With many companies under financial strain due to the effects of the coronavirus pandemic, those that have been innovating have been able to come out on top. Expedia Group Inc. (NASDAQ: EXPE) is one of those companies. Known primarily for its online travel booking business, the company has used the advantages of its diverse portfolio to set itself up for success in a post-COVID world.
Since the onset of the pandemic, Expedia has pivoted to expanding its offerings in other areas in order to diversify its income streams. At the same time, it has focused on leveraging technologies such as AI, machine learning, and data analytics to create more personalized customer experiences. This, along with other cost-cutting measures implemented by the company, has helped it maintain a solid financial footing over the past year.
One of the key areas that Expedia has been focusing on is the development of its alternate accommodation business. This division targets customers looking for unique and affordable short-term stays. Properties within this portfolio include vacation rentals, hotels, and mobile properties such as RVs and tiny homes. By offering these options, Expedia can provide customers with an assortment of travel options, as well as improve its competitive position in the industry.
Expedia has also been showcasing its travel marketing capabilities by driving more bookings to its lodging partners. Such initiatives have been successful, leading to an increase in engagement across the board. Expedia has also used its loyalty program to boost customer emotions and to increase customer lifetime value, leading to more repeat customers and brand loyalty.
The success that Expedia has seen in recent months is a testament to the innovative approach that the company has taken in recent years. By leveraging its broad portfolio, cutting costs, and doubling down on its marketing capability, Expedia is well positioned for a successful post-pandemic future. With a unique eye to the road less traveled, Expedia has crafted a path that is sure to lead to future long-term success.