NEWPORT BEACH, Calif. — Before becoming the chairman of Kayak.com Terry Jones had an idea: Travelocity.
That concept of purchasing plane tickets online revolutionized the business. The introduction of an online travel agency changed pricing because of the lower overhead. In the meantime it put 18,000 travel agents out of work because it nudged consumers toward self-service distribution. It also changed market share, making room for smaller airlines that previously hadn't had access to the clunky old travel agency system. Today, 65% of travel is booked online.
Amazon has experienced a similar trend, stating recently that it sold more digital than print books, Jones noted. Financial services is going the same way.
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