Market Size: Asia Pacific is now the world’s largest travel market (40%) led by China (220 million outbound trips by 2025) and Southeast Asia, which is the fastest growing region (increasing at 7% vs global 3%).
The Problem: Activities and Tours is a fragmented market with more than 50% being small travel suppliers with less than US$250K in annual revenue. With over 80% currently transacted offline, they truly form the Long Tail of Travel and a more cost efficient and scalable way to reach them is needed.
The Need: A new generation of Millennial FIT travellers seeking more local, authentic and off-the-beaten path experiences. Today, less than 10% of travel activities are booked online in a market dominated by ‘big boys’ who do not always offer the long tail aspirational experiences that this segment desires.
The Opportunity: Connecting Asian travellers to their desired aspirational Long Tail of Travel. The market for Global Travel Activities is the 3rd largest travel sector in the world and set to grow to US$129 billion by 2020. WEGOGO is pioneering a new decentralised, fair-share ecosystem - ‘PathFinder Model’ - to empower travel-loving people to help discover and share the long tail of travel experiences. This peer-to-peer model incentivises our PathFinders to create a new stream of income doing what they love and scale the ‘Unscalable’.
Target Market: WEGOGO’s first target market is focused on the large and growing Chinese outbound travel market and then, the fastest growing Southeast Asia travel markets, both of which accounted for US$28 billion in total spending on Tours & Activities in 2016. The potential market for China and SEA is set to grow to US$38 billion by 2020 (excluding flights, hotels, ground transport and events).
Why Now?: With the emergence of blockchain technology, it is now possible to pioneer a new co-operative travel model. Harnessing the decentralised nature of the blockchain, the WEGOGO “Fair-share” Ecosystem will challenge current incumbents and their “winner takes all” economic model in the travel industry. It will allow small local aspirational travel providers to thrive and serve the needs of a booming FIT Millennial market, savvy with the use of smartphones, budget airlines and advocating a sharing economy.
Our Advantage: Our HQ is based in Singapore with marketing and support offices throughout Asia including China (Shanghai, Beijing, Hong Kong, Chengdu), Malaysia, Thailand and Taiwan. We understand local cultures and are located close to all the travel activity providers. We have a very experienced, entrepreneurial leadership team led by award-winning Internet pioneer Wong Toon King ‘TK’. We are endorsed by prominent Strategic Advisors from the travel, technology, security and legal domains.
Proven Business: WEGOGO already has a proven and tested system on WeChat and iOS featuring over 10 islands and 400 activities. Over 5,000 transactions were successfully conducted on our beta. WEGOGO on Android will be launched in Q3 of 2018. By 2020, WEGOGO will expand to cover 125 destinations and 16,000 activities for bookings.