is that it puts all this together, filming 360-degree travel content for booking tours in VR.
Advantages or differentiators
A new way to market Travel products with new channels without competition on Google search.
Creating massive content for customers at a better price than anyone on the market.
Conversion is 200%-300% more than stock photos.
Our business model has already proved successful, as we co-produce quality content for Tour providers for building Trust.
For example, we are working with Food tour providers producing 360 video of their Dim Sum tour in Singapore, and we show the video in the local Hotel so the travelers can book it. So we are working with tour providers, museums, attractions, and others to bring the best experiences to market in 360. With only one sales channel we have access to 5,000 small and medium providers in the top 40 destinations.
Nevertheless, our main revenue engine is a fee of 10-15% per booking. And I want you to understand the magnitude of the market opportunity. Only one partner, with a 5% share of the online market, sold 5M experiences in 2017 with an average of $100 per experience.
Money will be spent on
We have done everything with 3 people core leading team and only CEO focusing on business development. We will hire Sales and Marketing and focus to publish our AR solution.