TripAdvisor ( TRIP Quick Quote TRIP - Free Report) has introduced an in-house creative and content studio named Wanderlab.
Wanderlab is developed by using TripAdvisor’s existing media offering and will use the latter’s first-party data, company resources, sponsored brand and editorial content, et al.
On the back of Wanderlab, TRIP aims to provide both travel and non-travel brands with more advertising options so that brands can attract more audiences both on and off TRIP’s platform.
The launch of Wanderlab is expected to help TripAdvisor gain momentum among brands, which in turn, will contribute well to its top-line growth.
Upon its launch, Wanderlab released a mini-documentary with a title, Lost & Found, showing travel through the eyes of Generation Z. The documentary is likely to help TRIP gain traction among young travelers.
The above-mentioned efforts will help TripAdvisor gain investors’ confidence in the near term and the long haul.
Shares of TRIP have been down 24% in the year-to-date period compared with the Zacks
Retail-Wholesale sector’s decline of 23.7%. Growing Initiatives to Boost Prospects
In addition to the aforesaid efforts, TripAdvisor signed a partnership agreement with the San Diego Tourism Authority for $1.5 million to launch customized digital content and interactive campaigns for attracting travelers to the city.
In March 2022, TRIP collaborated with Walgreens to promote the latter’s COVID-19 testing solutions so that travelers can enjoy safer trips during spring break and school vacations.
In February, TripAdvisor’s subsidiary Cruise Critic collaborated with
Booking Holding’s ( BKNG Quick Quote BKNG - Free Report) subsidiary KAYAK. With this partnership, travelers in the United States searching for a cruise on KAYAK can access Cruise Critic’s vast network of cruise itineraries and reviews.
With these growing initiatives, TripAdvisor is expected to continue expanding its presence in the booming travel market.
The underlined market’s growth is attributed to increasing international tourism, growing social media penetration and technological advancements.
Per a ResearchAndMarkets
report, the global travel market is likely to reach $451.2 billion by 2026, witnessing a CAGR of 13.9% during the 2022-2026 forecast period. Competitive Travel Market
Given the solid prospects in the travel industry, TripAdvisor’s competitors, including Booking Holdings,
Expedia ( EXPE Quick Quote EXPE - Free Report) and Airbnb ( ABNB Quick Quote ABNB - Free Report) , are also positioning themselves well to capitalize on the improving travel potential.
Booking Holdings is benefiting from an improvement in its booking trends owing to increasing travel demand. A surge in repeat customers is creating growth in its active customers, which remains a tailwind. Last month, BKNG’s brand Agoda partnered with the Ant Group to integrate Alipay+ rewards and discount services into its platform to boost the transaction conversion rate. This is likely to help BKNG gain momentum among travelers.
Expedia is gaining traction from customers owing to its robust portfolio offerings. Moreover, its website provides travelers with destination and flight plan choices, details of the places to be visited, maps, local restaurants, things to do, cruises, special offers and consumer reviews, so that they can book according to their preferences.
Airbnb’s growing technological efforts to attract more hosts and guests to its platform remain noteworthy. This apart, ABNB recently joined forces with Visit Bloomington to promote safe travel with a focus on local attractions, unique stays and experiences to boost travel demand in Bloomington. The partnership is also focused on supporting local shops, restaurants and workers of the city who depend on the local tourism industry.
Nevertheless, TripAdvisor’s growing product launches and strategic partnerships are expected toboost its competitive prowess against the abovementioned peers. Currently, TRIP carries a Zacks Rank #3 (Hold).
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