As the oldest millennials approach their early 40s, their travel preferences and vacation expectations have evolved significantly.

Similarly, Hong Kong-based travel booking platform Klook, which was founded in 2014 by two millennials Ethan Lin and Eric Gnoch Fah, recognises the importance of continuous adaptation to changing market preferences.

Building for efficiency and expansion

As the company reaches nine years of age, the business has entered into a scaling stage, where the focus is more about “building a well-oiled machine” rather than “solving problems”, according to COO Gnoch Fah, who together with CEO Lin, shared a panel with Web In Travel founder and editor Yeoh Siew Hoon during WiT Singapore.

Klook has been strategically expanding its presence into various travel sectors such as hotels, car rentals and insurance. This diversification gained momentum during the pandemic when international borders were mostly closed, and travel was primarily domestic.

Klook is asserting as the largest car rental platform in the Asia Pacific region after its expansion into various travel sectors. Photo Credit: Adobe Stock/Tom Wang

"I believe we are now the largest car rental platform in the Asia Pacific region,” said Lin. Markets such as Singapore, Malaysia, Thailand, South Korea, and Australia have seen a surge in demand for car rentals, especially during overseas vacations, a trend further accelerated by the pandemic as travellers sought the comfort of their own space.

Most recently, Klook also ventured into ticket sales to become the official experience partner of American pop star Taylor Swift’s concerts in Singapore. The founders also believe that the region’s leading arts and cultural hubs, such as Singapore, Hong Kong and Bangkok, will provide further opportunities in the music tourism space.

A focus on experiences over price

Klook’s extensive regional penetration enables it to replicate successful experiences in various markets. A case in point is the popularity of kimono and hanbok wearing among Asian visitors in Japan and South Korea, which Klook leveraged by introducing traditional costume wearing experiences alongside temple visits in Thailand – an initiative that was met with great success, according to the founders.

The hotel business, said the founders, is still in its early stage. Unlike other accommodation booking platforms, Klook positions its hotel offerings as centred around experiences and activities available both within and around the hotel, rather than focusing on price comparisons.

As the company matures, Klook has turned more introspective, aiming to provide travellers more meaningful experiences. This includes initiatives such as building a sustainability team, achieving carbon neutrality, and addressing animal welfare concerns.

Instead of passing judgement on elephant tours, Klook has revised policies to advocate better processes among the locals. Photo Credit: Xinyi Liang-Pholsena

In the area of animal welfare, Klook takes a nuanced approach, refraining from blanket judgement on all elephant tours, recognising that many communities in Asia depend on these animals. Instead, the company has reviewed its policies and promotes a step-by-step engagement approach with local communities to ensure that best practices are followed.

Looking ahead, like many tech companies, Klook’s founders are proritising profitability over rapid growth, with Lin noting, “We are ahead of our trajectory.”

As for the possibility of going public, Lin commented, “We’re only nine. Startups, on average, go public at around 15 years.”