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海擇短評 Haize Comment：
傳統旅行社的銷售通路不多，如果(旅行社)B2B同業分銷不算，電視購物大概是效果越來越差但又棄之可惜的一部份。韓國旅行社近年開始投入直播電商以主播帶貨，看似與抖音/TikTok的帶貨很像，但本質上大相逕庭，海擇資本可以做為各國旅行社的借鑑參考。
隨著電視收視率下降，電視購物產業在韓國普遍表現不佳，以電視購物作為旅遊產品的主要銷售通路的旅行社也受創沉重。韓國廣播通訊委員會(Korea Communications Commission)的調查顯示，2023年，選擇電視作為日常生活必閱覽媒體的受眾中，超過60歲人群的比例為50.8%，50歲至60歲的人為26.1%，40歲以上未滿50歲的人為12.6%；與2019年相比，分別下降了14 %、13.3%、10.2%。而電視購物的運營現況遠比收視率的下跌還糟，2023年，CJ On Style(KOSDAQ: 035760)、GS Shop(KOSDAQ: 007070)、樂天家居購物(KOSDAQ: 023530)、現代家庭購物(KOSDAQ: 057050)四家在韓國上市的電視家庭購物公司，其銷售額和營業利潤均較2022年下降；其中，樂天家居購物的營業利潤還下降了89.4%。根據韓國電視家庭購物協會統計，去年投放韓國7家電視家庭購物的所有企業，總投放支出達1.94兆76億韓元，而投放費佔交易額的比例上升至71%，佔比之高，可以理解為電視購物變成一個被嫌棄的通路，如果未來沒有大幅降價，就會逐步淡出。
而在韓國旅遊業的各種銷售通路中，直播電商成長迅速。Very Good Travel稱自去年9月推出"Very Good LIVE"以來，累計觀看次數達96萬人次，預約人數達3,759人，每場預約200人。ModeTour(KOSDAQ: 080160)則稱，通過"Live M"累積觀看人數達600萬，銷售額達85億韓元。Hana Tour(KRX: 039130)則未說明預約人次與銷售額，僅說明因應需求，在去年將"Hana LIVE"直播節目增加到每週兩次後，最近則增加到每週三次。無疑直播電商被韓國旅行社視為應該要投入的通路，直播電商的優缺點也很明確，習於採用官網/自有APP直播的韓國旅行社，行銷和佣金成本的負擔更輕，一般說來能將成本控制到電視購物的10%左右；此外，直播電商務屬即時溝通、即時回饋，能在直播期間提供折扣券等僅限直播的福利來鼓勵消費者參與。當然它並非完全沒有缺點，最重要的是，觀眾很容易離開，大多數直播受眾是用手機而非電腦，更容易切換環境；其次，就是廣為人知的低轉化率與退貨率。
海擇資本認為，韓國的直播帶貨與中國的直播帶貨形同實異。本質上，韓國的直播帶貨是在分銷通路的ROI低到難以忍受時，旅行社將投放資源拉回直銷通路的做法。純從直播投入與訂單產出看ROI，也許這不會是個值得投入的項目；但如果把帶貨直播看成為官網/APP獲取新客與老客戶回購的手段，把這部分的產出也當作衡量ROI的標準，那可能就非常划算了；而中國抖音通路本質上是分銷通路，除了有帶貨主播的坑位費、高退貨率、佣金等需要考慮的要素，ROI的算法在產出上對公司本身的官網/APP拉新獲客幫助不大。從結論看，旅行社如果能用正確的算法看待自己做直播電商ROI，即便考慮到可能令人失望的轉化率，或許都還值得大膽投入。
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Traditional travel agencies have limited sales channels. Excluding B2B distribution, TV shopping, though increasingly ineffective, is still reluctantly used. Recently, Korean travel agencies have started investing in live commerce, using hosts to sell products, which seems similar to TikTok but is fundamentally different. This approach by Haize Capital can serve as a reference for travel agencies worldwide.
As TV viewership declines in Korea, the TV shopping industry performs poorly. Travel agencies relying on TV shopping for sales are significantly impacted. According to the Korea Communications Commission's survey, in 2023, the proportion of audiences above 60 who chose TV as their essential media was 50.8%, those aged 50-60 were 26.1%, and those 40-50 were 12.6%; these figures dropped by 14%, 13.3%, and 10.2% respectively since 2019. TV shopping operations are faring worse than the decline in viewership. In 2023, the sales and operating profits of listed TV home shopping companies like CJ On Style, GS Shop, Lotte Home Shopping, and Hyundai Home Shopping all decreased compared to 2022, with Lotte Home Shopping's operating profit down by 89.4%. According to the Korea TV Home Shopping Association, last year, the total expenditure for all companies that advertised on Korea's seven TV home shopping channels reached 1.9476 trillion KRW, with the cost of advertising amounting to 71% of total transactions, indicating TV shopping is becoming an undesirable channel. If prices do not significantly decrease, its use will likely diminish.
In Korea's travel industry, live commerce has seen rapid growth. Very Good Travel reported that since launching "Very Good LIVE" last September, they have reached a cumulative viewership of 960,000, with 3,759 reservations, averaging 200 per session. ModeTour stated that "Live M" has amassed 6 million viewers with sales of 8.5 billion KRW. Hana Tour, without specifying reservations and sales, mentioned that in response to demand, they increased their "Hana LIVE" broadcasts from twice to three times weekly last year. Live commerce is undoubtedly viewed as a vital channel by Korean travel agencies. Its advantages include lower marketing and commission costs—typically around 10% of those associated with TV shopping—and the ability to offer live-only perks like discount coupons to encourage viewer participation. However, it has downsides; notably, viewers can easily disengage, especially those using mobile devices, and the known issues of low conversion and high return rates.
Haize Capital notes significant differences between live commerce in Korea and China. In Korea, when ROI in distribution channels becomes intolerably low, travel agencies revert to direct sales channels. Purely from an ROI perspective based on live investment and order output, this might not seem worthwhile; however, if viewed as a means to acquire new and retain existing customers via official websites or apps, it could be very cost-effective. Conversely, in China, platforms like Douyin are fundamentally distribution channels with considerations like host fees, high return rates, and commissions, which do not significantly aid in new customer acquisition for companies’ own websites or apps. Conclusively, if travel agencies properly assess the ROI of live commerce—even considering potential low conversion rates—it might still be worth a bold investment.
標籤 Label： Tourism TV Shopping Live-streaming