April 7，Yu Zhihui、The "2017 First International Island Tourism Resource Matching Conference" co-sponsored by Qutrip，Creating a blue ocean with the "era"，Connecting "Island" to the Future" as the theme，Gathering 20 island countries、Region，30 island cities，25 international delegations，And travel agency、OTA、Aviation、Resort Hotel、More than 500 Chinese and foreign guests including tourism investment institutions and research institutions，For island tourism resources、Channel、Building a connection platform between products and capital，Upgrade product structure、Innovative marketing methods、Improved service experience、Providing solutions for diversified market cultivation，Let’s open a new era of island travel together。

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Moderator:Let’s move on to the third special session in the afternoon: Capital on the Island Tourism Industry Chain、Tradition、Tripartite dialogue among innovations。Invited capital representative: Wang Ting, executive director of Zuoyu Capital。

Wang Ting:Invite Wu Bin, Vice Chairman of Shenzhen China International Travel Service Co., Ltd.；Qulv founder and CEO Luan Jie。

I am the host，Introduction first，Zuoyu Capital has not been established for a long time。We just started in the tourism industry as a boutique AF，In the past two years, we have expanded from AF to the upstream industry and made upstream industry layout，Last year we jointly established a commercial tourism fund with Zhejiang，From the perspective of industry coverage，From tourism coverage to education、Sports、Culture，Everyone is relaxing or going on vacation，The boundaries between cultural and tourism consumption are becoming increasingly blurred，We generalize business coverage。This is the situation of our institution。My personal perspective，I have been watching travel for the past six or seven years，Although not working in the industry，But basically from third-party research institutions、Investment institutions look at tourism。Our framework，Big transportation from tourism、Big accommodation、Big destination，Upstream intermediate end-to-link end-to-channel and marketing，See more fully。I ​​hope to have a deeper communication with the two people on stage and everyone in the audience。Mr. Wu, please introduce your company’s situation。

Wu Bin:I am the Vice Chairman of China International Travel Service Co., Ltd.，Turns out to be the chairman。Strictly speaking，Our major shareholder today is Wanda Group。Our company，The host just said it belongs to a traditional travel agency，I agree but I don’t agree either。How to classify travel agencies，I will talk about my personal views later。It is true that our company is very old，It can be said to be one of the oldest travel agencies in Shenzhen，Older than me，Already in Shenzhen in 1954，is the first batch of new China，More than sixty years of history to this day。Especially in today’s Internet era，The era of global integration。Indeed, I often think about this question，Does an enterprise like ours still have a future?。This kind of thinking does not take one or two years，At my age, I may think more about when to retire。But from my personal perspective，Shenzhen CITS was originally a wholly-owned enterprise of the Guangdong Provincial Tourism Bureau in Shenzhen，It is the first traditional travel agency with Chinese prefixes that was restructured in 2000。This kind of enterprise has developed to this day，110 people during the restructuring，This company has 1,700 people today，Includes employees worldwide，There are hundreds of overseas employees。Now in China，It is estimated that there are a little more than 1,000 employees in Shenzhen。What everyone calls a traditional travel agency，Today，Employees increased more than ten times，Business scale，Use strict capital market 188bet Online Sports Betting and Casino standards，We host more than 1.8 million tourists every year，Strictly speaking, the business scale exceeds 3 billion after deduction。Not to mention the top 100 rankings of the National Tourism Administration in 2016，But there is one thing，To this day, this kind of traditional travel agency still accounts for the majority of profits and taxes in the country，I paid nearly 50% of the taxes in the Shenzhen travel industry，From this perspective，Does it still have a future？No future，But profits and taxes are still the bulk of the industry。Contribution to the country and industry，Not a year，We have been making progress over the years。

Luan Jie:New Travel World’s products are very differentiated，I also often follow the official account of New Travel World。                                                                       

Let me introduce our products，We focus on islands，It is indeed such a thing to follow the entire consumption upgrade。When I was doing this，Think of traveling，No more than two areas，One is to build a platform，The platform needs to have sufficient traffic，Only with enough traffic can it be monetized。We have been doing 2C for a long time，At that time, it was Baidu’s largest customer in South China，In the travel category。A lot of traffic is bought with money，Customer acquisition cost is very expensive，Almost two to three thousand per order。

