Ctrip changed its name to TRIP.com, and NASDAQ changed its code on the same day and announced a new strategy. On October 29, Ctrip held its 20th anniversary celebration in Shanghai, at which Ctrip Chairman Liang Jianzhang, with all management, announced that Ctrip would start a new journey on the occasion of the 20th anniversary, starting with changing its name to CTRIP Group and changing its English name from CTRIP to TRIP.COM.
On the same day, Ctrip’s nasdaq ticks on NASDAQ. In sync with the name change is Ctrip’s new strategy. “Ctrip will pay more attention to high quality and globalization, ” Liang said, adding that Ctrip hopes to become the world’s largest international tourism company in the next five years.
On October 28th, Ctrip released its first user report, revealing that the group now has more than 400 million brand users. As of September 2019, Ctrip Group’s overseas users have exceeded 100 million, mainly from Japan, South Korea, the United States, Singapore, the United Kingdom and other countries.
“The growth of the Korean market is very significant” CMO Sun Bo told the 21st Century Economic Report, Ctrip has been going out continuously over the years, in some regional markets have achieved very impressive results. In South Korea, for example, the growth rate is more than 200%, Koreans have a high degree of awareness and recognition of the Ctrip brand. Feedback from the Southeast Asian market has also been good. Therefore, Ctrip will firmly internationalize the path of continuous travel services for people in more countries.
“Inbound tourism has performed poorly over the past few years compared to outbound travel. Liang Jianzhang said that China’s outbound travel market continued to grow, but inbound travel has not grown much, the status of inbound tourism and China’s status as a major country is very disproportionate, and there is a worsening trend. Liang thinks there should be an incremental opportunity of $100 billion to $200 billion for Chinese inbound travel, equivalent to 1-2% of GDP and 30-60% of the trade surplus. But the reality is that the tightening of domestic visas, the lack of access to the Internet and payment, as well as the lack of popularity in English, make the foreign tourists inbound travel experience is not very good. On the other hand, China’s national image is vague, there is no strong selling point, but also because of the external sector of insecurity and serious pollution, local government propaganda scattered, lack of unified positioning and logo slogans. So the inbound travel market has not performed well these years.
Therefore, Ctrip hopes to use its own ability to help China’s inbound travel market.
Mr Leung said Ctrip’s next step would be to focus on high quality and globalization. High-quality development focuses in particular on the global reach of high-end resources, while globalization is reflected in the all-round change of products, supply chains, services and brands. “That’s our focus for the next few years.”