Patriotism arose. I was curious as to why people are paying attention to Korea in the current global recession. It was even more interesting that it was said by the representative of the global OTA (Online Travel Agency) agoda. Recently, Agoda CEO Omri Morgenshtern visited Korea. After taking office as CEO on July 1st, his love and interest in Korea was so different that he chose Korea as his first overseas visit.
Omri Morgenston, CEO, Agoda.▶ Click here for a larger view
“There is a boom in Korean culture all over the world. The genres of K-culture are also diverse, from K-pop to K-movies and K-dramas. When I went to Thailand, pictures of BLACKPINK were dominating the walls of buildings at major attractions, and in Israel, half of the songs on the radio were K-Pop or K-Pop sung by foreigners. It was amazing indeed. If the culture of ‘Korea’ is formed around the world, its power will be enormous. Now is an opportunity for Korea, and I think it is an opportunity for us too.”
CEO Morgenston, who usually finds Korean products and food, said that he only uses Samsung smartphones. When I said, ‘Apple will hate it’, he said, “It’s okay. Samsung is really good at making smartphones,” he said with a smile.
From left to right: Black Pink Lisa’s Thai fan signing event, overseas poster for the drama ‘Squid Game’ / Photo = YG Entertainment, Netflix▶ Click here for a larger view
– Does K-culture actually lead to interest in Korean travel?
▷ Of course. We analyzed Agoda reservation data from May to August of this year, and two Korean cities were listed in the top 5 of the most wanted travel destinations. Jeju was in 2nd place and Seoul was in 5th place. In addition, the search volume for travel to Korea also increased by 350%. Clearly, it is a difficult time due to the prolonged Corona, but there is no doubt that it is a great opportunity for Korea.
– From the perspective of Korea, it is still an atmosphere that cannot be realized.
▷ I know the reason. As she entered this time, she definitely felt it. There are obviously many people who want to go to Korea, as in the survey data. But it is difficult for them to visit Korea. So sorry. To go to Korea, you must be tested for COVID-19 and give a negative confirmation. At first glance, it seems simple to inspect and issue a certificate, but when compared to other countries or in practice, it feels inconvenient and difficult.
Omri Morgenston, CEO, Agoda.▶ Click here for a larger view
– There seems to be something you want to say to the Korean government.
▷ The situation in each country will be different. However, global trends should also be taken into account. Now the world is living a different life from Korea. It is necessary to seek active advice or study in countries that have already normalized them. In a nutshell, I believe that the restrictions on entry should be eased as quickly as possible. Again, Korea is a place full of positive possibilities.
– As the head of the global travel industry, how are you preparing for the post-coronavirus (post-corona) situation?
▷ Agoda’s strategy is very simple. ‘Let’s do the basics well’. The most important basic to us is the best price, the ‘best deal’. More than 6,000 employees worldwide, including 150 Korean employees, can’t sleep knowing that there are better prices. To realize this, we are trying to increase our partners. This is because the more partners you have, the more benefits you can offer, including price.
– Do you have a strategy that differentiates you from your competitors?
▷ It is Fintech. Travel is expensive. So it takes a long time to think before making a decision. It is also considering providing loans to customers who are burdened with expenses. In addition, it plans to provide the best price by introducing technologies such as price fixing or price increase prevention for specific products. For example, a product with a fixed price or price increase prevention is provided to the customer at the initial purchase price even if the price rises later. There is no additional charge for the customer. The difference is the responsibility of Agoda.
Omri Morgenston, CEO, Agoda.▶ Click here for a larger view
– The company’s profits may suffer because of offering a better price to customers.
▷ We believe in our technology. We believe that AI will do a good job of creating the optimal price and delivering it to customers by utilizing the huge data accumulated so far. That’s why Agoda is always looking around the world for talent. The best technology is ultimately created by the best talent.
– What conditions must be met for the best talent?
▷ It is important to actively express one’s opinion and listen to others. Agoda is a global company. People from different countries gather in one office space. Occasionally, if you close your eyes and listen to it, a variety of languages will enter your ears. That said, diversity is important. However, diversity is so outrageous that it can be said that it is beautiful when spread out, but destructive when it is too much. A balanced diversity is needed.
photo = real meter– In the travel platform preference survey, Agoda was ranked 4th following Yanolja and Yeogieotte.
▷ Therefore, we are also focusing on localization strategies. Local companies, of course, know the preferences of their local customers. You must be able to accept and develop without resisting just because you are different. We plan to invest in localization success strategies that focus on this area. Building trust with customers is a tactic that works anywhere in the world. We will do our best to win the trust of our customers.
– At one time, there were several cases of customer dissatisfaction that were covered in the media.
▷ First of all, as a representative and as a company, it is disappointing and sad that a customer had a bad experience with Agoda. As I said before, customer trust is really important. We will do our best to ensure that this never happens once more, and furthermore, to gain the trust of our customers. Don’t be afraid of customer complaints or complaints. It should be considered as an opportunity for service improvement. It is important to reward what is to be rewarded, and to earn trust by listening to the voices of customers.
From left to right: Bangkok Night Market in Thailand, Tel Aviv, Israel / Photo = Unsplash▶ Click here for a larger view
– You must have visited many places.
▷ Southeast Asia is always good. Of course, it would be good to recommend a place that is new or not visited by many tourists, but Southeast Asia is a travel destination that does not fail. Especially Thailand and Vietnam, no matter how much you enjoy them, you can’t go too far. I also want to mention Israel where I was born. Do you think Koreans and Israelis have similar tendencies? I’m sure you’ll like it. If you’re feeling homesick while traveling, try turning on the local radio. K-pop will always come out.
▶▶▶ CEO Omri Morgenston…
△ Born in Israel △ Bachelor of Physics/Computer Science/Mathematics from Hebrew University △ Master of Physics from Tel Aviv University △ Graduated from Talpiot, Israel △ Co-founder of Qlika △ Chief Product Development and Algorithm and Learning System Manager at Agoda in 2014 △ Vice President of Product Development at Agoda △ Agoda Chief Product Officer △ Agoda Chief Operating Officer in 2018 △ Current Agoda Chief Executive Officer
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