Second, either create content, because traffic cannot.In 2012, the entire OTA landscape was basically the same in the field of standard products。Like a single ticket、Single hotel area，It’s hard to do it again，We choose to do it from the content。Make island destination products more in-depth，Through the action and extension of capital，Get the destination resources。Create the characteristics of an island destination，Closed loop including resources。We are thinking about being in Shenzhen、All over the country，I have completed the content，You can also cooperate with a company like Mr. Wu，Their stores may also need products like ours，Our products can also supplement him。At the same time, we can also supplement some OTAs in China，Make the product good。This can create some barriers。I won’t talk about this yet，I will introduce how Qutrip does it later。

Wang Ting:Thank you both for sharing，The entire tourism industry is discussed here，Throw aside the accommodation industry and the transportation industry，Just look at travel and vacation，We have seen a large number of cases in recent years，My view on the evolution of this industry，Tell me some of my views from the perspective of capital。

Mr. Tan from Quanpin introduced it just now，Some innovations and attempts they made under the new trend。For us，The entire traditional tourism and vacation industry or travel agency industry，Especially in the segmentation of outbound tourism，Everyone will cut this chain into many segments。For example, resource side、OTA、Users have to wait for so many steps，Now you will feel that this chain is quickly flattening。Look at this industry now，I divided it into three parts。First，Make resources、Supply chain；Second，Make products、Service provider；Third，Be the end of customer acquisition channel。This is our approximate logic now。Mr. Luan just introduced it，Since 2012, Qulv has developed to the present，The process from the channel end to product services and then up。Looking back，Mr. Wu, you mentioned the problem with traditional travel agencies，I don’t agree whether there are Internet travel agencies or whether there is a traditional travel agency，There is no such statement。From this perspective，I want to ask this question to Mr. Wu，Do you think our current approach is traditional。I believe your answer is definitely no。How to show that the travel agency’s approach is not a traditional approach but a new approach？

Wu Bin:Definition travel agency，OTA or OTA，Traditional travel agencies are also good，There have always been divisions in academia and industry，I personally don’t agree with this division。In China Travel Agency，Whether it’s online or offline today，I think there are only two types，From a market perspective。It is a travel agency that specializes in regional markets，Be a national or global travel agency，From a market perspective。Second classification，From the current Internet perspective，A kind called Internet + travel agency，A kind of + Internet travel agency。This is my personal opinion。We also had a travel agency in the past，Don’t talk about the mobile Internet now，When I entered this industry in the early 1980s，We don’t even have a fax machine，We need to use telex to communicate with overseas、United States、Contact Europe etc.。One is from the market perspective，One is from the perspective of technology。I personally agree，Like Xinlvjie, he was born in Shenzhen，How to do it in Shenzhen，Shenzhen turned from a small county town into a special zone，Today you can also talk about my business scale of billions，Still 85% in Shenzhen。Let’s talk about Internet+ or +Internet，We are more behind，Go to +Internet。This gene is different from when the OTA who just talked about Internet+ was born。I was born too early，We were born in the 1960s and it is impossible for us to have Internet+，Only until today can the old tree sprout new sprouts，To survive and develop in the era of economic globalization，Must speed up。This is my personal opinion on the travel agency classification standards mentioned by the host，Not necessarily correct，For reference only，Thank you！

Wang Ting:Mr. Wu is interested in new things，I know the new model very well。The proposition given to me by the organizer，The second issue is the relationship between online and offline competition。Actually, this is a topic not worth debating，Why distinguish between online and offline，Maybe this debate exists in the industry。I think the more core issue is the process of acquiring customers in the travel agency industry，How is customer acquisition cost distributed。Let me give you a few numbers，I saw a very interesting case some time ago，It is an offline travel agency。This travel agency is classified according to our classification method，It is a traditional travel agency，But what’s interesting is that it does hundreds of millions in sales a year，Net profit reaches 50 to 60 million。This is a very scary number，It is the practice of what we call a traditional travel agency。Also look at online travel agencies，Some travel agencies have public data。I talked with a travel agency at the beginning of this year，Their customer acquisition cost is 4000-5000 yuan，The gross profit margin of a tourism product is in 2000、3000 yuan，Their customer acquisition cost is higher than gross profit，And it is a well-known travel agency。Here we are discussing online and offline competition，Discuss the cost of acquiring customers or the problem of how to acquire customers。I want you two to talk about how to acquire customers，About what it’s like。

