Text|Bohu Finance Lingling.With the issuance of the results one by one, Douyin Wine Tourism is receiving attention from the market.
In the eyes of the outside world, this is a player who has been predicted to be a "dark horse", and people seem to be looking forward to the surprises it brings.
The huge victory is yet to come, but its entry into the game has already begun to change the industry.
01 The revenue of wine tourism is 60 billion, close to a quarter of Meituan, according to the ** of Bank of Communications International, Douyin's wine tourism business is "thriving" in the track.
According to BOCOM International**, the scale of Douyin's local life services will reach 250 billion yuan in 2023, of which the GMV of wine and tourism will reach 60 billion, nearly a quarter of Meituan's; In 2024, the GMV of Douyin wine tourism will reach 90 billion, which is about 28% of Meituan's, and the gap between the two will be further narrowed.
From the perspective of the overall pattern of tourism, BOCOM International expects that the market share of Douyin wine tourism will increase from 2% to 3% in 2023. While Douyin is up, Meituan's market share has fallen by 3%, Fliggy has fallen by 1%, and Ctrip has increased by 5%.
Judging from the entry of merchants on the Douyin platform, a positive signal is also released. The data shows that as of September 2023, there are 140,000 scenic spots and more than 100,000 hotels have opened official accounts on Douyin. In terms of lodging merchants, the number of hotel POI stores increased by 61% compared with the level at the beginning of the year, and the overall scale increased month by month.
For the development of Douyin Wine Tourism in 2024, the analyst gives the **: Douyin Wine Tourism's market share will increase by another 1 percentage point, and other players will either decline slightly or struggle to maintain it.
02 Douyin Wine Brigade, how did you do it? The small achievements from the track are due to Douyin's emphasis on the wine and tourism business.
In July last year, Douyin Life Service adjusted its departmental structure: the wine and tourism business was upgraded to a subordinate first-level department, which is parallel to the in-store business (including in-store catering and in-store integration). Prior to this, the three businesses of wine and tourism, in-store catering, and in-store integration were in a parallel position. "Upgrading" the wine and tourism business shows that Douyin attaches great importance to the wine and tourism business.
In order to attract more merchants to settle in and place, Douyin's main measures are: giving traffic tilt and lower commissions.
Looking at the measures taken by Douyin Wine Tourism in recent years, it can be seen that holding industry IP activities has become an important way for Douyin to tilt traffic to merchants.
In 2023, Douyin will launch the "Good Travel Festival" activity of the wine and tourism promotion IP. According to Douyin's official data, more than 50,000 wine and tourism merchants participated in the "Good Travel Festival" activity, with a total transaction payment of 20 billion+, of which the total transaction volume of goods brought by Douyin influencers exceeded 11.4 billion, and the year-on-year growth rate of summer travel order payment was as high as 465%.
Behind the dazzling data is the ferocious traffic support of Douyin. The number of "Good Travel Festival" topics related to the topic reached 10 billion times.
In addition to the "Good Travel Festival" event, Douyin also launched the first IP Chimelong Halloween & Douyin Heartbeat Big Brand Day in the wine and tourism industry in 2022, and co-organized an event with the homestay hotel business platform "Orders are Coming" in 2019.
Commissions are also more friendly. In May 2022, the Douyin platform updated the "Software Service Fee Policy", clarifying that the commission rate for wine and tourism merchants to enter Douyin is 45%, which is lower than Meituan and Ctrip.
It is understood that Meituan has three grades, and Ctrip's hotel booking commission is divided into three grades.
03 Douyin Wine Brigade, how imaginative is it? Behind Douyin's high emphasis on wine tourism is the mouthwatering high profit margins of the wine tourism business.
The hospitality business is known as a "cash and profit cow", which can be confirmed by Meituan's financial report. In 2021, Meituan's food delivery business contributed more than half of its revenue, with a profit margin of 64%。In contrast, the revenue of in-store, hotel and wine tourism is only about one-third of that of food and beverage delivery, but the profit margin reaches 433%。
In addition to high profits, the hospitality business is also an important part of the Douyin super app.
