TMC is 188bet Online Sports Betting and Casino Management Company TravelManagementEnglish abbreviation of Companies，refers to the company’s overall planning and comprehensive execution and monitoring of business 188bet Online Sports Betting and Casino activities with the assistance of a professional 188bet Online Sports Betting and Casino management service team，Optimize 188bet Online Sports Betting and Casino management processes and policies，Overall procurement resources，So as not to affect business development and 188bet Online Sports Betting and Casino experience，Reduce corporate 188bet Online Sports Betting and Casino costs and improve employee 188bet Online Sports Betting and Casino efficiency。With the increase in business 188bet Online Sports Betting and Casino spending and the increasing popularity of TMC services，The TMC industry still has a lot of room for development。

The current development of the entire 188bet Online Sports Betting and Casino in China shows the following characteristics:

1、188bet Online Sports Betting and Casino penetration rate is low，Below 10%，Lower than developed countries

China’s TMC industry is still in the initial stage of development，The penetration rate of TMC services is still low。Less than 10% of companies in China use 188bet Online Sports Betting and Casino management，The penetration rate in mature markets such as the United States has reached more than 40%。

2、188bet Online Sports Betting and Casino concentration CR4 (the top four 188bet Online Sports Betting and Casino concentration indicators) is only 16%，Far lower than the CR4 of Britain, Germany, France and other countries60% level

There are many participants in the domestic TMC industry，Chinese joint ventures including large foreign TMCs、Part of OTA、Traditional 188bet Online Sports Betting and Casino agency、Traditional air ticket agency、Airlines and some commercial banks, etc.，But the industry concentration is very low，The market share of the top four TMCs is only about 16%。

3. Low level of 188bet Online Sports Betting and Casino

China’s current industry development level is not high，Except for the top few in the industry，Most TMC services are still limited to one or more aspects of the 188bet Online Sports Betting and Casino booking process，The 188bet Online Sports Betting and Casino payment and subsequent reimbursement and data analysis feedback links are relatively shallow。In the booking method，TMC companies basically use manual offline services，Online reservation systems are relatively poorly developed and used。

4. Considerable 188bet Online Sports Betting and Casino space

According to GBTA (Global Business 188bet Online Sports Betting and Casino Association, a business 188bet Online Sports Betting and Casino and business meetings organization) forecast，China’s business 188bet Online Sports Betting and Casino market will reach 322 billion in 2016，The market is huge。According to data from iResearch's "2015 China Business 188bet Online Sports Betting and Casino Management Market Development Trend Report"，The market share of several major domestic TMCs is only 22.5%，77.5% of the market still needs to be tapped by small and medium-sized TMCs。China’s TMC industry transaction scale is expected to maintain an annual growth rate of approximately 21% in the next five years，The industry transaction scale will exceed 180 billion yuan in 2017，Income scale will exceed 13 billion yuan。

188bet Online Sports Betting and Casino’s market prospects depend on its market value:

1、Helping corporate customers ease short-term capital turnover，Achieve interest-free and guarantee-free monthly advance settlement service within the agreed account period through advance payment of 188bet Online Sports Betting and Casino expenses，Consumption first, settlement later，Increase the number of customer fund flows，Reducing the capital turnover pressure of corporate customers，Improve capital utilization。

2、Standardize business trip management for corporate employees，Helping corporate users simplify their 188bet Online Sports Betting and Casino approval to the greatest extent、Advance loan for 188bet Online Sports Betting and Casino expenses、Reimbursement、Accounting statistics and other work processes，Significantly reduce manual workload，Improve work efficiency，It also makes business 188bet Online Sports Betting and Casino easier and more convenient。Standardize financial documents for corporate customers，Uniformly provide tickets，Avoid gray loss。

3、Help corporate customers resolve the conflict between the company and the employee about who should pay first for 188bet Online Sports Betting and Casino trip expenses，Greatly reduces the workload of writing off 188bet Online Sports Betting and Casino trip expenses，Let employees have more energy to carry out 188bet Online Sports Betting and Casino。

