Recently, rumors about the merger of Tuniu and Cedu.com are rampant，Tuniu has made a rare statement twice in a row，First, CEO Yan Haifeng choked, "I have never heard of this"，An official solemn statement was later issued，What’s interesting is that Ctrip “preemptively” denied the merger rumors one day before Tuniu’s solemn statement。The unequivocal words of Weibo’s big V and the scrambling of the two companies to express their opinions turned this incident into a “Rashomon” in an instant。

Perhaps there is no smoke without fire，But the key is that we must see through the fog to see the source of the matter。No wonder，Ctrip accepts Elong，Kong Qunar，In the limelight，It’s not surprising that he wants to unify the country and pacify all directions，Maybe it’s not just Tuniu who is eyeing it，Meituan Dianping’s wine and tourism business group。188bet sports betting app download

Persistence，At present, it is not the best time for the merger of the two parties，The market shares of Tuniu and Xipiao are almost the same，Tuniu’s weak lead and the space in the leisure and vacation market will widen the gap in expectations between the two parties，Besides, HNA previously increased its capital in Tuniu twice during the year，Gundam 26.Tuniu, the largest shareholder with 61% of the shares, also has a firm and clear attitude，The main founder of Tuniu still has super voting rights to firmly steer the direction of this big ship，At present, there is little chance of a merger between the two parties。

Future tourism is a competition for comprehensive resources，The background of shareholders and Tuniu’s ten years of deep cultivation in the leisure and vacation field give Tuniu ample confidence，The five major systems built over the past ten years support what Tuniu CEO Yu Dunde calls “visionary differentiation”。In this issue of Zhihui’s 2016 Large Enterprise Review Plan, we will review how Tuniu formed its current pattern and layout in 2016。

At Tuniu’s 10th anniversary “Above the Road” press conference，Yu Dunde elaborates on what is "far-sighted industrial alienation": insisting on the leisure and vacation field ten years ago，It seems far-sighted to avoid the fierce competition among OTAs in the business travel field, which is dominated by alcohol and beverage products，But staying the same for ten years is hard to find concentration and stability，Tuniu will become a group ten years later，Introduction of partnership，Strengthen the brand，Deeply cultivate in subdivided fields，Strengthen the brand，Start the next decade by focusing on ecological cultivation。2016 is a critical year for Tuniu，On the one hand, you have to bear the pressure of losses，Also to the next level，Level-by-level innovation。Tuniu’s five differentiated systems gradually became clear in 2016。

1. Establish a departure and destination service system

As a travel intermediary service provider，After years of development，OTA has begun a new evolution in its business methods。188bet app download A long time ago，The weakness of online travel companies is the lack of professional travel service capabilities and destination reception systems，Because travel product services are different from ordinary standard product bookings，Book from product，To the consumption process、After-sales guarantee，Need powerful systematic services。

At the Alibaba Cloud Conference in Hangzhou in October this year，Jack Ma proposed: The era of pure e-commerce has passed，The next ten years will be the era of new retail，In the future, online and offline must be combined，This is especially true for tourism，In the next ten years, online and offline integration will be unprecedentedly achieved。

In terms of departure location，Tuniu since its listing in May 2014，Continue to promote O2O strategic layout，Strengthen the expansion of regional service centers。As of now，Tuniu has 180 regional service centers nationwide，Basically completed one、Full coverage in second-tier cities，The focus of expansion has been extended to three、four、Fifth-tier cities。Achieve online、Offline services are effectively integrated together，Can provide consumers with richer products and more considerate services。

In terms of overseas destinations，Tuniu is also in the Maldives、Bali、Bangkok、There are 11 overseas destination service centers in Phuket and other places。Through vigorously expanding destination services and cooperation，Tuniu’s leading advantage in domestic and overseas destinations continues to expand。

With the deepening of regional expansion strategy，Tuniu Regional Service Center is not only responsible for the departure point、Destination User Services，Also includes resource procurement、Marketing、Supplier Cooperation、Offline activities and other functions。The new regional service center also plays an irreplaceable role in improving the richness of Tuniu’s SKUs。Financial report display，As of the second quarter of 2016，The number of product SKUs provided by Tuniu to consumers increased from 1.65 million in the previous quarter to 1.7 million。

