Recent，188bet online sports betting-based specialty resort hotel booking brand“Ru Cheng”It was revealed that more than 7,000 users were owed deposits。According to The Paper，Multiple member names，Deposit was in arrears after check-out，Delayed in retreating，The number of listings on the platform has also decreased significantly，The rights and interests of paying members are damaged。

As a once popular star company，Rucheng, who was born in May 2019, relied on ";Members can book and stay for free with no limit throughout the year&188bet online sports betting;’s mode of rapid horse racing，And completed Series A financing in February 2021。Just one year，Why Rucheng started as an innovative enterprise、The darling of capital is looming“Falled off the altar&188bet online sports betting;Possibly？

The epidemic must be“Taking the blame”，The root is still in“188bet online sports betting”？What is behind this is business model innovation，It’s still a scam？

former star company，“Suddenly&188bet online sports betting;A lot of money is owed

Public information display，Rucheng was established in May 2019，Belongs to Hangzhou Rucheng Network Technology Co., Ltd.，is a 188bet online sports betting-based specialty resort hotel reservation brand serving Chinese tourists and travelers。According to official website information，Rucheng is a well-known domestic consumer platform in Hangzhou“Let’s get started”Team、Incubated by the cooperation of many Alibaba management and veterans of China’s B&B industry。

Public information display，Ru Cheng’s main product“Membership”Innovation Mode，Created&ldquo for platform members;Book in advance and stay for free”’s value-for-money rights。After the consumer purchases the 188bet online sports betting，You can stay in all the houses on the platform for free within one year，But you need to prepay the room fee as a deposit before checking in，Refunded after check-out。

As ​​understood，According to different rights and interests，The price of Rucheng 188bet online sports betting cards ranges from a few hundred to a thousand yuan，You can purchase multiple Rucheng 188bet online sports betting cards under your name。According to the provisions of its 188bet online sports betting agreement: Trial members can enjoy 1 free stay，1 room for 1 night only；Members can enjoy unlimited free stays，Limit 1 room per reservation，Maximum 2 consecutive nights；Enjoyment members can enjoy unlimited free stays，Two options for each reservation: 1 room only，Maximum 4 consecutive nights；Or limited to 2 rooms，Maximum 2 consecutive nights；Youxiang members can enjoy unlimited free stays，Limit 1 room per reservation，Maximum 4 consecutive nights。

Screenshot source: Rucheng official APP

Buy 188bet online sports betting at a lower price，Same as“Free wool collection”，This model naturally attracts the favor of a large number of consumers。Public information display，As of May 2021，Rucheng B&B Card has been online for 2 years，A total of 300,000 paying members，Provide free accommodation for over 500,000 people，1.4 million hotel room nights accumulated。

The rapid development of Rucheng has 188bet online sports betting been favored by capital，February 2021，Rucheng completes Series A investment，The investor is Huagai Capital、Shengdao Investment、Yunfeng Fund、Tipping Point Capital、Kunlun Wanwei。

Screenshot source: Rucheng official website

But entering the second half of 2021，This situation is beginning to change。According to Rucheng official WeChat public account“If Cheng Shangxin knew it earlier&188bet online sports betting;Article published on January 22nd，After the spring of 2021，Rucheng earned nearly 40 million from February to July，Achieve flat or even slight profit。But the epidemic in Taiwan and Canada at the end of July，The ongoing epidemic in various places in the following months had a great impact on Rucheng，Monthly income dropped to about 2 million，The epidemic in Zhejiang in December caused sales revenue to reach a freezing point，Under one million。July to the end of December 2021，Rucheng’s sales in various channels have almost stagnated。Also，The late refund of housing deposits affected more than 7,000 members。

Screenshot source: “If Cheng Shangxin knew it earlier&188bet online sports betting;Public account

Sales in trouble，Rucheng’s capital chain difficulties began to be exposed，And transmitted to the consumer。Refer to 188bet online sports betting to search the findings of Black Cat Complaint Platform，There are 2812 complaints related to Rucheng，The amount of funds involved is several thousand yuan，Even more than 10,000 yuan，Partial refund is overdue for more than one month。

at“If Cheng Shangxin knew it earlier&188bet online sports betting;In the published article，He said that he has kept 50% of the total order funds in the deposit account for refund，Thought it was a very safe boundary，But after months of intensive cancellations，Funds will be used up quickly。At the peak of platform development，The hotel’s online deposit exceeded 80 million，Less than half left now。By disposing of some equity assets and real estate，Filled tens of millions，There is still a shortfall of more than 20 million。Deposit issues that consumers are concerned about，Ru Cheng said，No later than April this year，Cash flow will recover，Solve the refund issue 4 months ago。

Funds under pressure，The price of 188bet online sports betting has also begun to adjust。As ​​understood，The previous price of 188bet online sports betting was 688 yuan and 988 yuan，In January 2022, upgrade to unlimited membership for 1,280 yuan and unlimited membership for 1,980 yuan，Nearly doubled or tripled。

Behind the huge deposit arrears，The epidemic is still about business models“Taking the blame&188bet online sports betting;？

Ru Cheng founder Xu Jianjun once said，The original intention of Rucheng was to match travelers with vacation needs with unused B&B properties，While lowering the threshold for B&B consumption, more people can enjoy a quality and beautiful holiday lifestyle。At that time，There are about 70,000 B&Bs nationwide，Average occupancy rate is less than 30%，About 200 million rooms are vacant and wasted throughout the 188bet online sports betting。

Vacancy rate of country houses、Non-standardized、High operating cost of a single unit，Decided that this is not an area where the business model can be quickly solved。There are many B&Bs inspired by feelings，Give way to real business，or withdraw，188bet online sports betting may be difficult to bear 188bet online sports betting，They need more traffic、Occupancy rate and revenue and profit。