4、Purchase air tickets, hotels and other 188bet Online Sports Betting and Casino products through scale，Reduce business 188bet Online Sports Betting and Casino costs for corporate customers，Put an end to loopholes in actual reimbursement through organizational control。

Based on the value of products and services provided by 188bet Online Sports Betting and Casino merchants，The main characteristics of the 188bet Online Sports Betting and Casino industry are relatively clear: low entry barriers、High barriers to growth，Previous reports or most information considered "funds"、Talent、Technology” is the main barrier in the 188bet Online Sports Betting and Casino industry，But Zuoyu Capital believes that the main barriers to the 188bet Online Sports Betting and Casino industry are "funds + resources + technology": ①Funds: The mismatch between upstream and downstream settlement cycles leads to a high degree of capital occupation，And the income is single、Meager，The development of small and medium-sized TMCs is prone to encounter financial bottlenecks；②Resources: Customer Resources、Human resources、Product service resources are the key elements and core competitiveness to ensure customer satisfaction；③Technology: Payment, settlement and reimbursement are technically complex，Adaptation to the diversity of services for small and medium-sized enterprises requires 188bet Online Sports Betting and Casino enterprises to have a higher technical level。One-size-fits-all funds among the key factors of these core barriers、Talent factor is important，But for 188bet Online Sports Betting and Casino entrepreneurs，Find the market space、Customer needs，Seeing the resource space that giants have not covered and innovating in technology are the keys to grasping entrepreneurship in the 188bet Online Sports Betting and Casino field。

Overview of the 188bet Online Sports Betting and Casino field at home and abroad，Zuoyu Capital divides its main merchants into four categories，And from customers、Analyze it from three levels: resources and technology:

1. Global giants: including BCDTravel、CWT (CWT)、HRG、Five giants including American Express AmEx and Expedia’s Egencia。

(1) Customers: American Express’s business 188bet Online Sports Betting and Casino services have long been focusing on high-end institutional customers as its core customer base；HRG also mainly provides 188bet Online Sports Betting and Casino management and consulting services for large and medium-sized enterprises，SME business only accounts for 13% of HRG’s revenue，Banks and other financial industry companies are HRG’s largest customer base；Egencia also targets large enterprises as its main customer base。

(2) Resources: American Express’s Express card is its largest resource，Discount and rebate income is its largest source of operating income。American Express’ average rebate revenue from each card accounts for about 50% of the total revenue；Another 30% of the income comes from various credit card-related fees and income，In comparison, 188bet Online Sports Betting and Casino commission only accounts for about 8%。HRG’s Spendvision focuses on the banking industry，Online 188bet Online Sports Betting and Casino consultation platform，Provides transaction management solutions including end-to-end expense management，Covering nearly 130 countries。And HRG is the only business 188bet Online Sports Betting and Casino service company that has a holding operator in China。Egencia mainly relies on the global resources of its parent company Expedia。

(3) Technology: American Express in addition to financial services，Multiple layouts and business 188bet Online Sports Betting and Casino services and related businesses，Such as search engines and third-party payment companies, etc.。HRG’s online technology can automatically process employee reimbursements，Also provides enhanced control and visibility of company overhead。The platform also provides an accounts payable management system for banks and their corporate clients to improve the procure-to-pay (P2P) process。

2、Sino-foreign joint venture: Jinjiang HRG jointly established by Shanghai Jinjiang International and HRG、CITS Express, a joint venture between China National 188bet Online Sports Betting and Casino Service and American Express, and AVIC Charles Schwab, a joint venture between China National Aviation Services Co., Ltd. and Charles Schwab 188bet Online Sports Betting and Casino，The business models of these joint ventures basically continue with those of their parent companies，The difference is that its business is extended by combining local resources and customers in China。

(1) Customers: The customers of Sino-foreign joint venture 188bet Online Sports Betting and Casino are mainly global multinational enterprises，Organization in China serving global customers，For example, service GM has signed an agreement abroad，Extended to the country。

(2) Resources: Advantages of global resource procurement，International 188bet Online Sports Betting and Casino management giants are making extensive deployments around the world，Mature business system，Huge business volume every year，Obvious purchasing advantages。

