Leading mobility and hospitality companies use Arvoia’s platform and solutions to create a better customer experience and capture untapped revenues. The Irish company currently processes over two billion transactions per month globally.
Travel technology is at a critical juncture, as consumers’ mobility habits and retail behaviors are changing at pace. While the world moves to a retail ecosystem, the technology companies that will thrive will be those who best understand the need state and mindset of consumers.
As we move to a mobility system that is more connected, the roles of mobility players such as car rental firms, OEMs and travel intermediaries become more opaque. There is a real need for these companies to deploy retail and distribution strategies to meet the needs of this changing environment.
The Arvoia platform and its underpinning powerful AI is rapidly becoming the new pillar technology within the mobility and hospitality industry. The company’s B2B clients are not only eliminating massive costs by shifting off legacy systems and business models but dramatically improving revenues, bookings, conversions and customer satisfaction across all their channels. Arvoia is making the industry more customer-centric, more profitable and ultimately more sustainable in a rapidly changing market.
Transformational technology changing the way the industry works
The company has solutions across two sectors: mobility and hospitality. Within the fiercely competitive car rental space, Arvoia has created a suite of specific retail and distribution products designed to enable the entire ‘community’ (including rental providers, brokers, retailers, and distributors) to create better customer engagement – and stronger growth.
Mike Webster is the CEO and founder of Arvoia. “At this point, we have successfully navigated the treacherous path of the start-up, we are now at an extraordinarily exciting time where our platform and solutions are getting global traction,” he says.
“For the past couple of years, we have invested heavily in our AI-driven platform,” he adds. “We have an extremely strong team and, over the next 12 months, I see us going from start-up scale to global leader. I am confident we’ll be the biggest company in our space within nine months.”
Arvoia combines AI and behavioral economics to drive double-digit growth
Webster, whose impressive resumé includes a BSc in engineering, MBA in finance and Harvard Global Strategy degree, says that the competitors Arvoia will face in the future are not those it faces today. Arvoia is lining up to take the fight to companies like IBM Watson and Adobe, as the future is not going to be fought on the grounds of connected tech systems but whose AI has the most impact in the sector it serves. “We’re the only company that has built a mobility/hospitality-specific platform that can be implemented in days, whose returns can be seen in weeks, and whose cost is a fraction of the proven revenues that it drives,” he says.
A recent collaboration saw the company team up with the UK’s largest independent car rental provider, who deployed Arvoia’s retail products to enhance customer experience and improve asset utilization through the platform’s cloud-based AI technology. The partnership has yielded “significant double-digit revenue growth” according to the Arvoia chief.
The success of the Arvoia platform lies in the way it combines AI with behavioral economics and the way those two factors combine to drive business impact. For clients, the technology delivers deep insights into customer behavior and expectations, while the platform provides complete control over the relationship, including the ability to seamlessly manage a diverse range of assets.
Innovation is the gamechanger in the travel industry
By 2030, it’s estimated that some $1.5 trillion will be added across new mobility services to an already teeming global market. For any company whose business model is anchored within mobility, the path to survival and success will be founded on a clear understanding of customer behavior; a range of retail and distribution solutions that deliver on expectations; and an ability to control all assets. Against this rapidly changing backdrop, innovation is not part of the game: it is the game.
“Oh yes, completely, for us R&D is not some function in a room with a skateboard ramp and some foosball tables, it’s an absolutely core function of the business,” says Mike Webster. “Every single one of our people is encouraged to take risks to make an impact. We have continuously made decisions on our business and business model that have been 100% risk in terms of understanding where the market and the particular customer preferences are going to go.
“Right now, within the travel tech space, our hyper-focus is within the solutions we provide in both mobility and hospitality, with further extension into air, the next step,” he says.
Arvoia was founded in 2014 and growth has been steady over the past five years. (“Profitability has also been steady,” Webster notes.) As a start-up, the company raised venture capital from sources including Enterprise Ireland, the national trade and innovation agency, and is about to enter a new growth capital phase, having not required funding since 2016.
Recently claiming an impressive 8th place in the Deloitte Technology ‘Fast 50’ ranking, Arvoia was also named ‘Innovator of the Year’ by the travel industry research bible Phocuswright. With a burgeoning client roster, a ‘We’re hiring’ sign out front and sector domination firmly on the horizon, the company seems destined for a bright future. So, what keeps the boss awake at night?
“To be honest, nothing keeps me awake at night,” says Arvoia CEO, Mike Webster. “That’s not to say there aren’t challenges – dealing with challenges is an hourly occurrence in this business – but nothing really keeps me awake because I don’t really sleep in the first place.”