Trip.com Group Limited (TCOM): Business Model Canvas

In der dynamischen Welt der Online-Reisebuchung hat sich Trip.com Group Limited (TCOM) zu einem digitalen Kraftpaket entwickelt und verändert die Art und Weise, wie Reisende ihre Reisen in verschiedenen Märkten erkunden, planen und buchen. Durch die Nutzung modernster Technologie, strategischer Partnerschaften und eines umfassenden digitalen Ökosystems hat TCOM ein innovatives Geschäftsmodell entwickelt, das Reisende nahtlos mit einem umfassenden Netzwerk von Reisedienstleistungen verbindet und so eine Plattform aus einer Hand schafft, die den sich verändernden Bedürfnissen moderner globaler Reisender gerecht wird. Ihr einzigartiger Ansatz kombiniert fortschrittliche digitale Infrastruktur, personalisierte Benutzererlebnisse und ein tiefes Verständnis sowohl der asiatischen als auch der internationalen Reiselandschaft und positioniert sie als hervorragenden Player auf dem wettbewerbsintensiven Online-Reisemarkt.

Trip.com Group Limited (TCOM) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit Booking Holdings und Ctrip.com International

Trip.com Group Limited unterhält eine strategische Partnerschaft mit Booking Holdings Inc., die ab 2023 etwa 12,1 % der Unternehmensanteile besitzt. Die Partnerschaft umfasst die plattformübergreifende Integration von Reisediensten und die globale Marktexpansion.

Partner	Eigentumsanteil	Partnerschaftsfokus
Booking Holdings Inc.	12.1%	Globale Integration von Reisedienstleistungen
Ctrip.com International	100 % Tochtergesellschaft	Inländischer chinesischer Reisemarkt

Partnerschaften mit großen Fluggesellschaften, Hotels und Reisedienstleistern

Die Trip.com Group hat umfangreiche Partnerschaften im gesamten Reiseökosystem aufgebaut.

• Über 2.500 Fluggesellschaften in Buchungsplattform integriert
• Mehr als 1,4 Millionen Hotelimmobilien weltweit
• Partnerschaften mit über 100 internationalen und regionalen Fluggesellschaften

Partnerkategorie	Anzahl der Partner	Abdeckung
Fluggesellschaften	2,500+	Global
Hotels	1,400,000+	Weltweit
Internationale Fluggesellschaften	100+	Mehrere Regionen

Zusammenarbeit mit Zahlungsplattformen

Die Trip.com Group integriert mehrere Zahlungslösungen, um nahtlose Transaktionen zu ermöglichen.

• Alipay: Wichtigste mobile Zahlungsplattform in China
• WeChat Pay: Integriertes mobiles Zahlungssystem
• UnionPay: Nationales Netzwerk für Bankkartenzahlungen
• Internationale Plattformen: Visa, Mastercard, PayPal

Technologiepartnerschaften mit digitalen Dienstleistern

Die Trip.com Group arbeitet mit führenden Technologieunternehmen zusammen, um die digitale Infrastruktur zu verbessern.

Technologiepartner	Partnerschaftsfokus	Schlüsselbeitrag
Tencent	Cloud-Computing	Infrastrukturunterstützung
Alibaba Cloud	Datenmanagement	Skalierbare Technologielösungen
Microsoft Azure	Globale Cloud-Dienste	Internationale Technologieintegration

Trip.com Group Limited (TCOM) – Geschäftsmodell: Hauptaktivitäten

Entwicklung einer Online-Reisebuchungs- und Reservierungsplattform

Die Trip.com Group investierte im Jahr 2022 291,1 Millionen US-Dollar in die Technologieentwicklung. Die Plattform verwaltet 72,4 Millionen Hotelübernachtungen, die im Jahr 2022 gebucht wurden.

Plattformmetriken	Daten für 2022
Gesamtzahl der Plattformbenutzer	131,4 Millionen
Jährliche Plattformtransaktionen	387 Millionen
Mobile App-Downloads	94,2 Millionen

Aggregation und Vergleich von Reisedienstleistungen

Die Plattform bietet umfassende Vergleiche von Reisedienstleistungen für 1,4 Millionen Hotels, über 400 Fluggesellschaften und 5.200 Reiseziele weltweit.

