RateHawk’s financial success has been a topic of interest in the travel industry, showcasing significant growth in 2023. The platform is becoming a pivotal player.
With a remarkable achievement of doubling its transaction and booking values, RateHawk is setting new benchmarks in the B2B travel booking sector. This progress is noteworthy.
Remarkable Growth in 2023
B2B booking platform RateHawk, part of the Emerging Travel Group, has achieved an outstanding annual gross transaction value of $2.6 billion in 2023. This remarkable achievement underscores the platform’s growing influence in the travel industry. Notably, the net booking value doubled, reflecting an 85% increase in the number of bookings compared to the previous year. The upward trajectory signifies robust demand for its offerings.
Expansion of Additional Services
RateHawk has seen a continuous growth in demand for its additional services such as flight ticket and transfer bookings. Throughout the year, booked flights doubled, while there was a notable 67% increase in transfer orders. These figures highlight the attractivity and reliability of RateHawk as a comprehensive travel solution provider.
The dynamic expansion of services forms part of a strategic effort to offer a complete travel booking experience. By catering to varied travel needs, the platform enhances convenience and strengthens customer loyalty.
Widening Global Partnerships
RateHawk’s global reach has expanded, with its number of industry partners reaching a total of 62,000 worldwide, marking a 61% increase from 2022. Among these, more than 3,000 partners are travel agents based in the UK and Ireland.
In addition to growing partnerships, RateHawk has made substantial connections with over 60 new global wholesalers and secured direct contracts with over 20,000 accommodation options. This expansion has resulted in a total of 2.5 million accommodation choices, showing a 40% year-on-year rise.
These strategic collaborations allow RateHawk to offer an extensive inventory, enhancing its appeal to a broader range of travel professionals globally.
Popular Destinations Among UK Agents
In 2023, UK travel agents using RateHawk commonly booked trips to the US, UAE, Spain, Italy, France, Saudi Arabia, Greece, Turkey, Germany, and Portugal. These destinations remain top preferences, indicating global trends and travel patterns facilitated by the platform. It highlights the diverse and flexible options available to RateHawk users.
The widespread interest in these destinations mirrors global travel enthusiasm and the diversified portfolio RateHawk offers, catering well to varied traveller interests and preferences.
Strengthening UK Presence
RateHawk has further cemented its presence in the UK by inaugurating an office in London, adding to its footprint in Berlin, Milan, Lisbon, Warsaw, Dubai, Limassol, and Wilmington. This strategic expansion reflects the company’s commitment to fostering closer relationships with local partners and clients.
The company aims to become the preferred travel tool for local professionals by enhancing its local commercial team, which has now grown to 17 specialists, with plans for further expansion in 2024. This development aligns with RateHawk’s strategic goals to meet rising demands in the UK market.
Impressive Leadership Insights
Julita Grzycka, Northwest Europe regional director, expressed optimism, stating, “In RateHawk’s UK business, we had a solid fourth quarter which outperformed the previous record of Q3 2023 in net booking value.” Her comment underscores the company’s momentum heading into 2024.
Emerging Travel Group’s chief executive Felix Shpilman remarked, “In its eighth year, RateHawk continues to deliver solid double-digit growth.” Both leaders recognise the upward potential and are gearing up to meet heightened traveller demand anticipated for 2024.
Future Prospects and Strategic Vision
Looking forward to 2024, RateHawk is aligned with the UNWTO’s projections, anticipating a full rebound of international tourism to pre-pandemic levels. This optimistic outlook enhances RateHawk’s strategic vision to continue its growth trajectory and expand its service offerings to meet increasing industry demands.
RateHawk’s strategic growth positions the company as a leader in the travel booking industry. Its promising trajectory suggests sustained success.
Anticipated growth in 2024, driven by expanding services and markets, reinforces RateHawk’s role as a preferred platform for travel bookings.
