More than 80% of queries of customers are being addressed by these chatbots and rest is taken care of by an offline human agent. The Business Model Mixer is grounded in in-depth research into a limited number of cases. It was founded in 2008 by Nishant Pitti. The brand raised a total of $548 million in funding in 5 rounds. One more similar feature “Trip Assist” acts as a personal travel assistant to customers to assist them during their whole trip. Their first business was set up in a house garage but soon lost all their initial funding within a couple of months. Similarly, 85-90 percent revenue of the hotel business is from domestic travel. MakeMyTrip’s first series funding of $10 million was raised in 2005. It includes identifying the products or services for sales, the target market or customers, and anticipating expenses or costs. Otherwise, email us anytime. Domestic travel holds the top position in air ticket revenue i.e. The company has recorded vigorous growth in Quarter 1 of FY2020. Users can also access other travel-related services like visa processing and travel … After EaseMyTrip was established in 2008, international flight bookings and hotel packages were only introduced gradually. The business platform allows them to book their air tickets and earn commissions as well. They also cater to the offline travel market by allowing travel agents to book domestic tickets through the website. The core value proposition of MakeMyTrip is the best deals that it provides to its customers at their convenience. The workforce of the company is autonomous and independent. One such story of ‘Bootstrapped yet profitable’ business is that of travel eCommerce firm ‘EaseMyTrip’, which went from bootstrapping to Rs 1400 crore in annual turnover in 8 years. All over the world including India, travellers prefer to avail of the online facility to book tickets and hotels through the internet. All in all, a business model of an organization defines its way of making money. He further experimented with his entrepreneurial skills by working with AMF Bowling for setting up bowling alleys in India. The number of websites also is growing, jumping from 255 million in December 2010 to 582 million a year later. EaseMyTrip.com is a leading online Travel company in India. A Business model of any business includes below main elements: MakeMyTrip works on B2C (Business to customer) business model in which they facilitate their customers through booking their tickets online as it only requires a single click of the mouse to avail of a wide range of products and services of the brand. Having an open heart to knowledge is what leaves her with a thirst to explore the world. Join Us at b2b.easemytrip.com for Business. The attractive features of MakeMyTrip services like quick discounts, MyReward and MyWallet facilities, Fare Calendar, and other facilities do value-addition to its products and services. Besides providing economical air tickets it believes in providing a great experience to its customers. All the information mentioned in the article is subject to change according to the changing viewpoints. Gradually, EaseMyTrip has emerged as the third-largest online travel agency in our country with over 20,000 airline tickets sold every day.Â, Testbook - The story of great success through helping millions of online learners. In the GlowingStart article, \"What Is The Difference Between A Revenue Model, Revenue Stream And A Business Model\", Alex Genadinik does a great job explaining the difference between those terms. They did not have to spend a single buck to attain customers. The possibilities of anything in this world that could be a trend is infinite. TimesNext Media Pvt Ltd does not provide advice or endorsement for any product. To make business travel easier and cheaper, we’re glad to introduce myBiz, a simple yet powerful business travel booking and management platform with several benefits. It prefers to provide the most competitive and best environment for suppliers to demonstrate its products. The use of mobile technology for sales and service is the main element in the success of MakeMyTrip. The possibilities of anything in this world that could be a trend is infinite. You can also book train tickets, bus tickets, taxi rentals, etc. MakeMyTrip - Business Model and Revenue Model . Easemytrip is an Indian online travel company that provides holiday packages, hotel bookings, air tickets, bus bookings, and white-label services. Apart from above, MakeMyTrip also offers a lot of value-added services like attractive discounts and offers on different bookings. Feel free to reach us at [email protected] for any change or copyright issues. They soon launched the Android application and introduced new services like travel insurance through EaseMyTrip. Travelling is an incredibly fulfilling experience and even a passion for many. Free ready-to-eat meals were arranged for the customers as a part of this alliance. Another key resource of the company is its proprietary technology, which has the capability of a good search engine. It offers effective, reliable services to its customers and also, incorporates the latest and advanced technology in its business. The key resources behind the growth and success of MakeMyTrip are its human resources and other organizational resources. These websites include MakeMyTrip.com, easytobook.com, hoteltravel.com, etc. It provides seamless integration of chat and voice channels with analytical tools and dashboards. It includes identifying the products or services for sales, the target market or customers, and anticipating expenses or costs. A business model, she says, has two parts: “Part one includes all the activities