• Durchschnittliche Suchergebnisse pro Benutzer: 3,7 Vergleiche
• Einzigartige Reisedienstleister: 2.800+
• Plattformübergreifende Integrationsrate: 92 %

Digitales Marketing und Kundenakquise

Die Marketingausgaben erreichten im Jahr 2022 426,3 Millionen US-Dollar, was 12,4 % des Gesamtumsatzes entspricht.

Marketingkanal	Zuteilungsprozentsatz
Digitale Werbung	58%
Social-Media-Marketing	22%
Empfehlungsprogramme	15%
Traditionelle Medien	5%

Technologieinnovation und Plattformverbesserung

Die F&E-Ausgaben im Jahr 2022 beliefen sich auf insgesamt 336,7 Millionen US-Dollar und konzentrierten sich auf KI und maschinelle Lerntechnologien.

• KI-gestützte Empfehlungsgenauigkeit: 87,3 %
• Verbesserungen des Algorithmus für maschinelles Lernen: 14 wichtige Updates
• Technologiepatentanmeldungen: 42

Grenzüberschreitende E-Commerce-Reisedienstleistungen

Internationale Reisebuchungen machten im Jahr 2022 34,6 % der gesamten Plattformtransaktionen aus.

Kategorie „Grenzüberschreitende Dienstleistung“.	Transaktionsvolumen
Internationale Hotelbuchungen	22,1 Millionen
Internationale Flugbuchungen	16,5 Millionen
Internationale Pauschalreisen	5,9 Millionen

Trip.com Group Limited (TCOM) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche digitale Technologieinfrastruktur

Die Trip.com Group betreibt eine hochentwickelte digitale Technologieplattform mit den folgenden Infrastrukturspezifikationen:

Gesamtinvestition in Technologie (2023)	724,3 Millionen US-Dollar
Cloud-Computing-Infrastruktur	Verteiltes Netzwerk über mehrere Regionen
Mobile App-Downloads	Über 150 Millionen aktive Benutzer
Website-Traffic	Ungefähr 400 Millionen monatliche Besuche

Umfangreiche Reiseservice-Datenbank

Die Trip.com Group unterhält eine umfassende Datenbank für Reisedienstleistungen:

• Hotelbestand: 1,4 Millionen Objekte weltweit
• Flugrouten: Über 2.500 Fluggesellschaften
• Zielabdeckung: über 200 Länder und Regionen
• Buchungsbestand in Echtzeit: 99,8 % Genauigkeit

Starke Markenbekanntheit auf chinesischen und asiatischen Märkten

Markenwerte und Marktpositionierung:

Marktanteil in China (Online-Reisen)	42.5%
Markenbewertung (2023)	4,2 Milliarden US-Dollar
Verbrauchervertrauensbewertung	8.7/10

Qualifizierte Mitarbeiter im Bereich Technik und Kundenservice

Personalkapazitäten:

• Gesamtzahl der Mitarbeiter: 45.670
• Technologiefachleute: 12.500
• Kundendienstmitarbeiter: 8.300
• Durchschnittliche Betriebszugehörigkeit: 4,6 Jahre

Erhebliches Finanzkapital für Expansion und Innovation

Zuweisung finanzieller Ressourcen:

Gesamter Bargeldbestand und Investitionen (2023)	6,3 Milliarden US-Dollar
F&E-Investitionen	512 Millionen Dollar
Jährliche Kapitalausgaben	387 Millionen Dollar
Zuteilung des Innovationsfonds	245 Millionen Dollar

Trip.com Group Limited (TCOM) – Geschäftsmodell: Wertversprechen

Umfassende Online-Reisebuchungsplattform

Trip.com Group Limited bietet eine umfassende Online-Reisebuchungsplattform mit den folgenden Schlüsselkennzahlen:

Plattformmetrik	Quantitative Daten
Gesamte jährliche Transaktionen	Über 450 Millionen Transaktionen im Jahr 2022
Globale Reiseservice-Abdeckung	Über 190 Länder und Regionen
Monatlich aktive Benutzer	Ungefähr 130 Millionen Benutzer

Wettbewerbsfähige Preise und vielfältige Reiseserviceoptionen

Trip.com bietet vielfältige Reisedienstleistungen mit wettbewerbsfähigen Preisstrategien:

• Hotelbuchungen: Über 1,4 Millionen Hotelimmobilien
• Flugtickets: Über 2.300 Airline-Partnerschaften
• Durchschnittliche Preisersparnis: 15-25 % gegenüber Direktbuchungen

