Travel company Wakanow has seen its revenue plummet amid a massive dip in business occasioned by the coronavirus pandemic.
According to the startup, bookings have dropped to near-zero levels, with April figures 98% on March (which had also seen numbers dwindle by 50%).
Wakanow CEO Adebayo Adedeji says the online travel agency wants to try a new approach to revive business. Travel bans remain in place across much of the globe, but local lockdown restrictions that hit them hard have been lifted and the company needs to get travelers back to its platform.
The startup has implemented a number of strategies to guard against further hits to their business. It includes shutting physical offices and laying-off staff.
“It’s a tough time and like every other travel agency, we’ve had to take some drastic actions to reduce our cash burn,” Adedeji told TechCabal.
Many companies are now looking to post-COVID-19 rebuilding and Wakanow is already looking to have the core of its customer base back sooner. One strategy the firm is banking on is its new “video selling” approach to exciting potential customers.
Prospective travelers can now take a tour of places they are likely to visit beforehand. The ‘sightseeing’ will take place via a video session, with the company’s agents helping customers take a visual tour of places they are likely to want to travel to after the pandemic.
Wakanow launched its services in 2009, but hit financial trouble in 2017 and faced collapse. But investment firm Carlyle Group helped it raise $40 million in 2018 to stabilize.