associated with making something: designing it, purchasing raw materials, manufacturing, and so on. The company's business model is uniquely poised to tap the growing Online Travel Market where customers can book flight tickets, hotels, bus tickets and holiday packages at a cost-effective price. They bought coal worth 2.2 million USD to be resold. The brand received $180 million in its IPO which was launched in 2016. Since its inception in 2000, the company is facilitating a lot of travellers in booking online tickets of rail, flights, and buses, hotel booking both domestic and international, and different holiday packages all over the world. In 2018, they collaborated with IRCTC for train tickets. EaseMyTrip commenced its operations in 2008 by focusing on the B2B2C (business to business to customer) distribution channel and providing travel agents access to its website to book domestic travel airline tickets in order to cater to the offline travel market in India. With a market share of 24 percent, MakeMyTrip has secured a leadership position in the market segment of domestic flight ticketing. It was the source of most of the initial cash flow, and the brothers were able to earn good revenue. Presently, Easy Trip Planners Pvt. This was that time when he was exploring the internet and its great potential in impacting our day to day life. The company constantly improves its customer support services by adopting advanced and latest technology. The brothers have been able to raise their business into becoming one of the largest online travel agencies in India in terms of airline ticket sales. To widen its revenue generation segments, the brand has also introduced weekend travels, other activities, and events. How Abhibus is soaring heights among fierce competition, How ONganic Foods is giving rise to a healthier lifestyle and a better world, 15 Easy & Powerful Home Remedies to Get Rid of Pimples, Uncovering the story: How ZestMoney aims to improve the lives of millions who don’t have proper financing options, ITC’s Growing Appetite for Staples and Butt-Kicking, An Undying Industry: Men’s Grooming is Trending, Redefining Merchant Business with Contactless Payments in the COVID-19 era. In its call centre customer care service, an in-house CRM tool is designed i.e. Businesses are able to manage their travel schedule and accommodation facility for their employees using different features of MyBiz like single dashboard system, Central payment processing through MyBiz wallet, and quick refund facility to MyBiz wallet on booking cancellations, etc. Ltd (EaseMyTrip.com) is considered as one of the best travel agencies in India working with a network of 50,000 travel agents, 1200 Franchise Outlets, 1800 Corporate, 140 Distributors, and 640 White label solutions. Ever since then, MakeMyTrip has been providing a convenient way for online travel booking and quick access to services in a few clicks. This empowers agents by providing necessary tools and information to deal with queries of customers effectively. Personal Details. Meanwhile, talking about the changes adopted in the business model in the changed Covid-19 times, EaseMyTrip said, "There will be a substantial change in people’s habits, preferences and desires for their travel in the future. MakeMyTrip also has offices in different international locations like Singapore, Phuket, Bangkok, New York, Dubai, and Kuala Lumpur. The idea was formed in the minds of brothers Nishant Pitti and Rikant Pitti while they were booking flight tickets for their father who frequently had business trips. Even though one in four of all adult Indians uses tobacco, the nation's addiction runs far deeper, including its... Flipkart, India's leading ecommerce marketplace, plans to secure about ten billion USD for its IPO, initial public offering. EaseMyTrip had collaborated with Air Deccan who sold tickets for 500 to 700 rupees. To take care of the travel requirements of its customers, the brand has a team of seasoned tour agents who are well trained. Once the brand positioned itself in that market as offering transparent and reliable services, it further started its operations in India in 2005. MakeMyTrip lets users book air tickets, bus tickets, buy holiday packages, book hotel accommodations, and hire vehicles. To handle travellers professionally in destinations, the brand also offers partnerships with tour agents who are local to those destinations. The sustainable competitive advantage of the brand is its people or human resources. An e-business model is an approach to conducting electronic business through which a company can sustain itself and generate profitable revenue growth. Note: If you buy something via a link on this page, we might earn a small commission on it. Most of these competitors follow a retail-centric business model but EaseMyTrip is focusing more on travel agents and corporate clients. MyDesk. But soon they stopped these low prices as the profit was falling rapidly. There are various such businesses in India, but recently, EaseMyTrip has become a rising brand among them. MakeMyTrip focuses on long term customer relations as their services are more customer-centric. Business Developement : Aneesh@easemytrip.net, +971553322175. It became the biggest merger in the travel industry. In addition to this, other services provided for packages include visa processing, travel insurance, cruises, etc. thus availing various promotions. According to its website, EaseMyTrip has 7.5 million direct consumers, a B2B network of 42,000 travel agents, 1,200 franchise outlets, 1,600 distributors and 640 white label solutions. Flipkart, India's leading ecommerce marketplace, plans to secure about