Loss of 2.7 billion! Another 450 million yards, Liu may usher in a new opponent.

One step wrong, one step wrong, is a perfect way to describe the layout of JD.COM's tourism industry. Although JD.COM has increased its tourism industry, the forms it faces have also undergone earth-shaking changes. Not to mention catching up with Flying Pig and surpassing competitors such as Ctrip in the same period, JD.COM tourism may also face a rookie like Pinduoduo. If Pinduoduo's strategy changes, JD.COM will become more and more difficult.

one

The investment in Tuniu lost 2.7 billion yuan.

201June 24th, JD.COM. COM has launched a tourism channel featuring "quality tourism", which will provide services such as air tickets, hotels, visas, vacations, scenic spots and car rentals for high-end people. In the future, we will create a one-stop travel service by analyzing users' habits, including providing high-quality travel routes and packages.

Following the launch of "Quality Tourism", JD.COM has a new round of action after half a year.

12 16, JD.COM strategically invested USD 50 million in Tuniu Travel Network, and reached a cruise business cooperation with Tuniu. At that time, JD.COM responded to the outside world and firmly believed that Tuniu's existing business model, product strategy and management team would make Tuniu an industry leader.

About half a year later, on May 8, 201015, JD.COM threw out heavy information when publishing Q 1 performance report, further strengthened cooperation with Tuniu, and subscribed for shares of Tuniu for US$ 350 million, becoming its largest shareholder.

This $350 million includes $250 million in cash and $65.438+0 billion in resources and operational support provided to Tuniu. Tuniu will obtain the exclusive commission-free operation right of the website and mobile terminal of JD.COM Tourism and Holiday Channel for five years, and JD.COM will also provide Tuniu with operational resources such as big data, financial services and traffic.

Source/Tuniu

Why is JD.COM so obsessed with tourism after investing $400 million in Tuniu, which keeps losing money?

First of all, with the continuous improvement of people's living standards, the demand for tourism will be more and more huge, and such industrial opportunities are very rare, that is, the prospects of tourism are very bright.

Secondly, the development of standard e-commerce at that time has moved from high-speed development to stable development, but the golden period of semi-standard and non-standard life service e-commerce has just started, and tourism O2O obviously belongs to this category.

Finally, the tourism industry is not just a line, it involves six areas of "housing, transportation and entertainment" and goes deep into all areas of life service, which is closely related to the positioning of JD.COM. By introducing Tuniu's existing products and services into JD.COM platform, it will help to further meet the needs of consumers, enhance the stickiness of JD.COM users, and enhance and accelerate the liquidity of JD.COM traffic.

There is a saying about JD. COM:JD.COM can do anything related to life service.

Since he wants to expand into the tourism industry, Liu will definitely not be satisfied with the status of the largest shareholder of Tuniu. It is foreseeable to increase his shareholding in Tuniu, so there will be a follow-up "scandal". 20 18, many media reported that JD.COM planned to buy Tuniu for 2.8 billion yuan. Since it was an "anecdote", both sides definitely denied it, and finally there was no repeat acquisition.

However, Time Finance learned from Tuniu insiders that "JD.COM. COM once proposed to buy Tuniu for 2.8 billion yuan, but due to the disagreement between the founding team of Tuniu, the opinion could not be reached, which eventually led to the abortion of the invitation plan. "

The news of the acquisition was confirmed by JD.COM insiders. According to its disclosure, JD.COM put forward two acquisition plans at that time. One is to buy all the business of Tuniu with a total investment of 2.8 billion yuan, and the other is to buy Tuniu's air ticket+hotel business with only 200-300 million yuan, instead of its holiday products business such as Niuren special line.

It is understood that JD.COM only wants to buy Tuniu's air ticket+hotel business, because this business is very compatible with JD.COM. COM's e-commerce attribute is conducive to the further realization of JD.COM. Better serve the original users in JD.COM.

After the acquisition failed, JD.COM did not give up the tourism industry, but set up a company to better develop the tourism business.

On April 8th, 20 19, Beijing JD.COM Century Trading Co., Ltd. newly established Beijing JD.COM Yunhe Travel Agency Co., Ltd., with 00/kloc-0 employee Zhang Qi as legal person, executive director and manager. Its business scope covers tourism consulting, inbound tourism business and domestic tourism business. There is speculation that JD.COM wants to separate its tourism business.

