The launch recorded the first foreign customer transactions by a Korean domestic OTA
Seoul, Korea, September 05, 2023 – (SEAPRWire) – Tripbtoz (CEO Jung Ji-ha) announced the launch of the company’s global site, allowing foreign transactions. Tripbtoz, a domestic OTA (Online Travel Agency) providing 870,000 accommodations worldwide, has now introduced its services to customers worldwide.
Foreign transactions of approximately $30,000 were recorded in the first month of the launch, which was the first ever among domestic OTAs targeting self-guided tourists. A majority of foreign customers had utilized foreign-based OTAs when traveling to Korea. Tripbtoz now anticipates playing a leading role in the vitalization of domestic inbound trips through its global site launch.
Tripbtoz is a platform integrating community and commerce functions, and has introduced the Web3 Traveling Ecosystem for the first time in the world. Tripbtoz created a user-generated short-form video-based platform to serve a market that is gravitating towards video content, particularly short-form videos under a minute. In 2022, the company introduced a variety of services, such as challenges and rankings, and created gamification elements using rewards (Trip Cash) to further drive customer engagement.
The company’s key metrics have shown notable growth after the COVID-19 pandemic. Tripbtoz’s transactions in the first half of 2023 was approximately 55 billion KRW, which represents a 1,574% post-pandemic growth. With the introduction of user-engagement functions such as rankings, which drew positive reactions from the public, the number of subscribers increased by 2,010% in the first half of the year. Furthermore, the number of Monthly Active Users (MAU) increased by 3,368%, and the number of videos posted by users increased by approximately 22 times.
Meanwhile, Tripbtoz has attended the ‘Start-Up Korea Strategy Conference’ held at Cheongwadae (The Blue House) to discuss collaborative venture start-up growth strategies across public and private sectors. The conference was an event held to announce Korea’s vision for policies surrounding start-ups, contributing to the nation’s growth into a global start-up powerhouse, and was attended by 100 people from the government, institutions, large companies, and start-ups.
Jung Ji-ha, CEO of Tripbtoz, remarked that “The start of reservations for accommodation by foreign travelers is a meaningful achievement which indicates the global competitiveness of Korean innovative startups” and stated further that they will “continue to update various languages such as Japanese and Chinese to become a global travel company favored by travelers around the world.”
Tripbtoz launched its service in June 2017 as an Online Travel Agency (OTA) based on user-generated videos. It introduced the “T2E (Travel 2 Earn)” service to connect travel experiences between users and allows them to travel again by offering rewards for engagement from other users. Tripbtoz received ‘The Minister of Culture, Sports, and Tourism Award’ at the 2020 Challenge K-Startup in November 2020 and the ‘Prime Minister’s Commendation’ at the ’49th Tourism Day Ceremony’ in 2022.
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