NEWPORT BEACH, Calif. — When is failing 70% of the time good? Aside from batting averages, it's also a positive for innovation, according to Kayak.com Chairman Terry Jones during the keynote session of CU Direct's Lending Conference.
However, Kayak.com's success wasn't accidental. Jones also founded Travelocity and served as the chief information officer at American Airlines.
The idea 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, such as JetBlue, that previously hadn't had access to the clunky old travel agency system. Today, 65% of travel is booked online.
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