Competition In Online Travel Market Is Low- wakanow Deputy CEO
The Co-founder and Deputy CEO of wakanow.com, Ralph Tamuno, has said the level of competition in the online travel market is still very low.
Tamuno said this in an interview with Marketing Edge recently in his office in Lekki. He noted that majority of the travel companies in the Nigeria’s travel market were offline outfits.
According to Tamuno, the online travel industry still has a long way to go and the Sector is being undermined by the lack of necessary infrastructures and funding. “Competition in online travel industry is still much at its infancy stage and we still remain the leader in the market for online travel management “, he said.
Continuing, he said “Some have tried to move from offline to online but the journey has been difficult for them and most have failed so far. The ones who start as online operators still have a long way to go through a steep learning curve and an extremely difficult operating environment”.
He further stated that there are some setbacks facing online travel industry. One of which is access to capital. “Access to capital from banks is difficult because the banks don’t see the opportunities and the value in the business,” Tamuno added.
He also stated that online travel companies are still evaluated by their physical asset rather than their futuristic assets and value, which he indicated, is huge.
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