Ctrip aims to gross one trillion yuan in GMV in three years, focusing on innovation
Ctrip achieved record gross merchandise value (GMV) in 2017, with over 150 million monthly active users. It is now aiming to push GMV to one trillion yuan within three years.
Ctrip has elevated its products to match and even surge ahead of its foreign counterparts and it is leading the global tourism industry in innovation.
In 2017, Ctrip's gross merchandise value (GMV) reached a record high and had more than 150 million monthly active users. It was ranked first in China and Asia and second in the world. In the next three years, Ctrip aims to push GMV to more than one trillion yuan and become the largest, most innovative and most valuable OTA in the world.
To that end, Ctrip is counting on innovation and population size.
James Liang, co-founder and CEO of Ctrip, said: "China's population is four times that of the US, so we should have four times the talent and market of the United States. We used to copy innovations. Now we must lead in innovation and make China a global superpower in this area."
For the past six years, the GDP growth of global tourism has exceeded that of the overall GDP. In 2017, the number of global travelers reached 11.8 billion, and Ctrip only had less than 5% of that share. This indicates huge potential for the company.
In 2017, the per capita booking efficiency of Ctrip hotels and the vacation packages has made significant progress. The platform has generated more than 100 million transactions. Its investment in Canadian visa technology has saved customers 225,000 minutes per year, Ctrip’s market share in corporate travel is the sum of the market share claimed by the companies ranked 2nd to 8th, and its Gourmet List now covers 120 cities, and the coverage has grown 500%.
Ctrip's train-ticket solutions serve 99.9% of its traveling routes. Its overseas car rental business has grown 100%, and both bus tickets and ferry tickets have realized triple-digit increases.
In technology, Ctrip’s system stability indicator ATP was as high as 99.974%, and AI-powered hotel services saved over 80% of manpower.