(3) Technology: The technological advantages of TMC joint ventures have not been fully utilized domestically，Because air tickets account for more than 75% in business 188bet Online Sports Betting and Casino management，To carry out 188bet Online Sports Betting and Casino management business in China, we rely too much on TravelSky，Few joint ventures have independent technology research and development capabilities in China，Therefore unable to integrate its global resources well，The joint venture 188bet Online Sports Betting and Casino management company’s local technological advantages are not very satisfactory。

3、Local TMC Company: Take Ctrip Business 188bet Online Sports Betting and Casino、Meiya、Tempower International、Business 188bet Online Sports Betting and Casino e-Route、Mango Business Hotel、eLong Hotel、Represented by Ge Sihan and others。

(1) Customers: Local 188bet Online Sports Betting and Casino companies are mainly domestic medium-sized enterprises，Some international companies。

(2) Resources: Ctrip Business 188bet Online Sports Betting and Casino relies on its hotel and air ticket resources、And Meiya、Temperature International Air Ticket Wholesale Startup，Has deep experience in the air 188bet Online Sports Betting and Casino market。

(3) Technology: Ctrip started in 2006，Start investing in technical resources，Established 188bet Online Sports Betting and Casino R&D center in 2009，Relatively strong technical strength，Ctrip 188bet Online Sports Betting and Casino’s technical department has hundreds of people，Meiya and Tempus, as the local TMC duo following Ctrip, have invested heavily in technology。Local TMC technology is more in line with the needs of local users，Large TMCs will develop their own systems，Medium-sized TMC independently develops or purchases third-party systems。Generally local TMCs will jointly operate e-commerce，Product supply。The proportion of small and medium-sized TMCs that independently own independent management systems is relatively low。

Among the local TMC companies, Ctrip Business 188bet Online Sports Betting and Casino is the most typical，Its customer base is relatively broad，The main customer group is business travelers，Accounting for 88% of customers；Sightseeing and vacation tourists account for 12%。More than 300 multinational companies and large enterprises have become customers of Ctrip Business 188bet Online Sports Betting and Casino，Since the launch of SME Business 188bet Online Sports Betting and Casino Service for SMEs in 2011, more than 30,000 SMEs have registered for Ctrip business 188bet Online Sports Betting and Casino services。Ctrip Business 188bet Online Sports Betting and Casino Management’s revenue mainly includes air tickets、Commissions on hotel bookings and package tour services to corporate clients，Reflected in the contract between Ctrip and corporate customers in the form of service fees。

4、New TMC Company: Looking for Excellence、A new business 188bet Online Sports Betting and Casino technology service platform represented by 51book。

Miyou Business Hotel is affiliated to Miyou Information Technology Shanghai Co., Ltd.，is a system platform supplier that specializes in providing Internet-based transformation solutions for offline small and medium-sized TMCs，MiuBTM has developed MiuBTM, a business and 188bet Online Sports Betting and Casino management platform with independent intellectual property rights.V1.0。

Different from the first three categories，Miyou Business 188bet Online Sports Betting and Casino Network mainly provides platform services for TMC:

(1) Customers: Miyou’s main customers are 188bet Online Sports Betting and Casino companies.

(2) Resources: In terms of product resources, the system integrates air tickets、train ticket、Hotel、Car rental、Insurance、MICE、Visa and airport VIP and other value-added service products，SupplyTMCDo one-stop purchasing and provide background price comparison function.

(3) Technology: Based on SAAS model and cloud service concept，Emphasis on search price comparison、Process standardization and efficiency improvement，Provide standardized products for TMC，Has business 188bet Online Sports Betting and Casino management system。

(4) Funding solutions，Through the bank、Cooperation with funds and other financial institutions，isTMCProvide financial support solutions to address TMCThe problem of advance capital faced in the process of serving enterprises。Also，There is also support at the operational level of 188bet Online Sports Betting and Casino management，Provides comprehensive 188bet Online Sports Betting and Casino management solutions for many small TMCs。

