Known for its Name your price system, Priceline.com started with an online platform where users can quote their price for vacation homes, air flight tickets, car rentals and hotels.
Image: company website
The identity of the service provider to the purchaser was only revealed when the transaction would have been made which was nonrefundable. The difference between the price quoted by the user and the service provided by the provider would be the source of revenue for priceline.
It has also ventured into many product offerings such as gasoline and home loans through its Name your price system but all these offerings were terminated in 2002 except for home loans. It was founded in 2000 by Jay S Walker. It has its headquarters in Connecticut, United States.
To tap the Chinese market as it’s a huge potential for travel and tourism industry, it has plans to invest $250 million through its Chinese website Ctrip. Recently, because of the heightened competition in the industry, Priceline has having a mediocre year with its CEO Paul J Hennessy resigning and another company Vroom as a CEO and till then the COO and CMO of priceline Brett Keller becoming the interim CEO.
It is one of the most widely used travel websites in the world. With the growing tourism across the world, the business of the company also seems to be picking up pace.