“The audience is always price sensitive. Every audience”
Omri Morgenshtern, CEO at Agoda, spoke to CTech about how the pandemic demonstrated sensitivities among customers around the world
“There was always a demand for flexibility if you wanted to cancel a trip, but I think we feel it much more than we felt in the past,” explained Omri Morgenshtern, CEO at Agoda. The company is an online travel agency helping people book their accommodation, flights, and activities online. Like almost any business, Covid affected how its customers operated.
“We felt it during Covid, obviously, but I think it will stick around with us post-Covid and I think it also boosted insurtech in travel,” he continued. “People are willing to pay more to take that non-refundable booking and make it refundable, or lock a price they receive and only enjoy the benefits if the price goes down. All of that I think evolved during Covid.”
According to Morgenshtern, some of the sensitives that customers have today relate not just to insurtech solutions but to things like time and money - factors that were only enhanced in the last few years.
“The audience is always price sensitive. Every audience… The booking windows are shorter than what we have seen. People usually, because there is instability, people don't book very far into the future. Actually, the most difficult thing for us during Covid was the cancellation spikes, not the booking spikes,” he added.
You can watch the entire exchange in the video above.