2. Large transportation service system

Transportation is an important carrier connecting users and destinations，With aviation、train ticket、Bus ticket、Transportation based on car rental is an important entrance to the tourism industry，Similarly, transportation booking can also extend the rich tourism consumption demand。The reason why Qianniu accepted HNA’s controlling investment is because it values ​​HNA’s rich aviation resources，The two can complement each other in terms of resources and strategic demands。

Starting from January this year，Tuniu launches the construction of a large transportation service system。Let’s start with the air tickets，Tuniu continues to deepen its layout in the air ticket field，Create a product model with “machine + X” as the entry point，United with West Airlines, a subsidiary of HNA Group。As the official sales partner of West Airlines，Tuniu direct connection through the official website，Carry out in-depth cooperation with West Airlines on customer interconnection。In-depth strategic cooperation with Shougang Airlines，Jointly launch the "First Flight·Tuniu Holidays" brand，Integrate Capital Airlines’ aviation resource advantages and Tuniu destination tourism resource advantages，Create a cost-effective "air ticket + ground transfer" dynamic packaged travel product，And complete omni-channel cooperation，The first "air ticket + ground transfer" packaged product。October 30，Tuniu has launched in-depth strategic cooperation with Fuzhou Airlines，Working together to launch the "Fuhang·Tuniu Holidays" 188bet online sports betting joint brand。Tuniu also pioneered the "Airline Brand Day" event，Joined with airlines to launch products for popular tourist destinations，Allows users to travel easily at more affordable air ticket prices。

relative to air ticket booking，Users are booking ground transportation more frequently，Tuniu hopes to provide users with one-stop transportation ticketing services，Meet diverse transportation needs，At the same time, improve the stickiness of platform users。Currently Tuniu has completed the process of using "tickets"、train ticket、Bus tickets and car rental” as the core transportation business layout，Form deep integration with its leisure travel products。

3. Supply chain ecosystem

The current overall Internet penetration rate in the tourism industry is around 13%，including air tickets、Standard products represented by hotels have the highest penetration rate，But Internet penetration is still very low for fragmented tourism services in many destinations，For example, the penetration rate of online scenic spot tickets is about 5%，Cruise penetration rate is less than 1%。To ensure user experience，Online tourism companies need to have control over offline resources，However，Lack of control over offline resources，This has always been a shortcoming faced by online travel companies。How to provide tourists with more enrichment、Quality-controllable products and services have always been the direction OTA companies strive for。

Tuniu has continuously increased its investment in upstream resources in recent years，The proportion of direct procurement continues to increase，It has exceeded 36% so far，In the long run，The improvement of direct procurement capabilities can not only enhance the control of resources，It can also ensure user experience，Reduce procurement costs at the same time。

In terms of upstream and downstream collaboration，2016 Tuniujiang Air Ticket、Hotel、The supply chain capabilities of the three major categories of theme games are open，Share Tuniu’s traffic and product integration advantages with partners，Focus on building a “+X” tourism ecosystem。In addition，The Difeng Holidays distribution platform incubated by Tuniu has become one of the top three in the industry since its establishment one year ago，Attracted 3.10,000 distributors settled in。For Tuniu itself，Difeng holiday can increase Tuniu’s purchasing scale，Thus improving Tuniu’s bargaining power，Reduce inventory risk；For distributors，Difeng Holidays provides distributors with massive resources，Distributors can compare prices with multiple suppliers through the platform，More transparent prices，Effectively reduce procurement costs。Except inventory inquiry、Dynamic product packaging and online independent marketing，Distributors can also obtain Tuniu’s professional supply chain financial support，B2B tourism itself is also a new source of income。

4. Financial Innovation System

The integration and innovation of tourism + Internet + finance is the future direction of OTA，Tuniu has obtained an insurance broker since 2015、Fund sales and other financial related licenses。Relative to house, car，Relatively high frequency of travel，Compared to catering，Tourist unit price is higher，Daily transactions will generate a large amount of funds，Tuniu financial report display，As of June 30, 2016，Cash and cash equivalents held by the company、Restricted cash and short-term investments total RMB 5.9 billion (8.US$93.5 billion)。In addition, OTA has a high degree of informatization，Most suitable for combination with finance，Conforming to the development trend 188bet app download of Internet finance。Tuniu has now become an OTA with a comprehensive "tourism + finance" layout in the online travel industry。