Based on the macro market environment and the basic situation of domestic and foreign industry development，For entrepreneurs in 188bet Online Sports Betting and Casino industry，There are still many unresolved pain points in the 188bet Online Sports Betting and Casino market:

1、188bet Online Sports Betting and Casino basic product is single，Unable to provide personalization、Diversified services

Air ticket agents or 188bet Online Sports Betting and Casino agencies currently on the market，Generally, only flight + wine reservations are provided、Visa agency services, etc.，Far from meeting the needs of enterprises for business 188bet Online Sports Betting and Casino and the personalization of enterprise employees、Diverse needs。From the perspective of business travellers’ habits，Business 188bet Online Sports Betting and Casino requires air tickets、train ticket、Car rental、Visa、Insurance、MICE、Airport VIP Lounge、Selected seat、A series of ancillary products and services such as printing boarding passes，However, due to limited resources of traditional business 188bet Online Sports Betting and Casino services，Difficulties in product integration，Poor user experience，Business 188bet Online Sports Betting and Casino service has long-term important customers、The thinking mode of light users。

2. Technical barriers restrict the rapid development of 188bet Online Sports Betting and Casino

With the development of mobile Internet technology，Enterprises no longer rely solely on manual operations，People are also becoming accustomed to using online booking tools to book trips、Realize cancellation, change, etc.。This requires TMC to provide convenience、Business 188bet Online Sports Betting and Casino system with good user experience。However, small and medium-sized TMCs generally have weak technical capabilities，So technical barriers will also limit the development of the TMC industry。No technical support，TMC cannot be automated、Systematic management，Making labor costs high。

3. Funding is a major bottleneck restricting 188bet Online Sports Betting and Casino business growth

In view of the characteristics of 188bet Online Sports Betting and Casino business model，188bet Online Sports Betting and Casino upstream and downstream account periods are generally 30 days、45 days or even up to 60 days，The high amount of advance capital has caused the amount of capital of 188bet Online Sports Betting and Casino companies to become the main bottleneck for business growth。

4. Lack of standardized operation of 188bet Online Sports Betting and Casino branding

The threshold for employees in the 188bet Online Sports Betting and Casino industry is low，Almost all new people are trained using the method of bringing in the old and bringing in the new，Lack of professional training institutions to train professional talents，Making 188bet Online Sports Betting and Casino industry standardization insufficient、High operating costs、Brand awareness is generally not strong。In customer bidding、There is much room for improvement in tender document writing and subsequent services。

Since entering 2015，The B2B enterprise service market is becoming increasingly hot，Full-process vertical e-commerce based on industry will become the mainstream of B2B platform development。Hu Weidong, CEO of Zuoyu Capital, thinks，With the development of mobile Internet，Accelerating the process of enterprise informatization，Applications for enterprise services are beginning to emerge；Enterprises are gradually realizing the important role of information technology in the business process；However, the degree of informatization of most enterprises in our country is still very low，Especially many small and medium-sized enterprises。There is still a big gap between my country's development level and that of the United States in the enterprise management software industry，For example, there is still more than 80% blank market in my country's small and medium-sized enterprise 188bet Online Sports Betting and Casino management market，This is a huge market that has yet to be tapped。

There are more than 50 million small and medium-sized enterprises in China，Aiming at the big piece of the 188bet Online Sports Betting and Casino management market，Large domestic and international 188bet Online Sports Betting and Casino companies are competing for it，However, due to the scattered 188bet Online Sports Betting and Casino volume of most small and medium-sized enterprises，Small scale，According to the current 188bet Online Sports Betting and Casino management market situation，It is difficult for them to get professional 188bet Online Sports Betting and Casino management services from mainstream TMCs，The 188bet Online Sports Betting and Casino management needs of small and medium-sized enterprises are not well met，There are also very few TMC start-ups that provide 188bet Online Sports Betting and Casino management services for these enterprises。

Therefore, small and medium-sized entrepreneurs in the 188bet Online Sports Betting and Casino field will have many opportunities for innovation and entrepreneurship，But there are also corresponding challenges:

