China’s travel industry has been enjoying glorious growth for nearly two decades, but many underlying problems have remained in the shadow. The COVID-19 coronavirus outbreak has brought those issues to the surface, prompting the travel industry to rethink the nature of the market and the business.
The industry encountered the turning point of the decade in 2019. User traffic growth that fueled the rapid development of the industry has stalled, and the travel space has entered a critical stage of transformation. Various segments are slowing down and many companies are clamoring to find new growth engines. The coronavirus came as a black swan to intensify the pressure of economic downturn. The industry, forced to face accelerated reshuffles, must rethink: Who are core users? What are their core demands? How are the users and demands different? How should companies adjust their products and services to appeal to different segments formed of the Baby Boomers, the Millennials and the Generation Z?
As external factors are beyond our control, but we can take charge of our own competitiveness and resilience. Its time to reset in 2020, to change our perception, thinking and value. Join the 2020 TravelDaily Conference, rescheduled to November 26-27 in Shanghai, to explore topics most relevant to travel operators and service providers: What long-term opportunities are there for the industry after regrouping post-epidemic? How to modify product structure, operation and marketing strategies to cater to segmented markets and personalized demands? How to improve user experience with fine-tuned operation? How to plan and execute corporate digitalization to become more resilient? How to establish a win-win value proposition as travelers’ demands are increasingly diversified and the industry chain is working closer together?
Nov. 26【Main Forum】
Nov. 27【Breakout Forum】
Nov. 27【Breakout Forum】
User traffic growth that fueled the rapid development of China’s travel industry for the past 20 years has stalled. Where can we find the growth engine for the next decade? What long-term opportunities are there for the industry after the recent regrouping post-coronavirus? How to tackle homogeneity? What are the future trends for travel digitalization? How can companies stay resilient? How to establish a win-win value proposition across the travel industry chain?
The rise of the Internet, and the associated change and conflicts, has led to more uncertainties. Disruptive innovations emerged almost daily to offer new possibilities. Corporations can no longer be limited to industry-specific perspectives to perceive the macro environment. They have to identify differentiation to guide their strategies.
As Rahm Emanuel said, “You never want a serious crisis to go to waste.” The outbreak of the COVID-19 coronavirus has made us rethink the nature of the market and the business. Companies should read the market with common sense and identify what they have, what they want to achieve, what they can do without, and find the quintessential elements for long-term development.
With uncertainties abound, how should travel companies position themselves with strategic thinking? Is it about trends, competition, users or themselves? What should they take into account when considering new strategies?
Post-coronavirus outbreak, travel consumers will be even ore segmented. How will that change the industry landscape? What personalized needs are emerging among consumers in different sectors? How should brands refine their operation to better serve different groups of consumers? How should travel companies improve their product range and develop cost-effective and targeted strategies for operation and marketing?
User volume gives substance to all business, and reflects brand recognition. It takes product innovation and brand building to stand out in competition. With the rise of the Generation Z, compelling communication through short videos featuring influencers are still mainstream for travel marketing, and this underscores the need for marketing to be entertaining, and community and social networking based. Niche marketing may become a major trend in the future. This makes big data algorithms more eagerly awaited to support targeted marketing and unleash the power of brand marketing.
Driven by the wave of digitalization, cutting-edge technologies such as 5G, artificial intelligence and big data will present the travel sector with immense market potential, greatly improving operational efficiency and user experience. New consumption settings will emerge and fundamentally change the forms of travel consumption and purchasing.
What application scenarios should we look forward to, brought on by the digital trends that are reshaping the future of travel? How can we improve operational efficiency and user experience leveraging established technological innovation and applications? Digitalization requires a big investment, but how should travel companies in different categories and growth stages evaluate their long-term ROI?
The diversification of consumer groups and market demands is prompting travel companies to innovate and transform. The coronavirus has made it clear that no company can survive on its own. The demand and supply sides of the industry chain will be further integrated after the epidemic.
The lines between competitors and industry boundaries will be increasingly blurred. The traditional value chain is about feeding off each other and sharing benefits to achieve a win-win value proposition. Companies need to be able to connect with partners from both the supply and demand sides within an ecosystem. Innovating business model is imperative for companies to adjust to the changes in the market, and the key to innovation lies in building a mutually beneficial value proposition.
Google has been constantly tapping into opportunities in the travel industry, from the launch of its Google Flights, Google Hotel Finder, Google Trips to the all-in-one platform of Google Travel. The recent change in the company’s rules of its search results that prioritize its own offerings has hammered the stock performances of major online travel agencies. What are the innovations that Google has brought to the travel industry, and how can travel brands learn from them? What market insights does Google have about the future of the travel industry, and what opportunities and challenges will that present?
The thinking and design of hospitality are fundamentally people-oriented. How should this mentality be applied to promote innovation and transformation in marketing, channel sales, revenue management and technologies?
Our moderator will talk to both seasoned professionals and new entrants about what can change and what hasn’t changed in hospitality. What can the two groups learn from each other and how do they work together to chart a new course for hospitality?
Cultural tourism resorts should not just provide guests with unique localized experiences, but also work out good returns for investors. So how should cultural tourism resorts be operated?
International hotel chains are clamoring for greater traction in China’s midscale hotel market in recent years. What are the new strategies that they’re using, and how are they doing?
Hotels want to connect with every possible partner – airlines, shopping malls, communities, tourist attractions, cinemas, restaurants and pop-up stores included – in order to better serve consumers. What can be done to integrate the fragmented supply chain with technology?
How can AI be adopted in time to come to identify customers’ needs and respond with relevant services? How are integrated resorts like Club Med using AI interactivity to better serve its customers?
CHAO Hotel founder Ms Qi Fei made a bold statement in last year’s event, that “It’s worthwhile for every hotel brand to be relaunched”. This is because long-standing independent luxury or boutique hotels are prone to losing their essence when jumping on the chain bandwagon. What is the way ahead for luxury and boutique hotels?
Currently only 17% of China’s hotels belong to a chain brand while the majority are independent properties. With such a huge market and diversified demand, independent hotels are surviving thanks to their own core competitiveness of being more flexible, nimble and unique than chains, and offering even higher ROI than chains.
The COVID-19 pandemic continued to wreak havoc on the global travel industry and posed an unprecedented challenge for tourist attractions and destinations. As China gradually strengthens its control on the spread of the virus, tourist attractions and theme parks in the country are reopening for business. Destination marketing organizations made breakthrough by leveraging live streaming and advance sales to speed up their digitalization transformation. At the China Destinations Go-Digital Conference this year, we’ll focus on the marketing innovations and intelligent applications for destinations and attractions, explore the right approach to enhance the core competitiveness of products and content, discuss the organic integration of traditional culture and future technologies, and identify the transformation model of destination marketing and the underlying opportunities.
We’ll announce the detailed program and topics soon. Stay tuned.