Nahtlose Benutzererfahrung auf mehreren Geräten

Geräteplattform	Kennzahlen zum Benutzerengagement
Mobile App-Downloads	Über 100 Millionen Downloads
Prozentsatz der mobilen Buchungen	62 % aller Transaktionen

Personalisierte Reiseempfehlungen

Personalisierungsfunktionen, die durch KI und maschinelles Lernen gesteuert werden:

• Empfehlungsgenauigkeitsrate: 78 %
• Verfolgung der Benutzerpräferenzen: Über 15 Verhaltensdatenpunkte

Integrierte Reiseplanungs- und Buchungslösungen

Service-Integration	Abdeckungsmetriken
Multi-Service-Buchungen	Flug-, Hotel- und Mietwagenpakete
Prozentsatz der Paketbuchung	37 % aller Transaktionen

Trip.com Group Limited (TCOM) – Geschäftsmodell: Kundenbeziehungen

Mobiler App-basierter Kundensupport

Die mobile App von Trip.com bietet Kundensupport rund um die Uhr mit den folgenden Funktionen:

App-Download-Metriken	Über 100 Millionen aktive Benutzer
Reaktionszeit des Kundendienstes	Durchschnittlich 15 Minuten
Unterstützte Sprachen	8 Sprachen, darunter Chinesisch, Englisch

Treueprogramm und Mitgliedschaftsprämien

Das Treueprogramm Trip Points bietet:

• Gesammelte Punkte für Buchungen
• Abgestufte Mitgliedschaftsstufen
• Einlösung über Reiseleistungen hinweg

Mitglieder des Treueprogramms	52 Millionen aktive Mitglieder
Punkte-Einlösungsrate	37 % der Mitglieder
Jährlicher Punktewert	240 Millionen US-Dollar

Personalisierte Benutzererfahrung

Zu den Personalisierungsfunktionen gehören:

• KI-gesteuerter Empfehlungsalgorithmus
• Individuelle Reisevorschläge
• Personalisierte Preisgestaltung

Personalisierungsengagement	68 % der Nutzer
Conversion-Rate mit Personalisierung	Steigerung um 42 %

Kundenservice in Echtzeit über digitale Kanäle

Digitale Servicekanäle:

• Live-Chat-Unterstützung
• WeChat-Integration
• In-App-Nachrichten

Digitale Supportkanäle	5 aktive Plattformen
Durchschnittliche Lösungszeit	22 Minuten
Kundenzufriedenheitsrate	89%

Community-gesteuerte Bewertungen und Empfehlungen

Kennzahlen zum Community-Engagement:

Gesamtzahl der Benutzerbewertungen	78 Millionen
Durchschnittliche Bewertungspunktzahl	4.3/5
Überprüfen Sie die Verifizierungsrate	92%

Trip.com Group Limited (TCOM) – Geschäftsmodell: Kanäle

Mobile Anwendungsplattformen

Downloads der mobilen Trip.com-App: 119,5 Millionen im Jahr 2022

Plattform	Monatlich aktive Benutzer	Prozentsatz herunterladen
iOS App Store	42,3 Millionen	35.4%
Android Google Play	77,2 Millionen	64.6%

Webbasierte Buchungsplattform

Traffic der Trip.com-Website: 1,2 Milliarden Besuche im Jahr 2022

• Globale Website-Domains: 23 verschiedene länderspezifische Plattformen
• Unterstützte Website-Sprachen: 14 Sprachen
• Durchschnittliche monatliche Einzelbesucher: 98,6 Millionen

Social-Media-Marketingkanäle

Soziale Plattform	Anzahl der Follower	Engagement-Rate
WeChat	12,5 Millionen	4.3%
Weibo	8,2 Millionen	3.7%
Facebook	2,1 Millionen	2.9%

Offline-Kundendienstzentren

Gesamtzahl der Offline-Servicestandorte: 672 in ganz China

• Großstädte mit Servicezentren: 58
• Durchschnittliche Kundeninteraktion pro Center: 3.400 monatlich

Partner-Reisebüros und Wiederverkäufer

Partnertyp	Anzahl der Partner	Jährlicher Umsatzbeitrag
Reisebüros	4,286	342 Millionen Dollar
Online-Wiederverkäufer	1,742	216 Millionen Dollar
Unternehmenspartner	893	127 Millionen Dollar

Trip.com Group Limited (TCOM) – Geschäftsmodell: Kundensegmente

Freizeitreisende

Die Trip.com Group richtet sich an Urlaubsreisende mit der folgenden demografischen Aufteilung:

