NEW YORK, April 21, 2016 /PRNewswire/ -- Rocketrip, the market leader in the Travel Incentive Platform space, announced today that its clients saved more than $1 million on business travel in Q1 2016. Travelers saved an average of $301 per trip, or 27.6% against their trip budgets. The total number of users on the platform has increased 340% year-over-year, and the number of trips booked through Rocketrip has increased 350%. New Rocketrip clients include OnDeck®, Feld Entertainment, and Refinery29.
Rocketrip motivates business travelers to save money on trips by rewarding them with points that can be redeemed for gift cards, cash cards, and travel perks. For each itinerary, Rocketrip generates a personalized "Budget to Beat" based on real-time prices for flights, hotels, trains, and rental cars. When employees book under budget, they split the savings with their company.
"Before Rocketrip, the idea of saving wasn't entering into our travelers' consciousness. Now they're open to doing things differently. There's more awareness, and they're making smarter decisions," said Chris Cahill, VP of Finance at Refinery29.
Among Rocketrip users, average travel savings have increased 5% from Q4 2015, and more than 28% since Q1 2015. In Q1 2016, travelers saved an average of $118 per flight and $72 per hotel night. Certain tactics were particularly effective at reducing costs:
- 12% of the time, users flew with a low cost carrier, saving an average of 33% off their flight budget.
- On one in ten trips, travelers saved an average of 16% by choosing an early morning departure.
- Travelers chose Airbnb 8% of the time, saving an average of 43% against their hotel budget.
- 16% of the time, travelers eliminated all hotel costs by staying with friends or family.
"Our clients save more and more over time, and that is exactly what we want to see," said Dan Ruch, CEO of Rocketrip. "The results show that users value Rocketrip points and want to learn all the tricks of cost-conscious travel. The platform really is changing business travel culture."
In March, Rocketrip was named "Top Employee Rewards Solution" in the Citi Smarter Worklife Challenge. The competition invited tech companies to pitch digital human resources solutions that could enhance Citi's workplace. Among the 133 companies that entered the competition, Rocketrip was one of three awardees that shared a $50,000 cash prize.
Rocketrip is the leading technology platform for reducing corporate travel expenses. By letting employees keep half of what they save on their business trips, Rocketrip motivates conscious spending. The platform's algorithms integrate a company's travel policy with real-time trip pricing and availability to create a personalized Budget to Beat for each trip. Employees book using their favorite travel websites or a travel management company, and Rocketrip provides employers with insights and analytics on company spending, savings and employee travel behavior.
Rocketrip is based in New York City and has received funding from Canaan Partners, Genacast Ventures, Crunchfund, Y Combinator and angel investors.
OnDeck is a registered trademark of On Deck Capital, Inc.