Tuniu Financial Services relies on its own tourism resources，Currently providing “one-stop” Internet financial services to consumers and suppliers。In terms of personal guarantee and installment payment，The first-time installment travel product proposed by Tuniu has covered more than 1.26 million routes as of the first half of 2016，More than 1.38 million users have obtained credit，Credit limit exceeds 8.2 billion yuan，The cumulative transaction volume has exceeded 100 million yuan；Supplier investment and financing，In 2014, a capital reserve of 5 billion was established to provide financial support and other services to partners。

It is not ruled out that travel financial services companies with a business model similar to American Express will emerge in the domestic market in the future，American Express’s current market capitalization exceeds US$70 billion，Completed from travel services to tourism、Transformation and Development of Financial Integrated Services Group。Tuniu applies for financial related license，Complete financial services layout，It is also a way to prepare for the future，Preparing for future financial layout。

五、Build a comprehensive brand system，Transforming into a lifestyle and tourism consumption service platform

China’s per capita GDP will exceed US$10,000 in 2016，The era of leisure and vacation is coming，At the same time，Millennials (those born between 1985 and 1995)、The Generation Z (new generation born from 1996 to 2005) consumer group is increasingly becoming an important consumer force。As the younger generation，Their consumption behavior habits are different from any previous group。What follows is a wave of consumption upgrades，Consumers are more keen on product and service quality、The pursuit of brand。

New consumer group、Under the new consumption trend，The supply of leisure and vacation tourism is another situation: diversification、The contradiction between personalized demand and relatively homogeneous product supply；There is still a lack of high-quality leisure and vacation travel brands；Tourism companies have low gross profits，Weak profitability。How to get rid of the homogeneity of vacation and tourism products、Lack of brand、The business dilemma of low gross profit is an industry problem facing every company。

Tuniu had realized the need to build its own product brand 7 years ago，Launched “Express Line” in 2009，During this period, Tuniu continued to work hard to improve service quality，Currently, the expert hotline accounted for more than 31% of the total package tour transaction volume，Steady growth over the years，Differentiated pricing for the elite line，Also enables Tuniu to obtain higher gross profit margin and income。Then Tuniu will segment according to the market，Successfully launching melon and fruit parent-child tours、Pengpai customized tour、The "Above the Road" brand is positioned as high-end and the "Let's Go" brand is positioned as the younger generation，Further enrich its brand line。

Focus on leisure and vacation，“Making travel easier” has always been the direction of Tuniu’s efforts。Tuniu completed a new upgrade of the brand LOGO last year，Tuniu’s future service scope is not limited to leisure and vacation travel。Judging from the layout in the past two years，Tuniu has started to focus on leisure and vacation，Transforming into a lifestyle and tourism consumption service platform。Beyond the core tourism business，Tuniu actively expands financial services、Film and TV、Wedding、Communication 188bet Online Sports Betting and Casino and other services，Launch your own consumer service brand。

Tuniu served nearly 4.5 million group tour tourists in 2015，This is the basis for building a large consumer service platform for lifestyle tourism。Consumer finance with rich categories in the future、Film and television products、Wedding、New businesses such as communication services，Not only can extend the business chain，Improve overall gross profit level，It will also shorten the distance with the younger generation of consumers，Establish Tuniu’s brand image among young people in the future development。

six、Five major systems to build an ecosystem，Tuniu will have both opportunities and challenges in the next decade

After the melee of online travel companies in 2015、After money burning mode，In 2016, both capital and the online travel industry have become much more restrained。Profitability has become the top issue facing all online travel companies，Tuniu is also facing pressure。Although the online travel industry is no longer undergoing dramatic investment, mergers, acquisitions and integration，But for profit，There are more strategic splits and business integrations within the enterprise，Every family is also looking for ways to break the situation。

June this year，Tongcheng Travel announced that it will split its two major business segments，And plan to list separately。October，Tujia announced that it will be split into a "large organization"、Two major operating companies”，i.e. Tujia Holdings Management Organization、Online platform operating company、Offline platform operating company。November，Yan Haifeng, President of Tuniu Travel Network, announced at the Tuniu 10th Anniversary Strategy Conference，Next 10 years，Tuniu will become a group company，And split into two major segments: tourism and vacation subsidiary and financial technology subsidiary。