Altersgruppe	Prozentsatz	Durchschnittliche jährliche Reiseausgaben
18-34 Jahre	42%	$1,850
35-54 Jahre	33%	$2,450
55+ Jahre	25%	$1,950

Geschäftsreisende

Merkmale des Geschäftsreisesegments:

• Gesamtwert des Geschäftsreisemarktes in China: 87,3 Milliarden US-Dollar im Jahr 2023
• Betreute Firmenkunden: Über 15.000 Unternehmenskonten
• Durchschnittlicher Buchungswert für Geschäftsreisen: 1.200 USD pro Transaktion

Junge und technikaffine Verbraucher

Nutzung digitaler Plattformen	Prozentsatz
Mobile App-Buchungen	68%
Online-Buchungshäufigkeit	4,7 Mal pro Jahr
Social-Media-Engagement	72 % der Nutzer

Chinesische und asiatische Marktdemografie

Details zur Marktsegmentierung:

• Gesamter chinesischer Online-Reisemarkt: 136,5 Milliarden US-Dollar im Jahr 2023
• Marktanteil von Trip.com in China: 39 %
• Monatlich aktive Nutzer in Asien: 95,4 Millionen

Internationale Reisende

Region	Jährliche internationale Buchungen	Durchschnittlicher Buchungswert
Südostasien	3,2 Millionen	$650
Europa	1,8 Millionen	$850
Nordamerika	1,5 Millionen	$950

Trip.com Group Limited (TCOM) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

Jährliche Kosten für die Technologieinfrastruktur für Trip.com Group Limited im Jahr 2022: 287,6 Millionen US-Dollar

Kostenkategorie	Betrag (USD)
Cloud-Dienste	98,4 Millionen US-Dollar
Wartung des Rechenzentrums	73,2 Millionen US-Dollar
Netzwerkinfrastruktur	61,5 Millionen US-Dollar
Cybersicherheit	54,5 Millionen US-Dollar

Aufwendungen für Marketing und Kundenakquise

Marketingausgaben für 2022: 1,12 Milliarden US-Dollar

• Ausgaben für digitale Werbung: 456,7 Millionen US-Dollar
• Performance-Marketing: 312,5 Millionen US-Dollar
• Kampagnen zur Markenbekanntheit: 218,3 Millionen US-Dollar
• Affiliate-Marketing: 134,2 Millionen US-Dollar

Plattformentwicklung und Innovation

F&E-Ausgaben im Jahr 2022: 413,8 Millionen US-Dollar

Innovationsbereich	Investition (USD)
KI und maschinelles Lernen	156,4 Millionen US-Dollar
Verbesserung der mobilen Plattform	112,6 Millionen US-Dollar
User Experience Design	87,3 Millionen US-Dollar
Entwicklung neuer Funktionen	57,5 Millionen US-Dollar

Kundensupport-Operationen

Gesamtkosten für den Kundensupport im Jahr 2022: 214,5 Millionen US-Dollar

• Callcenter-Betrieb: 87,6 Millionen US-Dollar
• Online-Support-Infrastruktur: 62,3 Millionen US-Dollar
• Mehrsprachige Unterstützung: 41,2 Millionen US-Dollar
• Schulung und Personalentwicklung: 23,4 Millionen US-Dollar

Strategische Partnerschaft und Provisionskosten

Partnerschafts- und Provisionskosten im Jahr 2022: 672,4 Millionen US-Dollar

Partnerschaftstyp	Provisionsaufwand (USD)
Hotelpartnerschaften	378,6 Millionen US-Dollar
Airline-Provisionen	187,3 Millionen US-Dollar
Reisebüro-Partnerschaften	106,5 Millionen US-Dollar

Trip.com Group Limited (TCOM) – Geschäftsmodell: Einnahmequellen

Provision aus Reisebuchungen

Die Trip.com Group generiert Provisionseinnahmen durch Reisebuchungen über mehrere Plattformen. Für das Geschäftsjahr 2022 meldete das Unternehmen einen Gesamtumsatz von 5,28 Milliarden US-Dollar, wobei ein erheblicher Teil aus Reisebuchungsprovisionen stammte.