In 2022, Zhang Nan, CEO of Douyin Group, mentioned in an internal meeting, "Users can not only open Douyin to swipe content when they are bored; It can also be used for shopping, choosing restaurants, making travel plans, buying air tickets and booking hotels. ”
In addition to the "best power" of the wine and tourism business, Douyin itself also has some resources, which are in line with the development of the wine and tourism business, which can be described as an "innate advantage".
Douyin's traffic advantages and mature algorithm mechanism are important supports for the development of the wine and tourism business.
According to QuestMobile data, as of September 2023, the number of deduplicated active users of the five typical new ** platforms of Douyin, Kuaishou, Xiaohongshu, Bilibili, and Weibo has reached 108.8 billion, with a penetration rate of 889%。Among them, Douyin is 74.3 billion monthly active users, a year-on-year increase of 5The 1% growth rate is the first to do.
Compared with the major active social platforms, it has taken the lead, and compared with the vertical travel OTA platform, it is far ahead. According to data from QuestMobile, in March 2023, the scale of monthly active users of travel service apps will reach 13.6 billion.
In contrast, Douyin does have a more obvious traffic advantage.
At the same time, what kind of development will be replicated in the wine and tourism business of the "interest e-commerce" model, which has been verified and feasible, is also expected by the outside world.
The report card handed over by Douyin Wine Tourism at the moment verifies the strong support brought by traffic and interest e-commerce. But the other side of the coin is that this kind of "interest consumption" has also led to Douyin's relatively backward write-off rate.
On the one hand, there is often an element of "impulsive consumption" in the short ** "order", and consumers may return the order due to factors such as time, distance, and sudden unwillingness to go after placing the order. On the other hand, tourism consumption itself is more complex, a scenario that requires a high degree of offline fulfillment and is more uncertain, so the probability of write-off is lower than that of other in-store businesses.
According to the data of Jiuqian Zhongtai, the write-off rate of Meituan is more than 85%, and the overall write-off rate of Douyin life service (in-store catering + in-store comprehensive + wine and tourism) is only about 60%.
According to the data of the previous survey of "Ebang Power", the order write-off rate of Douyin wine and tourism merchants is less than 30%. It can be seen that the actual write-off rate of wine and tourism is lower than that of on-site catering and in-store integration.
For ordinary hospitality merchants, Douyin is not necessarily a friendly competitive venue. The development mechanism of Douyin determines that players with high-quality content creation ability are more popular. This also means that the winners belong to a minority.
In October 2022, the number of Meituan's local life waist and tail merchants accounted for 95%, and the proportion of GTV reached 91%; Douyin's local life head merchants accounted for 26%, and GTV accounted for 42%.
Douyin presents a head effect, and more cakes are divided by head merchants. Relatively speaking, Meituan is the "base camp" of small and medium-sized businesses.
04 The new story of wine and tourism An interesting phenomenon is that many wine and tourism businesses feel a subtle change: if they do a good job of content on Douyin, their business on other platforms will also improve.
In other words, content platforms and OTAs are not simply "you lose, I win" competition.
Data shows that by the first quarter of 2023, the online penetration rate of travel bookings has grown to 606%。
With the entry of content platforms such as Douyin and Xiaohongshu, the market space for tourism has been broadened, which is good news for content platforms and OTAs.
In a way, this also means that the wine tourism track is writing a new story. It is worth looking forward to what role Douyin can play in this new script.
References: 1. ChinaTravelNews: Douyin Wine Travel 2023 transaction may reach 60 billion: **Travel "wants to change"?
2. DT Business Observation: The cake that big factories want to grab, Douyin has started.
3. Hotel Observation Network: Douyin Wine and Tourism Track: Who Can Occupy the High Ground First?
4. Cultural Tourism Business Observation: This summer, why can't wine and tourism businesses do without Douyin?