BOOKING versus CTRIP - The global battle around travel: convenience versus inclusion. PCL week 58

#BOOKING #booking.com #ctrip #trip.com #OTA #chinasnewnormal

CONTENT
BOOKING and CTRIP are the the two biggest online travel agencies in the world. Booking has great convenience for global travellers, and CTRIP has a quasi monopoly in China, Their approach is a little different, mainly how CTRIP is looking more that the personal connection and super apps, while booking has focused much on becoming the most convenient travel booking site. Booking was hit harder due to the pandemic, while CTRIP is challenged with new Chinese regulations.

TIMESTAMPS
00:00 Can Booking beat Ctrip outside their home markets? Booking is the number one App in the world, but Ctrip has the most comprehensive super App.
00:55 What is the story behind BOOKING? It started in Amsterdam, but now it is a US company after they got sold to priceline.com. They are the number 1 digital online travel agency, but their focus on people is remarkable, going to the extreme to solve problems.
03:28 What challenges is BOOKING facing? Besides COVID that hit them hard, the biggest challenge are new competitors like AirBnB model or Citizen M monthly fee model. The other challenge is their brand as they primarily have a transactional relationship with the customer.
06:12 How is BOOKING doing on providing ultimate convenience? BOOKING made ordering travel the most convenient.
06:29 Is BOOKING a partner in life? They are moving from a company that is helping you book a hotel room or place ticket to a company that is helping travelers with everything related to travelling.
07:26 How is BOOKING changing society and the world? Booking wants to help align with people’s values, such as staying in a hotel that cares about sustainability. This said, they still have a long way to go as they could do much more with the library of hotels they have in their offerings. They could do more with the power they have.

09:26 What is the story behind CTRIP? They started in 1999, and got traction by roaming every travel destination, airport and train station to give discount and loyalty cards. They went public in 2003 and started acquiring or investing in their competitors. Their superapp makes the real difference in this market, but also the CEO Jane Sun created one of China’s most diverse companies.
12:26 What are the opportunities for CTRIP? The pandemic created a lot of challenges outside China for trip.com, but CTRIP in China kept very stable as the lockdowns lasted only one quarter. The main opportunity is that China has taken a lead in digitalization of travel. That gives them a competitive advantage globally, especially as others like booking.com suffered these past 2 years. This combined with their diversification and personalization is really an opportunity for them.
14:44 What challenges is CTRIP facing? One of the biggest challenges for CTRIP is the scrutinizing of Beijing on new laws like anti-trust and privacy regulations. That of course gives opportunity for smaller domestic competitors to pop up against them too. They might also delist from US stock exchange soon, which is another hurdle.
16:21 How is CTRIP doing on providing ultimate convenience? Ctrip has always put a lot of emphasis on customer service, and their speed of reaction is very fast, but also a lot of fun. What is also amazing at CTRIP is the list of options that the company gives travelers.
18:28 Is CTRIP a partner in life? Ctrip is helping solve a lot of friction through their super app and customer service and giving checklists to travelers. But their support to help hotel partners with the Chinese cultural sensitivity is especially valuable. Their transparency is also great.
19:48 How is CTRIP changing society and the world? Their main value on changing the world is to be an ambassador for inclusivity, both on gender neutrality as well as cultural awareness. Their algorithms can also help cities maintain a healthy number of travelers coming from China. The travel carbon footprint is enormous, and CTRIP is doing lots of things to improve it.
21:35 Who has the best offer that we can’t refuse? Despite CTRIP being very well positioned in China and attractive globally, the challenge for CTRIP will be to break the monopoly that BOOKING has through google search.

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Видео BOOKING versus CTRIP - The global battle around travel: convenience versus inclusion. PCL week 58 канала Pascal Coppens