Luan Jie:Speaking of acquiring customers，No more than two types，Online and offline are still different。In the early days, many people did online work，Like a big OTA，Ctrip、Tuniu，In the early days, most people were commercialized，Buy traffic to buy traffic，Like Ctrip、Tuniu has also been doing content for a while。Ctrip also created a Ctrip strategy community before。Everyone wants to acquire customers at the lowest cost，Including the current UGC Mafengwo，See online how to reduce costs to a lower level，How to make more traffic more accurate when the traffic comes。Everyone in the huge crowd wants to travel，But how many people want to go to the island，How many users want to stay at the InterContinental Hotel。Customer acquisition accuracy and cost are factors that need to be considered online。The last company doing C-side business，More and more monopoly，A bigger one，Just some offline travel agencies。It turns out that this is what we did in the early days，Dodo website，Go Go Baidu，Spend some money a year。Do the math at the end，The customer acquisition cost of each order you spend is higher than the gross profit，It means there is a problem with this model。Especially now that the entire traffic is becoming more and more concentrated，You can see how many apps you have installed in your hands，You will understand。You installed 100，How many are actually used。Second，Offline area，I don’t understand either。This period，Like Ctrip，Companies that used to be online are now also opening offline stores。In Beijing during this time，I think his goal this year is to open 50 stores in Beijing。Now there is more integration between online and offline。Ctrip’s offline stores this year will be branded as Ctrip，Qunar to the outside world，Bestcom to the outside world。It solves supply chain problems，Because the store is open，Many tourists go to a store，You want to get the fastest quote，It’s quite difficult，Especially free travel products，Still need to call the wholesaler for a long time，It’s still a matter of efficiency。OTA has started to open stores，Generally traditional travel agencies sell group tour products，In fact, selling free travel products is not what he is good at。Free travel products require many environments for dynamic packaging。But if it’s like Ctrip’s current method，He already has a large number of products，Some of our own products on these OTAs，Once OTA has these products，The efficiency of opening a store offline is very high。Online or online，Offline or offline，For Qulu，We will not open a store，Will only provide bullets to all travel agencies in Shenzhen including other places，Provide content，Better provide some destination products to everyone。Example，There was a conference called "From Departure Point to Destination"。As a fun trip itself，It is already difficult to write more articles in the place of departure，Like Phuket，I want to go from Shenzhen to Phuket, and I want to go from Zhengzhou to Phuket，I want to go to Phuket from Xiongan in the future，I find it difficult，The risk is high for us。All our resources will be concentrated at the destination。Go to Bali to integrate resources，Can take business from China，You can also take on foreign business in the future。

Wu Bin:Acquisition，Because we were born earlier，We always have guests every day。80s、In the 1990s, there were only three or four travel agencies in Shenzhen，Of course there are not many people here，Only hundreds of thousands。I recently had an old grandfather bring his fourth generation to my office。He said this is his grandson’s son，This is our oldest customer，He has been following us since the 1980s until today。Back to traditional travel agencies，The good thing about traditional travel agencies，Like New Travel, there are 1.2 million tourists every year。After data analysis of 1.2 million tourists，We see continued growth every year，There is room for development with a proportion of 70% of old customers and 30% of new customers。Total number of customers acquired per year，It is still growing at a rate of about 20%。Of course，We also have losses。How to get customers in the new travel industry。First，How much capital do we have after the restructuring in 2000，Especially since 2010, I have grown up a bit，But still not like a rich man，Can 1000、2000、Where does the customer acquisition cost of 3000 come from。I am with my team and new colleagues，Including the first class for new colleagues when they join the company, telling them about the history of the new travel industry and telling them that we are the children of the poor。So we get customers，Don’t talk about winning，Keep my customers first，If you can keep him, you have already gained a customer。Travel，The proportion of single guest travel in data analysis，Less than 1% in the new travel world。Including OTA data analysis to today，China Tourism Academy and other research institutions tell us a data，From the perspective of customer acquisition，No matter which channel it comes from，The most important factor is word of mouth and corporate brand。I remember a little bit，Recommended by your friends and relatives，When the mobile Internet is so developed today，This still comes first。I firmly believe we can do better，Or we can make a bigger budget。I personally saw it on the front line，Visits from some customers，I will go to the front line with my customer service colleagues，I asked him，They have so many opinions，Why。In the final analysis, it’s product and service。From a consumer perspective, it doesn’t matter if you are an OTA or a traditional travel agency，No matter how long you have lived or whether you were born yesterday，The key is how the customer feels，How do you rate yourself，I think you are good and come back next time，Think you are not good，I gained another customer but lost it。Although technology continues to bring many new ways to the industry，Many new ways。I remember a speaker said this morning that only if you are sincere to him will he repay you，You have served him well，Be extreme and meticulous，Only then will he be satisfied with you。More than 1,000 employees in Xinlvjie，I tell them something，You design products，Service provider，After finishing it, it is best to bring your grandparents or best friends with you first、A trip for boyfriend and girlfriend，They think there is no problem before going。Sometimes I tell my employees just like this，This month’s bonus allows you to take your parents to take this route。The meaning from these，Acquiring customers is not just about traffic，Everyone is acquiring customers on one side，While losing guests。Everyone’s focus，Whether it is a new enterprise or an old enterprise，Whether it is an OTA or a traditional travel agency。Customer acquisition and customer retention，It needs to be improved to make customers feel good，Who can impress customers in the end，He will definitely follow you。This is my opinion, thank you!

