SROI means the economic, social and environmental return on investment. It is saying that for every £1 invested in MyTravatar, we will give back £20+ to society, known as the MyTravatar 'triple bottom line'. This is in addition to the financial returns for our investors (ROI).
How will we achieve this?
By keeping more money in local businesses and communities. Did you know? In 2019, Expedia and Booking.com alone generated $27billion in commissions. That’s money that businesses have to pay them whenever they receive a booking. Typically, between 10% and 30% commission is charged on every transaction. Some ‘deal’ or voucher sites demand more, as well as forcing businesses to offer big discounts.
We are concerned by the substantial amount of revenue leaving local communities. This negatively impacts local and national economies on a global level. We don’t believe it is fair that hotels, spas, attractions and many more businesses, should have to pay commission simply for a customer connection. This ‘brokerage' cost was hurting local businesses in normal times, but will cripple local communities at a time when they need more support than ever. Every penny really does now count.
We are also giving back by donating a world-leading 25% of our profits back into local communities. We will invest directly into local projects that deliver skills, jobs and clean/green growth innovation. The hard outcomes delivered by these projects combine to deliver our social value.
We believe that the commission model now needs to be challenged. Along with the seismic shift in consumers values towards supporting their local community, MyTravatar will be a catalyst for the biggest disruption to the commission-led bookings market since booking platforms first came on the scene, back in the 1990's.
Remember, no commission means:
More money stays within a business
More money can be invested locally
Local communities can come together to tackle social challenges
Our donations will help grow jobs, improve skills and drive clean / green growth innovation
Be part of the movement, because MyTravatar is #KeepingItLocal.