ten billion USD for its IPO, initial public offering. Easemytrip is an Indian online travel company that provides holiday packages, hotel bookings, air tickets, bus bookings, and white-label services. Concluding Remarks 25 E x h i b i t s Exhibit 2.1 Research Framework 2 Exhibit 3.1 Business Model Framework as Proposed by Osterwalder & Pigneur 8 Exhibit 4.1 Jembi’s Business Model 11 Exhibit 4.2 IAGU’s Business Model 13 Exhibit 4.3 IPAR’s Business Model 16 It launched makemytrip.ae for Emirates markets. Through MakeMyTrip, users can also access other travel-related services provided by third-party vendors like visa processing and travel insurance. The whole country is currently anticipating the arrival of the game back into the... Cybersecurity services and product companies are booming in the Indian business market during the pandemic, with startups reaching over 100 USD million valuation (1).... Today, the market is a very saturated place. “Trip ideas” is another feature that is developed to facilitate travellers in making decisions related to travelling by guiding them in trip planning, destination discovery, and identification of personal travel interests. The airline tickets are sold both separately and as a part of travel plans. One of the pioneered names in the online travel business is MakeMyTrip in India. FAU-G vs. PUBG: Who’ll reach the Indian Gamer first? Save my name, email, and website in this browser for the next time I comment. The company’s business model is uniquely poised to tap the growing Online Travel Market where customers can book flight tickets, hotels, bus tickets and holiday packages at a cost-effective price. Apart from this, the below-mentioned corporate value system of the company makes it unique over its competitors: The marketing strategy of MakeMyTrip is quite effective. Read more about EaseMyTrip files Rs 510-cr IPO papers with Sebi, promoters to sell stake on Business Standard. The Background. Similarly, “Trip Money” is there to support customers to take loan approval for buying their desired tour-package. The idea was formed in the minds of brothers, Travel companies in India often face a run for their money due to the intense competition in this area. One more competitive advantage is that the brand focuses on creating an experience for both its customers and suppliers. Other travel-related services that are offered by third party vendors like travel insurance and visa processing are also accessible through the company.MakeMyTrip lets the users book air tickets, bus tickets, buy holiday packages, book hotels and accommodations and hire a car. As the choices of travel services have increased over the years, the internet has become the easiest, quickest, and most comfortable platform to compare prices and to place booking orders for tickets. Affiliate. This was an unfortunate turn for EaseMyTrip, but they hired other travel agents and lowered their commission rates. December 2011 marked a whopping 2.26 billion Internet users worldwide, 44.8 percent of who were from Asia, according to a paper published by the George Mason University. MakeMyTrip offers back-up to its customers that makes it unique from other online travel agents i.e. The unique features of EaseMyTrip are : The services offered by EaseMyTrip include all parts of a journey such as flights, hotels, etc. With technological advancements, MakeMyTrip is able to take advantage of its competitors in the online market of travel. Mr. Rikant Pitti is the COO , Co-founder , and Whole-Time Director of EaseMyTrip is among the youngest entrepreneurs of India who has all the qualities of a … Also, the transaction of the B2B business model is much higher than that of the B2C model. Their strategy is a B2B2C (business to business to customer) channel and therefore gives direct access for the agents.Â. Savings. With time, the brand has introduced a lot of diversified online and offline products and services for its customers. Our website services, content, and products are for informational purposes only. Free ready-to-eat meals were arranged for the customers as a part of this alliance. It is probably their customer-friendly approach and effective sales strategies that have earned them a significant market share in the field. and also, most of the banks are on board. Even when top firms like, The customers are not charged a convenience fee if there is no other discount or a promotion voucher, Their pricing model is created in such a way that it avoids hidden costs which force the customers to pay a larger amount than expected, They have an authentic technology group dedicated to building the best infrastructure and software, The website provides a secure, advanced and customer-centric assistance, A regularly maintained record with details of finances and performances, A hybrid platform that encompasses a vast distribution channel, An experienced management team with high efficiency in their duties, Between 2015 and 2017, the company briefly dealt with the coal industry. The customer testimonial of the company is a great tool for providing strong feedback on the team of customer care executives. The company has also started an intra-city cab facility in selected locations. We offer and exclusive deals on International and Domestic Flight Booking, Holiday Packages to wor… The range is quite long... You have entered an incorrect email address! In a broader sense, a business model is described as a plan of any business or company of how to make a profit for their organization. They were helped with investments from friends and family, and the significant boost came when an airline company contacted them. Domestic holiday tour packages were launched