It is worth pointing out that Tuniu invested by JD.COM suffered heavy losses.

The financial report shows that Tuniu's net revenue in 20 19 was 2.3 billion yuan, a year-on-year increase of1.8%; The net loss attributable to ordinary shareholders is 699.2 million yuan, the net loss in 20 18 years is 654.38+879 million yuan, and the net loss increases by 272. 1 1%. In addition, as of April 29th, Tuniu's share price has plummeted from the peak of $24.99/share to the present $0.725/share, with a market value of 1.0 1 billion.

As of 20 19, 12 and 3 1, JD.COM still holds about 2 1.2% of the shares of Tuniu, with an investment of 400 million US dollars. At present, the value of 2 1% shares is $2 1 10,000, which means that JD.COM's investment in Tuniu has lost $379 million, equivalent to RMB.

two

Join hands with Caesar again and continue to increase the price.

Loss is loss. For JD.COM, an e-commerce platform with deep pockets, the temporary loss is nothing. Since we are optimistic about the prospects of tourism, it is inevitable to continue to invest. However, I believe that the shrewd Liu will not fall down twice in the same place. After all, falling in the same place once is ignorance, and falling twice is mental retardation.

On April 25th, Caesars Travel, a A-share listed company, plans to raise matching funds of no more than 65438+065438+600 million yuan to supplement working capital. Non-public offering targets include Wen Yuan Fund, Suqian Han Bang, Huaxia Life Insurance, Shanghai Licheng and Qingdao Haotian, and strategic cooperation agreements have been signed with these companies.

It is worth pointing out that Suqian Han Bang has the largest subscription amount of 450 million yuan, with a subscription ratio as high as 38.79%. As a wholly-owned subsidiary of the group, it is responsible for foreign investment, and the actual controller is Liu, which means that it is once again in the tourism industry.

Source/Caesar announcement

It is reported that Caesars Tourism was founded in 1993, with more than 20,000 kinds of high-end tourism products serving different groups of people, covering more than 20 countries and regions in the world, and it has industry-leading advantages in the fields of outbound travel, inbound travel and domestic travel.

According to the strategic cooperation agreement signed between JD.COM and Caesars Travel, Caesars Travel has incorporated its big travel products and consumer products into the second channel "Business Travel" of Jingdong Travel Channel, including providing high-end business travel, official travel, duty-free goods purchase, customized meals, domestic and foreign finance and other high-quality products and related consulting services to JD.COM users, employees and partners.

The term of cooperation between the two parties is two years. During this period, both parties will make use of their respective advantages, including product, service experience, brand value and resource advantages, to explore the marketing model of "internet plus Store". Caesars Tourism can use the channel resources of JD.COM online platform to expand its own market space, and JD.COM will take advantage of Caesars offline stores to enhance users' confidence.

In fact, the cooperation between JD.COM and Caesar's tourism industry can be traced back to 20 15. On May 29th, Caesars Travel reached a strategic cooperation with JD.COM, and officially became the first strategic travel partner under its mobile social e-commerce platform "Paipai". In the first stage, more than 300 professional tourism consultants from Caesars Tourism Retail Department have settled in.

Source/Caesar

This time, JD.COM once again joined hands with Caesar's tourism industry, on the one hand, taking what they need, on the other hand, seeking change.

Caesar's tourism industry is under great financial pressure. JD。 COM's capital injection has greatly eased its capital problem, which is the most important thing. JD.COM also needs better products and services to further serve users in JD.COM, so the two sides hit it off.

Facing the era of rapid development, simple online or offline is not enough to meet the ever-changing consumer demand. It is a problem that all companies should think about and put into practice. Although this may not succeed, if they don't try to change, it will certainly fail.

As Dong Mingzhu said: With the passage of time, online and offline have become a new consumption pattern. There is no offline offline, and there is no offline online, but it is most important for us to let consumers feel the convenience brought by this operating model faster.

three

Challenges facing JD.COM

As mentioned above, the tourism industry has a bright future, so how bright is this industry? Let's use data to illustrate.

