2015, The Year That Was: Cox & Kings Fuels The Online Travel Sector
Going out for a movie? Why head to the theatre to buy tickets when you can use your smartphone or tablet to book them online, right in the comfort of your home!
In fact, nowadays, you do not need to step out of your home for anything. Just book or order everything online, including family holidays.
Read how Cox & Kings’ acquisition of LateRooms has helped it dominate the booming online holiday market across the world!
Acquisition of LateRooms From TUI (Touristik Union International) Group
As soon as this shift in the purchasing pattern of our guests (even for holidays) caught our eye, we began to look at how we could be technology-ready and adapt ourselves to the new development. Our philosophy has been to change with the times and be ready to meet any changes or demands that the future might throw at us. We usually achieve this by introducing new holiday packages or by strategically adding new tools and services to our existing portfolio.
One such example of such a strategic move was our acquisition of the LateRooms, a profitable, leading online hotel booking specialist in the United Kingdom.
LateRooms is one of the oldest, most profitable online hotel booking brands with a strong online technology platform. Initially built as a single Web platform, it was soon optimised to operate smoothly on all mobile devices. Mobile soon became a core strength for LateRooms, which received c.57% of its traffic from smartphones and tablets in FY15, making it a perfect fit for our evolving business.
The brand also had c.93 million online visits and reported a total transaction value (TTV) of c.GBP 300 million, and net revenues of c.GBP 50 million in the financial year ending September 30, 2015.
These figures justify the site’s acquisition as a successful way to bolster Cox & Kings leisure business delivery capabilities across all geographies. What’s more, the inclusion of LateRooms’ online and mobile-enabled platform allows us to target new-age customers, especially in an age where we all have become denizens of the internet. The move also served to increase our customer base; we’ve successfully incorporated LateRooms’ 3.5 million opted-in and active users into our database. Apart from a large inventory of 54,800 properties across the globe, LateRooms also owns related portals, such as AsiaRooms, and allows customers to book accommodations up to a year in advance.
Not only did the LateRooms deal help to strengthen our technology base, it allowed us to expand our B2B and B2C leisure sector. With the online brand’s existing inventory, hotel contacts and competitive rates, a significant boost to Cox & Kings growth trajectory and technology capabilities is inevitable!