Buchungskategorie	Provisionssatz	Geschätzter Jahresumsatz
Hotelbuchungen	5-15%	1,2 Milliarden US-Dollar
Flugbuchungen	3-8%	780 Millionen Dollar
Urlaubspakete	7-20%	450 Millionen Dollar

Servicegebühren für Reservierungen

Trip.com erhebt Servicegebühren für verschiedene Reservierungsarten:

• Beschleunigte Buchungsdienste
• Spezielle Unterkunftswünsche
• Stornierungs- und Änderungsgebühren

Werbeeinnahmen von Reisepartnern

Im Jahr 2022 erwirtschaftete Trip.com ca 320 Millionen Dollar aus Werbekooperationen mit:

• Fluggesellschaften
• Hotelketten
• Tourismusverbände
• Hersteller von Reiseausrüstung

Mitgliedschafts- und Treueprogramm-Abonnements

Mitgliedschaftsstufe	Jährliche Abonnementgebühr	Geschätzte Abonnenten
Silberne Stufe	$29	500,000
Goldstufe	$99	250,000
Platin-Stufe	$199	100,000

Gebühren für grenzüberschreitende E-Commerce-Transaktionen

Trip.com erhebt Transaktionsgebühren für grenzüberschreitende Buchungen, mit einer durchschnittlichen Gebühr von 2–4 % pro Transaktion. Im Jahr 2022 erwirtschaftete dieses Segment ca 210 Millionen Dollar an Einnahmen.

Trip.com Group Limited (TCOM) - Canvas Business Model: Value Propositions

You're looking at the core reasons why travelers choose Trip.com Group Limited over competitors in late 2025. It boils down to scale, technology-driven personalization, and reliable support across borders. The numbers from the third quarter of 2025 definitely back this up.

One-stop shop for comprehensive travel products globally

Trip.com Group Limited acts as a leading global one-stop travel service provider, aggregating services like accommodation reservation, transportation ticketing, packaged tours, and corporate travel management under brands including Ctrip, Qunar, Trip.com, and Skyscanner. This breadth of offering is reflected in the financial breakdown for Q3 2025.

The sheer volume of transactions across these segments in the third quarter of 2025 shows the one-stop value in action:

Revenue Segment (Q3 2025)	Amount (RMB)	Amount (USD Equivalent)
Net Revenue	RMB18.3 billion	US$2.6 billion
Accommodation Reservation Revenue	RMB8.0 billion	US$1.1 billion
Transportation Ticketing Revenue	RMB6.3 billion	US$886 million
Packaged-Tour Revenue	RMB1.6 billion	US$226 million
Corporate Travel Revenue	RMB756 million	US$106 million

Furthermore, the depth of inventory supports this one-stop claim. As of Q1 2025, the offerings included over 7,000 travel products, 2,000 partner hotels, and 4,000 hotel packages specifically tailored for the silver generation.

Hyper-personalized itineraries and recommendations via AI

Trip.com Group is heavily investing in technology to move beyond simple booking to true personalization. Product development expenses in Q3 2025 rose by 12%, reaching RMB4.1 billion (US$574 million), with significant focus on AI, big data, and machine learning. This investment is directly translating into user engagement and booking uplift.

The adoption of AI tools is a clear value driver:

• The proprietary AI tool, TripGenie, saw user growth of an impressive 200% year-over-year recently.
• AI tools like Trip.Planner were credited with driving 60% of booking growth during H1 2025.
• The platform's AI synthesizes real-time data against 20 million points of interest to build itineraries.
• As of the Momentum 2025 report, 58% of travelers already use AI for travel recommendations.

This focus on AI is about making travel planning smarter for you.

Seamless cross-border travel experience for Chinese and international users

The recovery and growth in international travel is a massive value proposition for Trip.com Group, showing they successfully facilitate movement across borders for both inbound and outbound customers. In Q3 2025, overall bookings on their international OTA platform increased by around 60% year-over-year. Inbound travel bookings, specifically, surged by over 100% year-over-year for the same period.

Outbound travel metrics also show strong performance, with outbound flight and hotel bookings climbing to approximately 140% of the volume seen in the same period in 2019. For inbound travelers, the data from Q2 2025 showed that national inbound arrivals grew by 30% year-over-year, with 71% of those arrivals coming from visa-free regions, indicating smooth entry processes.

The trend toward complex travel is also supported:

• Multi-destination stays saw a 60% increase in bookings compared to the prior year (Labour Day 2025 data).
• Top cross-border destinations for the May Labour Day holiday included Japan, China, South Korea, Thailand, and Malaysia.