In 20 19, the comprehensive contribution of tourism to China's GDP was 10.94 trillion yuan, accounting for1/0.05% of the total GDP. It continues to maintain a growth rate higher than the GDP and become a strategic pillar industry in China.

According to the basic information of tourism market in 20 19 released by china tourism academy, the number of domestic tourists in China in 20 19 was 6.006 billion, up 8.4% year-on-year. The total number of inbound and outbound tourists was 300 million, a year-on-year increase of 3. 1%. The number of domestic and foreign tourists has been increasing.

It is worth pointing out that in recent years, with the improvement of people's income level, people's demand for material culture is increasing day by day, and the demand for personalized and characteristic tourism products and services is getting higher and higher, and the trend of quality and high-end tourism demand is becoming increasingly obvious.

There is no doubt that the future is bright.

However, it also means that many big Internet companies will want to carve up this big cake, including Ali's Flying Pig, Ctrip invested by Baidu and Mawei invested by Tencent. What are the advantages of JD.COM? Can you beat these enterprises?

Although JD.COM has laid out the tourism industry for a long time, it is now in an embarrassing situation due to the strategic mistake of investing in Tuniu, which is often called Hewei. This is also an important factor that cannot be ignored for JD.COM to join hands with Caesar's tourism industry again, because the main product of Caesar's tourism industry is outbound travel, which is made for high-end consumers and has relatively high quality.

The author compares the European tour prices of Caesars and Tuniu, and finds that the price of Caesars is much higher than that of Tuniu. The price of Tuniu Spain and Portugal is 9204 yuan, from Caesar's price 17899 yuan, from Tuniu Fayirui price 14507 yuan, and from Caesar's price 20988 yuan.

Source/Caesar, Tuniu

Compared with pure e-commerce, the main difference between physical stores and them is that once there is a problem, sales processing can be found in the first time, while e-commerce processing speed is relatively slow. For high-end consumers, they value the professional service of the team more than the price, and are willing to pay a certain service fee for it. After all, no one wants to disappoint their journey because of the price.

Positioning high-end consumer groups and launching high-end tourism services in conjunction with Caesars Tourism can be said to be a step closer to success in JD.COM. According to the statistics of Lianshang.com Retail Research Center, the number of active buyers in JD.COM in 20 19 was 362 million.

With the introduction of high-end users and better tourism products and services, JD.COM has further developed. COM's tourism business is predictable, but its competitors are not vegetarian.

Take Ctrip as an example. In 20 19, the total transaction volume (GMV) of Ctrip reached 865 billion yuan, up by 19% year-on-year, and continued to lead the global online travel market. The annual net operating income was 35.7 billion yuan, a year-on-year increase of 65,438+05%. The annual operating profit increased by 94% year-on-year to 5 billion yuan. Total market value 145438+0 billion USD, equivalent to 145 Tuniu.

Taking Ali Flying Pig as an example, relying on the strong user base of Ali Eco, Flying Pig has made rapid progress in recent years. Zhang Yong, Chairman and CEO of Alibaba Group, believes that the advantages of Flying Pig cover three aspects: users, payment and data.

In 20 19, the annual consumption users of China in Ali economy have exceeded 700 million, and the annual payment users have exceeded 900 million, which has brought huge traffic to flying pigs and brought a lot of online and offline digitalization possibilities. In addition, every consumption and every order brings digital accumulation and forms incremental data assets.

Source/Pinduoduo

In addition to the flying pig and Ctrip, JD.COM tourism may also be wary of Pinduoduo, a rookie e-commerce.

20 19, the number of active buyers for many years is 585 million, which is much higher than the data of 362 million active buyers in JD.COM, second only to the user data of Taobao exceeding 900 million. Although the rise of Pinduoduo is more of an impact on Taobao, the huge number of users also means a huge opportunity to realize cash.

Admittedly, Pinduoduo initially focused on sinking the market, but with the introduction of tens of billions of subsidies, the overlap between its users and Taobao has gradually soared, and it has formed direct competition with Taobao. In addition, when the e-commerce market changes from incremental to stock, Pinduoduo will keep the stock market and dig deep into it, so the tourism industry is a very good choice.

The situation faced by JD.COM tourism can be described in one sentence: there are wolves in front and tigers behind, which is much worse than when the tourism industry was laid out.

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