They need a more effective integrator to emerge，Connecting B&B consumers with B&Bs，Achieve mutual benefit for both parties，Make the B&B business more sustainable，Do something better。

Rucheng is at a better time，188bet online sports betting’s an obvious pain point、Fields with huge potential for growth and development。

36 Krypton has been reported in the past，Rucheng’s solution is to create a 188bet online sports betting-based booking platform similar to Costco，It has two meanings: one is to lower the threshold on the front end through 188bet online sports betting system，“Breaking the circle”Attract new traffic，Reduce customer acquisition costs；The second is the reservation mode，Change the way users make decisions，Solving the problem of resource misallocation during low and peak seasons。

For B&B hosts，False disclosure to the extent，Rucheng adopts annual rent，Signed a 1-year cooperation contract，188bet online sports betting past year, all rooms 188bet online sports betting B&B are only available for booking on the Rucheng platform。

Further rough dismantling is，Rucheng selects vacation homestays with low occupancy rates，Buy out all properties on an annual basis，Because the bargaining power is not low，Can be realized at a cheaper or even very cheap purchase price。The B&B owner locks in one year’s income in advance，Guaranteed harvest despite drought and flood，The income brought is not less than the income of the B&B host from independent operation 188bet online sports betting past，And don’t worry about the traffic of the year、Income, etc.，Concentrate on providing good service。

Users who bought 188bet online sports betting cards，You can enjoy the benefits of extremely cost-effective B&B accommodation，It is said that you can get your 188bet online sports betting fee back by staying just once，Stay a few more times and it will be“earn”，Looking at the enthusiasm, it should be quite high。

What Rucheng got: including but not limited to good quality houses、Lower purchase price、188bet online sports betting fee、Large amount of deposit。The more members you have，The greater the scale effect，Profit“Snowball”You can also roll out bigger。

Looking at the mutual benefit of the three parties，But there is a key point: the number of times a member travels and stays in B&Bs in a year、Non-holiday“Staggered peak&188bet online sports betting;Possibility of traveling。On a voluntary basis，The fewer stays、Don’t travel together during holidays and stay in off-season，It is more beneficial to Rucheng，Otherwise they will gather together during the peak season，The property cannot be booked，Influence on experience，Brand evaluation、Repurchase rate, etc. will have a big impact，Unfavorable for subsequent scale expansion。

Customer acquisition cost、Number of members、Purchase price、Number of rooms，Four indicators determine Rucheng’s income，Related to each other，The repurchase rate of old users is one of the best，Continuing to increase new users is also key，The number of rooms is an important factor affecting the sales of 188bet online sports betting cards，You can also increase the price，And the 188bet online sports betting fee is enough，It also helps to get more listings。

36Kr’s report mentioned，Ru Cheng Zeng“Ambitious&188bet online sports betting;，All its nodes are clearly benchmarked against Luckin，Plans to go public in the United States within 18 months。

But 188bet online sports betting failed.

Xu Jianjun once revealed in an interview，Rucheng in its first full fiscal year，188bet online sports betting fee income 1.200 million，Second full fiscal year，Affected by the epidemic，Income from 188bet online sports betting fees exceeds 90 million。Cost is basically covered。Slightly less money in the second year，Loss in customer acquisition costs for members。

But the problem is not just as simple as losing money。Look carefully，Rucheng’s business model and the long-term rental apartments that have exploded before，And hermit crab、The platforms at the foot of Banbian Mountain are somewhat similar，The former applies for a loan from a financial institution through the tenant，The latter sells low-priced annual passes，Collect high 188bet online sports betting。

The logic behind this business model is，Between the payment and refund of a large deposit，It is possible that“Arbitrage time difference&188bet online sports betting;，Due to lack of adequate financial regulation，Some platforms can use deposits to continue expansion，Expand market share。As long as guests continue to stay，This business model can also generate cash flow on a sufficient scale。But under the influence of the epidemic，Vacancy rate、Increased rental return rate，When the enterprise’s own capital capacity is low，In case of large-scale rent cancellation，The speed of corporate cash flow has dropped sharply，The possibility of eventual thunderstorms is rising rapidly。Bike sharing used to be“Celebrity&188bet online sports betting;ofo，It is a very intuitive case。

The aforementioned Rucheng said that he has kept 50% of the total order funds in the deposit account for refund，50%，What does 188bet online sports betting say？

Although Rucheng stated in the aforementioned article that cash flow can be restored in April，Solving the problem of 188bet online sports betting deposit，However, there are still many problems in the subsequent development of the brand。The most immediate problem is the decline in consumer confidence，On Weibo、Zhihu，and various complaint platforms，Many people said they would never buy similar products again，Brand reputation has been greatly damaged。Secondly，It’s the turn of the B&B host，The richness of the supply chain is the foundation for this type of homestay platform to acquire customers，Even before the thunder exploded，Rucheng members also have difficulty booking rooms。According to The Paper，In this incident，Many B&B hosts also encounter problems such as unpaid room fees，Remove all listings on Rucheng platform。

In fact, this has formed a bad cycle，If the platform itself lacks sufficiently benign“Hematopoiesis&188bet online sports betting;Function，Rely more on external funds，Once the supply of these funds continues to fail to keep up，plus repurchase rate、The growth rate of new members is declining，Add deposit refund and appear together，Funds are tight，B&B accommodation prices have not been settled yet and the accommodation price has dropped，Decreased platform supply chain capabilities，This further led to an increase in repurchase rates and new members......There is no way out of this cycle，The crisis is likely to remain high。