Wang Ting:Mr. Wu said it very well，Relevant national agencies or consulting agencies are also releasing different data，Everyone has a consensus in the vacation industry。Viewed from customer acquisition channels，Official data in the vacation field is between 10% and 20%，The data of travel agencies is relatively small，If true，Vacation traffic acquisition is only about 10 points，The big head is still down the edge。Why did I just say that Big Head is still offline，I believe Mr. Wu’s explanation also answered everyone’s questions。Our respect for service，Respect for products，Enable our consumers to develop basic trust with offline service personnel，This trust includes the trust of the first purchase and the retention of the second and third purchases。Now let’s look at more essential issues online and offline.

Talk about online and offline，Another question，Maybe everyone is talking about the difference between asset-light and asset-heavy。We also see that our industrial chain has undergone great changes in the past few years，Including Mr. Luan just mentioned that Qutrip is more focused on the user side and then upstream。From a supply chain perspective，I understand that Mr. Luan does not have much deployment in the field of transportation。Vacation product，If you deconstruct a vacation product, look at it from several dimensions，Big Traffic，Scheduled flights、Non-scheduled flights、Charter flight is also good，Send tourists to their destination。A big part of a destination is accommodation，Then catering、Shopping、Amusement。As a capital party，On the destination side, I have been paying attention to what is the traffic entrance of the destination side。We sorted out the characters with three attributes that have very strong attributes at the traffic entrance。First，Accommodation。Users spend one-third of their time in accommodation，About one-third of the budget is spent on accommodation，Accommodation becomes a product element for traffic entrance。Another product element is small transportation，For example, the user goes to a land destination，The car will become the traffic entrance，On the island，Cars + boats become the flow entrance for small traffic。Third，Those with stronger traffic entrance attributes are tour guides or consultants who provide services，They greatly influence our consumption decisions at the destination。From this perspective，Fun Travel at this level，What do you think about the asset-light and asset-heavy dimensions?，How to proceed next？

Luan Jie:This question is a bit duplicate of what I will talk about in the next session，Let me briefly explain，Leave more time to Mr. Wu。

Choose between light assets and heavy assets，We are not as rich as President Haihang Ding，Comprehensive layout of the entire industry chain。Let’s go and focus on something now。The theme of today’s meeting is Chatting on the Island，The island is a very focused thing。For Qulu，In the future, we will focus more on one or two destinations on the island、Three destinations。Two or three hundred islands，many。Like a German travel company，All layouts along the Mediterranean，Great traffic owned，Hundreds of aircraft，Hotel、Big accommodation，There are hundreds of accommodations。Accommodations, some of which are their own brands，Twenty to thirty percent of the brands are self-operated，I forgot the specific data for what percentage，Probably joined，Including those operated by agents。

Many travel agencies came today，Like Robinson in the Maldives，This hotel is also independent。They choose this way。The way we travel is the same，We will also choose a destination abroad that we are good at，Plow deeply into a destination，Car、Make some layouts for ships and other things。

I talked about acquiring customers before，Example，Two days ago, one of my friends clicked the likes of others。Everyone who goes to the Maldives knows，As long as the hotel general manager is here，As long as the hotel general manager is here，He will lead a group including the butler、The waiter and seven or eight people are standing on the island to welcome you，When you leave，I watched you leave。Last time we saw a hotel in Japan do the same thing，And it’s just the same as a business hotel，That feeling，I believe everyone will remember it when they go there。

Wang Ting:Mr. Wu，Our business model focuses more on user-side positioning，At the supply chain level，We are facing the continuous flattening of supply chains，What do we have on the resource side？