Cost-effective bookings and price transparency across brands

The company's operational efficiency, partly driven by technology, helps translate into value for the customer, even if the primary financial benefit is margin expansion. Trip.com Group maintained a strong Gross Profit Margin of approximately 81.4% for Q3 2025. The cost of revenue represented only about 18% of the net revenue for that quarter.

This efficiency supports a strong bottom line, with the non-GAAP Operating Profit Margin reaching approximately 33.3% in Q3 2025. While the company invests heavily in customer acquisition-Sales and marketing expenses for Q3 2025 were RMB4.2 billion (US$587 million), or 23% of net revenue-the underlying margin structure suggests competitive pricing is a core part of the strategy to help you secure cost-effective bookings.

High-quality, reliable 24/7 customer service and Global Travel SOS

Reliability is cemented by industry recognition and round-the-clock availability. Trip.com Group offers 24/7 global support and service to international travelers at every stage of their journey. This commitment has resulted in external validation; the company was recognized as both Contact Center of the Year and Global Support Services of the Year at the Asia Pacific Customer Relations Excellence Awards. The workforce supporting this includes thousands of travel professionals across 28 countries, helping maintain a global customer satisfaction rate of nearly 90%.

Trip.com Group Limited (TCOM) - Canvas Business Model: Customer Relationships

You're looking at how Trip.com Group Limited keeps its global customer base engaged and satisfied; it's a mix of high-tech automation and dedicated human touchpoints.

The commitment to service is backed by tangible infrastructure, with 16 global call centers supporting thousands of travel professionals across 28 countries, all working to maintain a global customer satisfaction rate of nearly 90%.

For self-service, the AI-driven tools are seeing massive adoption. Trip.com Group's AI tool, TripGenie, saw its traffic surge by 200% in 2024, and the total number of conversations also rose by 200% that year. Furthermore, in the first quarter of 2025, AI-driven initiatives contributed to a 50% increase in user session duration. Users rely on TripGenie for seamless assistance via voice and text commands in multiple languages throughout their journey, also receiving intelligent updates for hotels, airport transfers, and activities based on their existing itinerary.

Dedicated, high-touch support is clearly segmented for the corporate sector through Trip.Biz. Corporate travel revenue for the first quarter of 2025 hit RMB 573 million (US$ 79 million), marking a 12% year-over-year increase. By the second quarter of 2025, this revenue grew to RMB 692 million (US$ 97 million), up 9% from the same period in 2024. This segment is driven by more companies adopting managed corporate travel services.

While direct data on user-generated content platforms like Trip Moments isn't explicitly quantified here, engagement with specific user segments shows strong community focus. For instance, users and gross merchandise value for Trip.com Group's Old Friends Club, which caters to the Silver Generation, increased by 100% year-over-year in Q1 2025. This specialized offering includes over 7,000 travel products and provides one-on-one customer support throughout the entire journey.

The service model is heavily localized to ensure relevance across its global footprint. The company offers 24/7 global support for international travelers at every stage of their journey. This is supported by a workforce of thousands of travel professionals operating in 28 countries.

Here's a quick look at the revenue tied to some of these customer relationship segments:

Metric/Segment	Period	Amount (RMB)	Amount (USD)	YoY Change
Corporate Travel Revenue	Q1 2025	RMB 573 million	US$ 79 million	12% increase
Corporate Travel Revenue	Q2 2025	RMB 692 million	US$ 97 million	9% increase
Old Friends Club Users/GMV	Q1 2025	N/A	N/A	100% increase

The focus on AI tools like TripGenie shows a clear path to scaling support efficiently, as evidenced by the 200% surge in conversations in 2024. Finance: draft 13-week cash view by Friday.

Trip.com Group Limited (TCOM) - Canvas Business Model: Channels

You're looking at how Trip.com Group Limited moves its product to the customer as of late 2025. It's a multi-pronged approach, leaning heavily on digital storefronts but still maintaining human touchpoints.

The core of the distribution is through its suite of digital properties, which are showing strong growth, especially in the international sphere. For the third quarter of 2025, overall bookings on the international OTA platform increased by around 60% year-over-year. Outbound flight and hotel bookings specifically climbed to around 140% of the volume seen in the same period of 2019.