The strategic significance of the split of Tuniu’s two major sectors is to shorten the time for profitability。Tuniu CEO Yu Dunde emphasized two aspects: “The first is the mature leisure travel and vacation business，Able to steadily improve profitability；The second is that we promote the rapid development of new business (financial technology) through groupization。”

In an interview with media reporters after the press conference，Yu Dunde made it clear，Tuniu’s goal is to be the first to achieve profitability in the entire online leisure travel industry。

Reviewing Yan Haifeng’s tough response to the rumors，It can be seen that the two Tuniu entrepreneurial veterans are full of confidence，Full confidence in Tuniu’s victory。Tuniu has focused on leisure and vacation for ten years，Relying on the five differentiated ecological systems that are gradually improving，Build your own competitive moat，But in the face of drastic changes in the industry competition landscape，Tuniu has both opportunities and several challenges to achieve the first profit in the industry。

Competition in leisure and vacation tourism under the new situation

Today’s disputes among domestic tourism giants，Hainan Airlines (Tuniu)、Ctrip (Elong、Where to go)、Wanda Department (Tongcheng)、Ali Department (Ali Business Travel、Flying Pig)、Full Galaxy、Jinjiang Department (Donkey Mother)、China Tourism Group、Tempower International、BTG Group、Meituan-Dianping is secretly competing。Although Ctrip intends to unify the online travel world，But the moment of online leisure vacation has not yet come to decide the outcome，As OTA，Tuniu faces fierce competition from online travel companies such as Ctrip，Can we achieve differentiation in the short term、The road to branding is crucial to 188bet sports betting app download achieving the first profit in the industry。

Outbound tourism growth slows down

The "China Outbound Tourism Development Annual Report 2016" jointly sponsored by China Tourism Academy and UnionPay International shows that,The number of Chinese outbound tourists in 2015 reached 1.1.7 billion people, YoY growth 9.8%，This is the first year with less than double-digit growth since the series of reports was released。Next five years，China’s outbound tourism market will maintain a new normal of steady growth，More rational consumption choices，Tourists pay more attention to the life experience of the destination in overseas destinations。The number of group tour tourists in Tuniu in 2015 (excluding peripheral tours) accounted for 37%，Most of them are outbound tourism，With the overall slowdown in the growth of my country’s outbound tourism，The outbound tourism business of all companies will be affected，How to create differentiated products and services in the existing customer stock market has become more critical。

Destination fragmentation integration challenge

Tourists pay more attention to destination life experience in overseas destinations，Tickets and other items、Shopping、Entertainment、Tickets and other items，Huge market space。However, current destination activities are extremely fragmented，Low level of informatization，There is also a lack of effective GDS integration solutions。Although Tuniu is actively planning overseas destinations，But it is subject to large scale and scattered situation，How to improve the efficiency of integration、Forming a scale advantage is also an industry supply problem that leisure and vacation players such as Tuniu must work together to solve。

Practical implementation of innovative projects

Tuniu has launched a series of innovative projects since 2015，Tuniu Financial、Film and TV、Wedding、Communication, etc.，For a company that has focused on leisure and vacation for ten years，How much effort is required、How to form synergy and synergy with existing business？There are certain risks in cross-border operations，Especially in Internet financial services，There is currently no successful case in the industry，Will Tuniu become an innovation leader？Innovation means new opportunities，But potential risks cannot be ignored。

Management challenges after enterprise scale expansion

Today Tuniu is a group company with a scale of nearly ten thousand people，Rapid expansion。How to make internal adjustments to Tuniu in the future，Yan Haifeng made a vivid metaphor: the past，The team is a tennis team，For large companies，Work efficiency will be lower。In the next 10 years，Tuniu wants to become a softball team，Everyone must have a fixed position and division of labor。Changes in this form of teamwork，It may also cause changes in the culture and innovation environment of the group。

In addition，In the past two years，Tuniu introduced a group of middle and senior managers from the traditional retail field from outside，Can the entrepreneurial culture of Internet companies and traditional business management be smoothly integrated，For the two young leaders born in the 1980s, the future challenges and opportunities coexist。The next decade，Leisure vacation will become the market with the most growth potential but also the most challenging market，Is Tuniu ready?？

*The author of this article: Zhihui founder and Liu Zhaohui (personal WeChat: liuzhaohui22)、Wang Yanchao, executive analyst (personal WeChat: wangdayan110)，Welcome to add、Communication！

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