Many industries have to rethink the way their business and business models are organized when they resume action as the coronavirus crisis subsides. The travel industry is one of them, says Shanghai-based VC-veteran William Bao Bean, at WebInTravel. “Travel needed to solve a very big problem – high customer acquisition costs – and he said it needed a new model in which everyone wins, and not like now “where everyone loses but the platform”.
China is trying to contain a second wave of the coronavirus. Economist Arthur Kroeber looks at what the government wants to do. Unlike other countries, China tries to eradicate the number of cases to zero, whatever it might cost. Even though that is not realistic, it has huge consequences for some consumer good sectors and travel, who might not recover for the time being. An overview of the situation in June.
The Planner Confidence Index has been surveying event organizers since March to measure the impact of the corona crisis on the industry. Key finding: confidence in a fast resumption of face to face (F2F) events has dropped dramatically. In March 8 percent of the participants in the survey expected meetings would only be possible in 2021, in June the percentage has risen to 50%.
Two months ago we still hoped the event industry would recover from the Covid-19 crisis in a similar way as SARS in 2002/3. But history seldom repeats itself and also in this case it looks we have been too optimistic. While much of Europe is slowly opening up, and other parts of the world remain in crisis mode, the traditional events as we knew them might not return any time soon. Whether we will go through a second wave of the corona crisis is still an open question: major disruption is here to stay.
That is bad news for those event companies who relied on physical conferences including massive flights, hotel bookings, and entertainment for their business model. Much of our business disappeared initially, leaving our speakers often empty-handed. Now a miraculous revival of the event industry might not come fast, at the CSB we can focus on our core business: connecting established China experts to companies and organizations eager to pick their brains, now in online seminars.
The coronavirus or Covid-19 has kept the world in its grip since the beginning of 2020, first as a China problem, but then fast expanding to the rest of the world.
At the China Speakers Bureau, we organize China experts for a global audience, and our speakers have started to speak out on the impacts of that crisis, countries dealt with the crisis, and how China will deal with the major economic fallout of this global disruption.
Are you interested in discussing more options of speakers to deal with the corona crisis? Do get in touch.
China was in chaos when the coronavirus emerged in public at the beginning of 2020, but instead of a drama, president Xi Jinping was able to turn the events into a global win for the country, says London-based journalist Zhang Lijia, author of Lotus, a novel on prostitution in China, to Barbara Demick of the New York Review of Books.
What can brands learn from China for the post-corona crisis? Marketing expert Arnold Ma from Qumin in London joins a discussion at Retail Marketing. Building loyalty during a crisis is key, he says. Some traditional behaviors will return to the old patterns, but consumers will stick to newly developed insights, he adds.