Here's a look at the financial contribution from the major booking segments in Q3 2025:

Segment	Q3 2025 Revenue (RMB)	Q3 2025 Revenue (USD)	Year-over-Year Change
Net Revenue	RMB18.3 billion	US$2.6 billion	16% increase
Accommodation Reservation Revenue	RMB8.0 billion	US$1.1 billion	18% increase
Transportation Ticketing Revenue	RMB6.3 billion	US$886 million	12% increase
Packaged-Tour Revenue	RMB1.6 billion	US$226 million	3% increase
Corporate Travel Revenue	RMB756 million	US$106 million	15% increase

The primary mobile applications-Trip.com, Ctrip, and Skyscanner-are the main engines for this digital volume. Inbound travel bookings, which heavily utilize these apps, surged by over 100% year-over-year in the first quarter of 2025. Furthermore, the company's focus on specific demographics is yielding results; for the first quarter of 2025, both the number of users and gross merchandise volume for the Old Friends Club (targeting travelers aged 50 and above) doubled year-over-year.

The digital channel experience is being enhanced by technology, which impacts engagement:

• AI-powered Trip Planner unique visits saw a 180% surge in Q3 2025.
• In Q1 2025, AI-driven initiatives led to a 50% increase in user session duration.

The web-based OTA platforms (desktop and mobile web) are intrinsically linked to the international OTA booking figures mentioned above, representing the broader digital storefront access beyond the dedicated apps.

For the corporate segment, the Trip.Biz platform is a dedicated channel. Its revenue for Q3 2025 reached RMB756 million (US$106 million), marking a 15% increase from the third quarter of 2024. This platform pools services like airfare, accommodation, and ride-hailing under advanced policy controls.

Direct sales and customer service centers provide a necessary human layer. Trip.com Group maintains 16 customer service centers globally, offering support in 20 languages and operating 24-hours a day.

Social media and live-streaming platforms serve as inspiration and sales channels, particularly for younger travelers. The company is actively curating niche offerings, such as those related to concerts and sports events, to capture this demand, which is a key focus for Q1 2025 growth.

Finance: review Q4 2025 channel revenue contribution breakdown by Friday.

Trip.com Group Limited (TCOM) - Canvas Business Model: Customer Segments

You're looking at the distinct groups Trip.com Group Limited targets as of late 2025. It's not just one crowd; it's a carefully segmented approach to capture the entire travel lifecycle, from the budget-conscious domestic tourist to the high-spending international executive.

The mass-market leisure travelers, both in China and globally, form the bedrock of volume. For the first quarter of 2025, Trip.com Group reported net revenue of RMB13.8 billion (US$1.9 billion). Outbound hotel and air ticket bookings for the third quarter of 2025 have climbed to around 140% of the volume seen in the same period in 2019. Also, overall reservations on the international OTA platform increased by over 60% year-over-year in Q1 2025. Mobile devices account for over 70% of all bookings.

The rebound in inbound travel is significant for this segment. Inbound travel bookings surged by around 100% year-over-year in Q1 2025, and this segment surged by over 100% year-over-year in Q3 2025 as well.

For corporate clients, the demand for localized travel management solutions is clearly translating into revenue. Corporate travel revenue for the first quarter of 2025 hit RMB573 million (US$79 million), marking a 12% increase from the same period in 2024. By the third quarter of 2025, this segment grew further to RMB756 million (US$106 million), a 15% year-over-year increase.

The focus on senior travelers is a clear growth vector. For the first quarter of 2025, both the number of Old Friend Club users and their Gross Merchandise Value (GMV) grew by 100% year-over-year. To serve this group, Trip.com Group now offers over 7,000 travel products, 2,000 partner hotels, and 4,000 hotel packages tailored for the Silver Generation.

High-value, affluent travelers and experiential travelers are captured through premium and niche offerings. Packaged-tour revenue, which often caters to these groups, was RMB947 million (US$131 million) in Q1 2025, growing to RMB1.6 billion (US$226 million) in Q3 2025. For the culinary niche, Trip. Gourmet offers 50,000 restaurants across 300 cities, with 60% of its users prioritizing food-centric itineraries.

Here's a quick look at the revenue contribution from key segments in Q1 2025:

Customer Segment Focus	Revenue Component	Q1 2025 Amount (RMB)	Q1 2025 Amount (US$)	YoY Growth
Mass-Market (Accommodation)	Accommodation Reservation Revenue	RMB5.5 billion	US$764 million	23%
Mass-Market (Transportation)	Transportation Ticketing Revenue	RMB5.4 billion	US$747 million	8%
Corporate Clients	Corporate Travel Revenue	RMB573 million	US$79 million	12%
Experiential/Affluent	Packaged-Tour Revenue	RMB947 million	US$131 million	7%

The company is definitely focusing on capturing demand from every demographic, which is reflected in these varied revenue streams.