1. Opportunity:

(1) Almost all industries are currently at the forefront of the mobile Internet，In such a situation，High efficiency brought by the Internet and mobile Internet、Low cost、Convenience will promote the overall upgrading of the industry，188bet Online Sports Betting and Casino transformation and upgrading is imperative。

（2）my country’s business 188bet Online Sports Betting and Casino market is huge，Low market concentration，The dividend has not been fully divided yet，There is still huge room for in-depth development in subdivided areas。

(3) With the penetration of modern enterprise management concepts，The growing demand for enterprise-level management，Primary 188bet Online Sports Betting and Casino demand can no longer meet the needs of corporate management，Enterprise-level business 188bet Online Sports Betting and Casino management requirements have been triggered。

(4) Personalization of many small and medium-sized enterprises、The demand for fragmentation is far from being met，188bet Online Sports Betting and Casino’s diverse service value space has yet to be released。

2. Challenge:

(1) At present, Chinese enterprises are not yet sufficiently receptive to the concept of business 188bet Online Sports Betting and Casino management，The market needs to be cultivated and guided。

(2) 188bet Online Sports Betting and Casino enterprise’s own products、Technology、Financial and operational deficiencies hinder business development。

(3) The influence of external environment such as airlines，Zero agency fee、The fierce competition environment is constantly compressing the living space of agents。

(4) Lack of talents in 188bet Online Sports Betting and Casino industry，Understand Internet thinking、The shortage of comprehensive talents who experience user experience and understand traditional operations and service logic is also a challenge facing the entire 188bet Online Sports Betting and Casino industry。

Based on macro market conditions、Comprehensive factors such as the situation of mainstream 188bet Online Sports Betting and Casino merchants and market demand, as well as the development characteristics of the 188bet Online Sports Betting and Casino industry，Zuoyu Capital recommends 188bet Online Sports Betting and Casino entrepreneurs to understand industry development trends based on industry trends、Development Trend、Grasp customer needs、Focus on user experience，Deeply engaged in the industry，Find your niche:

1、188bet Online Sports Betting and Casino market size will continue to grow，It is expected that the transaction size in 2018 will exceed 200 billion yuan，There are still plenty of opportunities for small and medium-sized 188bet Online Sports Betting and Casino entrepreneurs，But TOThe requirements in field B are complex，Long value chain，188bet Online Sports Betting and Casino entrepreneurs need to deeply explore the industry，Deep accumulation，Find your own value point in the big market。

2、China’s business 188bet Online Sports Betting and Casino management market currently has a high proportion of low-profit air tickets，The industry is still in a state of low profit。Follow up with hotel、Car rental、The increase in the proportion of high-profit products such as pick-up and drop-off machines，Industry revenue is expected to increase steadily，TMC entrepreneurs can break through the traditional machine wine labeling logic，You can try different entry points under new demand trends，Meet the diverse needs of user updates。

3、Industry concentration in China’s business 188bet Online Sports Betting and Casino management market is accelerating，M&A integration will be the normal means to increase the concentration of large TMCs，It is expected that the CR5 market concentration will exceed 25% in 2017，TMC entrepreneurs can find room for development in the cracks between giants，Adopt technological innovation in areas not covered by Chinese and foreign giants、Acquire living space through service innovation。

4、Enterprise employees are getting younger，Millennials have become the main working group，Personalization、Diversification、Improved mobile experience requirements，188bet Online Sports Betting and Casino startups need to reduce customer thinking、Strengthen user thinking，Rejuvenating products and services，Meet the needs of young people。

5、Intelligent、Automation、Integration，New technologies such as big data are gradually integrated into the business 188bet Online Sports Betting and Casino system，The use and innovation of new technologies will bring new innovation and value-added space to the industry，The innovation of traditional TMC industry giants has lagged behind a lot，plus rigid mechanism，TMC entrepreneurs can choose new technologies as an entry point，Use flexible mechanisms and rapid innovation to seize market opportunities。

*This research report refers to Guotai Junan Securities、iResearch、UBS UBS partial data，Zuo Yu would like to thank you as well。

*This article is reproduced from Zuoyu Capital，WeChat public account "Zuoyu Capital"。