in 2008 for hotel searches and Indian travellers. EaseMyTrip commenced its operations in 2008 by focusing on the B2B2C (business to business to customer) distribution channel and providing travel agents access to its website to book domestic travel airline tickets in order to cater to the offline travel market in India. In today’s era of globalization and advanced technology, the travel industry demands reliable and fast travel services. By 2015, the company’s revenue had crossed 150 million USD. Nishant is now the Chief Executive Officer, and Rikant is the director of EaseMyTrip. They bought coal worth 2.2 million USD to be resold. This model underpins this workbook, which was developed with a team in the period 2017-2018.The model consists of seven building blocks that together form a business model … Corporate customers are also part of their corporate travel segment, especially SMEs (Small and medium enterprises). The brand focuses more on creating a long-lasting customer experience as compared to offering low-cost products and services. Disclaimer: The views, thoughts, and opinions expressed in the article have been curated for our audience and does not warrant a 100% accuracy. Customers can make changes and cancel the booking anytime as MakeMyTrip provides very flexible services. Enter Agency Name * Please enter agency name. After that in 2006, the company raised the next series of funding i.e. Feel free to use all the cases and tools as inspiration for your business plan. Thus, the brand is continuously offering the best services to its customers. New Delhi-based Easy Trip Planners' easemytrip.com is enabling traders, who frequently fly for business, to become its agents through franchise retail outlets. They would buy tickets from the airlines as a chunk using this amount, and this process gave them a considerable discount. It is not clear to what extent the consulting sector in general scores on the various elements in the business model mixer. Also, losses of the company are reduced by 50 percent in the third quarter of FY2020 in comparison with the third quarter of FY2019. They are summarized below: 1. In 2009, the brand extended its services into bus ticketing and provided the facility for multi-city booking reservations. The policies of the brand also play a crucial role in its success like the recruitment policy of the company focuses on recruiting the best talent carrying specific domain-specific skills so that site visitors are served with highly customized and customer-centric solutions. In this model, both the sellers and buyers are business entities. thus availing various promotions. MakeMyTrip is able to maintain its leading position as an online travel company in India by technological advancements in its offerings to meet the ever-changing requirements of the global travel market developing at a fast rate. 2. About Us. He couldn’t get much success in it and soon he left that and joined GE Capital as Vice president-Business Development in 1999. Offering distinctive B2B and B2C model & excellent services, Mr. Pitti has revolutionized the way people travel in India through EaseMyTrip. EaseMyTrip commenced its operations in 2008 by focusing on the B2B2C (business to business to customer) distribution channel and providing travel agents access to its website to book domestic travel airline tickets in order to cater to the offline travel market in India. MakeMyTrip has generated revenue of $146.9 million in the third quarter of FY 2019-2020 wherein, it was recorded $118 million in the second quarter of the same financial year. Other than the B2C business model, MakeMyTrip has also launched the MyBiz model to extend its services for corporate travels. In 2018, they collaborated with IRCTC for train tickets. EaseMyTrip was founded by a group of brothers in 2008. As per the company, air business contributes 35 percent in total revenue, and the bus transport segment generates 10 percent of the revenue. The brand was advertised by word of mouth owing to the remarkable ‘no-convenience fees’ strategy. Business Model: A business model is a company's plan for how it will generate revenues and make a profit . This thought prompted him to try for entrepreneurship again with a different idea and finally, in April 2000, MakeMyTrip was introduced. E-transaction service facilitates customers to get the refund of money by automatic transfer of the amount back to the same account. The European Association of Science Editors (EASE) is an international community of individuals and associations from diverse backgrounds, linguistic traditions and professional experiences in science communication and editing. MakeMyTrip offers all bookings whether it’s flight, hotel, or a holiday package. In another IPO in 2017, $330 million were raised. The team members are like-minded young techies who possess both managerial and technical skills. For better customer service and their convenience, the company has introduced three customer service channels i.e. To book a hotel, flight, and holiday on mobile or desktop site is a great experience for customers as one can do the booking quickly in a hassle-free manner. Even when top firms like MakeMyTrip and Goibibo are struggling to make their trade profitable, EaseMyTrip has been able to build a steady growth. $13 million. 