The platform also supports niche experiential travelers through curated offerings:

• Curating niche offerings across themes like concerts, anime, and sports events.
• Trip. Gourmet coverage: 50,000 restaurants in 300 cities.
• Food-centric itinerary priority: 60% of Trip. Gourmet users.

Finance: draft 13-week cash view by Friday.

Trip.com Group Limited (TCOM) - Canvas Business Model: Cost Structure

You're looking at the expense side of Trip.com Group Limited's operations as of late 2025. Honestly, for a high-volume transaction business like this, the costs scale right up with revenue, which is what we see in the Q3 2025 numbers.

The Cost of Revenue is definitely a major variable component. For the third quarter of 2025, this hit RMB3.4 billion (US$472 million). This cost scales directly with bookings-think about payment processing fees and what they pay out to suppliers like hotels and airlines for inventory. For context, this represented 18% of the quarter's net revenue.

Next up, the push for growth means heavy spending on getting customers. Sales and Marketing expenses were significant, coming in at 23% of net revenue for Q3 2025. This spend, which totaled RMB4.2 billion (US$587 million), is tied to promotion activities, especially as Trip.com Group pushes harder into international markets. That's a clear choice: spend now to capture market share.

The commitment to staying ahead technologically shows up clearly in Product Development. Trip.com Group invested RMB4.1 billion (USD 574 million) in R&D during Q3 2025. This expense, which was 22% of net revenue, is largely driven by personnel costs related to building out AI tools like Trip Genie and enhancing the mobile experience. Here's the quick math: they are pouring nearly as much into future tech as they are into immediate sales and marketing.

We also need to account for the overhead that keeps the lights on and the systems running. General and administrative expenses were RMB1.1 billion (US$160 million) in the quarter, making up 6% of net revenue. This category covers a lot of ground, including the core personnel costs not directly tied to product development.

The structure of these costs can be broken down like this:

Cost Category	Q3 2025 Amount (RMB)	Q3 2025 Amount (USD)	As % of Net Revenue
Cost of Revenue	3.4 billion	472 million	18%
Sales and Marketing	4.2 billion	587 million	23%
Product Development (R&D)	4.1 billion	574 million	22%
General and Administrative (G&A)	1.1 billion	160 million	6%

The global customer service infrastructure costs are embedded within these larger buckets, particularly in G&A and R&D due to personnel. You see the focus on scaling operations through technology, which means personnel-related expenses are a key driver across the board.

The main cost drivers for Trip.com Group in Q3 2025 were:

• Supplier costs and payment processing fees within Cost of Revenue.
• Aggressive marketing spend for international expansion.
• Personnel expenses driving substantial Product Development investment.
• Costs for maintaining the global operational and customer service footprint.

What this estimate hides is the exact split between technology personnel in R&D versus customer service personnel in G&A, but the total investment in both areas is substantial.

Trip.com Group Limited (TCOM) - Canvas Business Model: Revenue Streams

You're looking at how Trip.com Group Limited actually brings in the money, and the Q3 2025 numbers show a strong reliance on core travel bookings, especially with international travel roaring back.

The bulk of the revenue comes from commissions and fees generated across their primary booking channels. Here's the quick math on the major components for the third quarter of 2025, which totaled RMB18.3 billion (US$2.6 billion) in net revenue.

Revenue Stream Category	Q3 2025 Revenue (RMB)	Q3 2025 Revenue (US$)	Year-over-Year Growth
Accommodation Reservation	RMB8.0 billion	US$1.1 billion	18%
Transportation Ticketing	RMB6.3 billion	US$886 million	12%
Packaged-Tour	RMB1.6 billion	US$226 million	3%
Corporate Travel	RMB756 million	US$106 million	15%

The growth rates tell a story, too. Accommodation reservations were up 18% year-over-year, and transportation ticketing grew 12% year-over-year, showing the fundamental strength in their core offerings. To be defintely clear, the packaged-tour segment saw only a 3% increase year-over-year, though it jumped 49% from the previous quarter due to seasonality.

Beyond the direct booking commissions, Trip.com Group Limited monetizes its massive user base and platform traffic through other avenues. These streams are becoming increasingly important as they integrate AI tools across the user journey.

• Advertising and other value-added services revenue.
• Revenue from AI-powered tools like Trip Planners, which saw unique visits surge by 180% year-over-year in Q3 2025.

Finance: draft 13-week cash view by Friday.