Wu Bin:There is no need to consider resources in the new travel industry。Our group has division of labor。First, what are we good at，Including subsidiaries of New Travel World，The first two or three years were due to the problems in Japan-China relations，The Japanese government has opened up tourism to Japan from Southeast Asia，Japan becomes a hotel、Serious shortage of vehicles，New Travel Group’s affiliated companies also went to Japan to win over two car companies，Osaka、Tokyo etc.。After our evaluation, we believe that it is really impossible to solve it in the short term，We will also get involved in things that cannot be solved with money。Our subsidiaries will also deploy some small hotels in Japan，Distinctive。For an enterprise like New Travel World, it is not our strong point，We only focus on the main business of travel services，Put more resources on the front-end and pre-sales、On sale。Recently we have plans on how to provide after-sales service。Pre-sale，Leave in travel advisor，As of today，We have more than a hundred large and small stores in Shenzhen，Directly facilitates customers in the new travel world，You can also go to New Travel World’s official WeChat account on the mobile terminal、Official website、Finish all the things you need to do in one stop on the APP。The front end is very important，Many of our companies will ignore it，Willing to spend money on traffic and assets，I always feel something is wrong，I said why not spend money on training，Spend money to hire more high-quality and comprehensive employees, even new employees。

The second aspect，On sale，The process of traveling，New Travel Industry must be the most willing to invest in protection and care for team leaders and tour guides in China。I just mentioned that we have hundreds of full-time team leaders，We have colleagues from Taiwan。Taiwan’s tourism industry is very developed，Professional tour leaders from large and medium-sized travel agencies who have traveled all over the world。Hong Kong also has many excellent team leaders。I dare say that the new travel industry will take over Taiwan、The best full-time tour leader from Hong Kong and Macau becomes our partner，Become our colleagues or even become our shareholders。Be a good tour guide and team leader，It’s really not easy。He needs a lot of time、Experience and lessons learned，You have to hit the board many times to accumulate a lot of skills。These are not money，You said I would train you the best tour guide now，Is fifty thousand enough?，Is one hundred thousand enough?，How many days will it take to come out，Can’t get out。I just talked about assets，Frontline tour guide、The tour leader and the guests who are welcomed for registration and consultation are the most important assets，Of course including your customer service，Online Service。These areas are not strengthened，Put resources elsewhere，I think it’s a bit putting the cart before the horse。We also often reflect on another issue，The new travel industry will also become an industry university，But there is one thing，Stay unchanged，There is new blood coming in and out，The world is so big，It’s okay to go out for a walk，I think these are what we should do，We value assets, and people are the most important assets, especially customers.As the vice chairman, I don’t get to see guests every day now，You don’t invest in seeing guests every day，The brand of the new travel industry must be the grassroots employees，It must be supported by employees who work with your customers every day。

Wang Ting:You can see the sharing between the two from the applause，The value point。I believe the answer to this proposition is already in everyone’s mind。Because of the tourism and vacation industry，If we look at the evolution of the tourism industry，It was the first time that everyone introduced business travel，Sightseeing tour will follow，Get on the bus, sleep, get off, take photos and then relax concept，Now it has become a lifestyle business。No matter what，We see that these businesses are inseparable from human services。People are one aspect here，Mr. Wu’s sharing tells everyone，Tourism itself is essentially an experience economy，Human factors，Human service is indispensable。So-called traditional players，Old players continue to invest manpower、Training、Propaganda of service concept，Timeless and new，Customer needs are changing，Technology has also changed，We introduce new service concepts，New technical systems are constantly improving，But in the end, people are still there to serve consumers，People provide travel services。Although our technology，For example, the concept of community including OTA exists，However, high-quality entrepreneurs including Qulv have seen their services being upgraded，The upgrading of people is important，At the same time, resources also need to be upgraded。We saw 50 million last year、60 million people who really go abroad，One-third to one-half of them go to islands or island-related destinations，Island tourism is a very large market segment，The island market is the first to witness the evolution of human travel from sightseeing to business and leisure。In this process, we want to serve these people well，Need to build resources locally，includes team building。Although Mr. Luan said I went there to recruit people and cars，But in the end you will find that we are in order to better serve a leisure or lifestyle island tour，In the end, people serve。When I arrived in the Maldives, I was greeted by the general manager of the hotel with the butler and waiters，Includes every meal、Go out for fun，It’s all people and resources working together to provide services to everyone。Looking at the maturity of national tourism development，The tourism practitioners in South China are definitely benchmarks nationwide，From the liquid state，It can also be seen，For example, the development of theme parks，South China is the most developed，Go to central China and even the mainland。Employees in South China can set a better benchmark for the national tourism industry，Example of better service。

Thanks to the two industry leaders and seniors for taking the time to share with you，I believe there are many problems，Communicate privately next，Leave it to the next link，Thank you both。