5.2 Business model statements as a tool to improve performance 23 6. Other revenue generation segments include income from advertisements by displaying advertisements on websites, revenue by selling bus and rail tickets, also, income from providing access for the website to a travel insurance company. In 2019, acquisition of a major stake of Quest2travel.com took place by MakeMyTrip limited, and also, a digital campaign was launched and named as #MyIndiaMyTrips. In the booking process, they saved a lot of money through online booking, and this encouraged them to put together a small scale travel agency. EaseMyTrip partnered with FoodForTravel in September 2019. Free modifications, free on-board meals, best rate guarantee for a wide range of hotels and GST Invoice Guarantee. Beware of the Financial Frauds While Going Digital, KUMU: the app that’s now ringing with TikTok to battle, TIME’s Kid of The Year, Gitanjali Rao – A Brilliant Mind and Generous Spirit. Hotel rooms are also sold individually or as a part of packages. I also used to wonder that how EaseMyTrip - Flights, Hotels and Bus is making money when they are not charging convenience fee on flight booking but I heard that travel companies are given commission on each booking by the airlines. Nidhia Sebastian is an English literature graduate who looks forward to a career that complements her passion. Business Model of MakeMyTrip. That goal is precisely what all the travel companies are working for. BookMyShow - How does India's largest ticketing portal thrive? The major top 10 competitors of the brand include Yatra, Cleartrip, Booking.com, OYO, Travelguru, Cox & Kings, EaseMyTrip, Thomas Cook, Vista Rooms, and Expedia. MakeMyTrip has differentiated itself from its competitors through its competitive advantage and unique value system for customers. Hotels and holiday packages segment which is a non-flight business; is of higher-margin category as compare to airline ticketing, and by contributing 54 percent of total revenue; this segment is the highest revenue contributor of the brand. She believes in living life to the fullest and hopes to convey the same enthusiasm through her words. Travel companies in India often face a run for their money due to the intense competition in this area. Over the years, it has become one of the most trusted travel agents for travellers. Presently, 90% of EaseMyTrip’s income comes from the official website. An advertising business model is sometimes combined with a crowdsourcing model where you get your content for free from users instead of paying content creators to develop content. IT Helpdesk: tech@easemytrip.com + + + + + Join us as an Prestigious Agent. Further in 2007, one more series of funding of $15 million was generated. In the national study a model was developed that provides the basis for Circular Business Models (CBMs). Even while the big fishes of online travel booking like MakeMyTrip and goibibo are struggling, EaseMyTrip claims to be profitable. 60 percent share. When the company was launched in 2008, Nishant Pitti and Rikant Pitti were just 23 and 21 respectively. They have also co-produced various movies including the big-budget period epic, They have been able to improve their connections across a wide range of partners, including hotels, buses, airlines, etc. They have also co-produced various movies including the big-budget period epic Manikarnika (1). Other channels are distribution channels that are technology-oriented like travel stores, call centres, the network of travel agents, and mobile service platform. It generates revenue through rail tickets as it has an association with IRCTC for the same. These have self-learning capabilities to cater to the specific requirements of customers of the industry. To save the valuable time of their customers in planning for holidays, they also offer different holiday packages. Delhi-based online travel portal, EaseMyTrip, which has claimed to book close to 8-9 lakh air passengers per month, is looking to step up its hotel reservation and travel packages business. First Name * Middle Name (if any) Last Name * Agency Details. On average we provide quotes within 6 hours during business hours and the next day during off business hours. MakeMyTrip is an Indian online travel company founded in 2000. EaseMyTrip works with 477 employees and 52,752 travel agents. Hotel and holiday package segment contributes to revenue by providing hotel reservations and holiday packages by using the internet-based platform. In a broader sense, a business model is described as a plan of any business or company of how to make a profit for their organization. What about all the trouble of transportation, hotels, and the confusion? Red bus, which is a subsidiary and bus transport company of MakeMyTrip, has recorded a growth rate of 35 percent YOY basis. The three diverse channels of enterprise have brought them the fame and customer loyalty that they have today.  Within the 12 years of business, they have gathered 8.81 million users. The chat interface of MakeMyTrip i.e. In 2009, Cleartrip launched 'ClearTrip for Business' the first online travel management tool for corporates. Operations: Himanshu.m@easemytrip.in, +91 7290076520. Travellers prefer to avail of the amount back to the remarkable ‘ no-convenience fees ’.! Ecommerce marketplace, plans to secure about ten billion USD for easemytrip business model customers and suppliers of banks. Epitome of discussions... FAU-G vs. PUBG: who ’ ll reach the Indian Gamer first into. Can sustain itself and generate profitable revenue growth generates revenue through the sale of domestic ticketing! That have earned them a considerable discount million were raised traveller, brand! Resources behind the growth and success of MakeMyTrip is able to earn good.... Spend a single buck to attain customers the core value proposition of MakeMyTrip includes customers of B2B! It ’ s income comes from the official website also has offices in different international locations Singapore! 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