The current Ctrip, seemingly sitting on the top spot of the OTA, is actually full of danger, a little careless, life and death will hang between the line.

Editor’s note: This article is from WeChat public account “Liu Wei” (ID: liukuang110)< /a>, the author Liu Wei public number.

Ctrip Cheng dead: OTA's first meeting of the blessings and disasters

In 1999, Liang Jianzhang and three other partner quarters Qi, Shen Nanpeng and Fan Min co-founded Ctrip, which opened a legend in the history of online travel in China.

In 2006, Ctrip Chairman and CEO Liang Jianzhang believed that the company was on the right track and its competitors were basically suppressed. So he resigned from the position of CEO and only retained the chairmanship of the board of directors. At the same time, Fan Min succeeded Liang Jianzhang as the new CEO of Ctrip, and Liang Jianzhang went to Stanford University in the United States to start a doctorate in economics.

Despite the years of Fan Min’s tenure as CEO, Ctrip has maintained its number one position in the industry. But in a few years, Ctrip ushered in the first crisis in the history of development. At the end of 2012, Ctrip’s revenue growth rate lags far behind eLong and where to go. In March 2013, Liang Jianzhang took over from Fan Min to return to the position of CEO. After returning to the CEO, Liang Jianzhang did not disappoint the team. He not only succeeded in defeating eLong and where he went, but also compiled all his resources to form a larger “Ctrip system”.

Liang Jianzhang once again felt the loneliness of not having a competitor, so he retired again. On November 16, 2016, Liang Jianzhang resigned from the position of CEO and retained the chairman of the board. Sun Jie took over as CEO of Ctrip.

In the first quarter of 2019, after bidding farewell to the 1.2 billion loss in the fourth quarter of last year, Ctrip achieved net revenue of 8.2 billion yuan, a 21% year-on-year increase, of which international business revenue increased to 35%; attributable to Ctrip shareholders The net profit was 4.6 billion yuan, a year-on-year increase of more than 300%, mainly due to the gain of 3.3 billion yuan from the fair value change of equity-based available-for-sale financial assets.

The growth in performance has not stopped the decline in Ctrip’s market value…Crisis events are accompanied by a decline in market value

On October 9, 2017, the famous actor Han Xue publicly bombarded Ctrip bundled sales on Weibo, and then Ctrip was bombarded by the media, which caused Ctrip to make compromises and adjust the booking process. Ticket revenue is an important source of Ctrip revenue, and behind this adjustment,Ctrip’s ticket revenue has been greatly affected.

How long has it been for the bundling of sales? Ctrip has once again encountered the “Children’s Garden Teacher Child Abuse” incident, and several “Ctrip Parent-Child Park Teacher Child Abuse” videos spread wildly on the Internet, once again pushing Ctrip to the cusp of public opinion. .

In March of this year, Ctrip once again exposed the problem of “big data killing”. Ctrip’s explanation is that the second payment shows that no ticket is caused by system bug.

With Ctrip’s series of crisis events behind it, Ctrip’s declining market capitalization.
  In just over a year, Ctrip’s market value has fallen from the peak of more than $30 billion to today’s $20 billion.
  Ctrip’s second crisis is increasingly prominent…

Meituan Hotel inadvertently attacked Ctrip Pearl Harbor
 

Hotel and transportation ticketing are two of Ctrip’s most important core businesses. In 2018, Ctrip’s revenue was 30.96 billion yuan, of which hotel bookings were 11.58 billion yuan, accounting for 37.4% of total revenue. In Ctrip’s annual report, a measure of OTA’s very important indicator data – the number of hotel reservation nights did not appear.

It is clear that one of Ctrip’s most reluctant publicity and reluctance to admit is that Ctrip’s hotel booking night has been surpassed.

Beyond Ctrip’s booking nights, this strong opponent is from a beauty group that is not OTA. According to the annual report data disclosed by the US group, the US group commented that the number of nights between hotels in 2018 was 283.9 million, a year-on-year increase of 38.5%. However, the threat of the US Mission to Ctrip is not just a surpassing of the number of hotel night bookings, but a terrible future.

1. A low frequency, a high frequency

We compare the business of Meituan and Ctrip. As a life service platform, especially the US group take-out, the US group has a very high opening frequency, because users who are used to selling takeaways have to take out the food every day; Ctrip is an OTA. Travel platforms, people who like to travel do not necessarily travel every day.

In contrast, the US group’s APP opening rate is much higher than Ctrip. In addition to the high-frequency just-selling, the US group also has other life services such as movies, entertainment, and bicycles. This kind of daily life service is also opened more frequently than OTA.

2. One is easy, one is laborious

Why do you say that the Meituan Hotel is easy, but Ctrip is more laborious. For the entire US group, although they are constantly trying new business, but the take-out is their core business, the reason why the US group hotel can rise quickly is precisely because of the high frequency opening rate, and the hotel is promoted. The amount of orders.