NEW YORK, Jan. 9, 2020 /PRNewswire/ -- Business travelers redeemed a record $1,000,000 in rewards in the month of November with Rocketrip, the software solution that incentivizes employees to save money and optimize behaviors such as online booking tool compliance. This is a ringing endorsement of Rocketrip's central value proposition: using behavioral economics to improve travel metrics.
Rocketrip has seen steady growth in traveler engagement with their platform over the last few years. The reward redemption amount more than doubled year over year. The recent significant increase in redemptions is due in part to the company acquiring a number of major enterprise organizations as clients. Additionally, many companies currently have initiatives to control costs and drive compliance without compromising employee engagement. Rocketrip's record month demonstrates how effective behavioral economics can be at steering these initiatives.
"As we grow our customer base, we're also seeing greater traveler stickiness," says Dan Figenshu, CFO of Rocketrip. "It's not surprising that our retention rates continue to be best in class. Travelers are earning and redeeming more rewards, and the companies they work for are seeing greater returns on their investments."
The engine that powers Rocketrip, behavioral economics coupled with machine learning, has allowed companies to drive significant and meaningful behavioral changes. Rocketrip enables them to make these changes more convenient and more rewarding than their alternatives.
According to Rocketrip's CEO, Dan Ruch, "The business travel industry as a whole has increased insight into traveler choices, and this insight can help lower costs and drive policy compliance. Companies need to add programs that can drive the right behavior without sacrificing those choices. Gaining a 360-degree view of their travel program's health and where their travelers align with company objectives is key."
Rocketrip provides real-time insight into traveler behavior and allows companies to use this data to drive the changes necessary in order to meet major company objectives such as cost savings and online booking compliance. Companies such as Twitter, ServiceNow, and Feld Entertainment save 20–30% per year with Rocketrip.
Founded in 2013 and Headquartered in New York City, Rocketrip's investors include Bessemer Venture Partners, Canaan Partners, Genacast Ventures, GV, and Y Combinator. For more information, visit www.rocketrip.com.