Tag: Bounce

Don’t expect business travel to bounce back anytime soon, start-up founders say

  • The coronavirus pandemic has forced industries to rethink how they do business, resulting in a “new normal” that’s here to stay, according to two start-up founders.
  • As physical stores closed, many retailers moved online, said Ning Wang, co-founder and chief business officer of PingPong Payments, an e-commerce payments processing firm.
  • While the travel industry is predicted to take several years to recover, PKFare’s Jason Song, founder and president, said the process of digitization for the travel industry will be sped up.



a group of people sitting at a desk: Founder & President of PKFare Jason Song, Co-founder and Chief Business Officer of PingPong Payments Ning Wang speak during Day 2 of CNBC East Tech West at LN Garden Hotel Nansha Guangzhou on November 18, 2020 in Nansha, Guangzhou, China.


© Provided by CNBC
Founder & President of PKFare Jason Song, Co-founder and Chief Business Officer of PingPong Payments Ning Wang speak during Day 2 of CNBC East Tech West at LN Garden Hotel Nansha Guangzhou on November 18, 2020 in Nansha, Guangzhou, China.

The coronavirus pandemic has forced industries to rethink how they do business, resulting in a “new normal” that’s here to stay, according to two start-up founders.

Loading...

Load Error

Many small retailers were forced to shift to e-commerce platforms in an attempt to survive the pandemic’s disruption to everyday life.

“From our side, what we saw, of course, very first impact was (the) acceleration of retailing going from offline to online,” said Ning Wang, co-founder and chief business officer of PingPong Payments — a crossborder e-commerce payments processing company. He was speaking at a panel discussion during CNBC’s annual East Tech West conference, which was held this year remotely and on the ground in the Nansha district of Guangzhou, China.

Wang explained that there has also been a category shift in the kind of things that are now being sold online.

“Some of the categories – leisure-related, of course, declined. But there are for example, in the U.S., a lot of home goods stores, mostly sold offline. They closed the stores, so everything is moving online,” he said. “I think we are still seeing overall trend of digitization, e-commerce taking over offline, but accelerated in a somehow chaotic way.”

As the pandemic spread around the world since January, countries enforced strict lockdown measures and movement restrictions that saw many stores temporarily shut while large swathes of office workers were made to work from home. The travel and tourism industries were hammered in the process as people postponed both business and leisure travel, leaving many airlines struggling to stay afloat.

While the travel industry is predicted to take several years to recover, the process of digitization for the travel industry will be sped up, said Jason Song, founder and president of PKFare, who was part of the panel. PKFare is a travel trade marketplace for air tickets and other hospitality services.

Decline in business travel

Experts have said that even when the pandemic is finally under control and the travel industry begins its recovery process, business travel will take longer to recover compared to leisure travel as corporations have now shifted to virtual modes of meeting.

Business travel plays a critical role in the travel and hospitality industry, with business-travel spending exceeding $1.4 trillion in 2018, according

Continue reading

Mansion Global Daily: Luxury Sales Bounce Back in Florida, Vacation Markets See Increased Demand, and More

Luxury Sales in South Florida Rebounded Sharply, Driving Prices Higher

The median luxury house in Miami sold for $1.94 million, up more than 30% over last year. Read More

BY THE NUMBERS


TRENDING TODAY


LISTING OF THE DAY


A New England-Style Home, Built in 1840, in the U.K.’s Kent

The property, set on three acres, features several outbuildings. Read More

TAX TALK


Which U.S. States Charge Property Taxes for Cars?

Connecticut, Virginia, Mississippi and Rhode Island are among the states that levy taxes on vehicles. Read More

NEWS BITES

Penthouse at Hong Kong’s St George’s Mansions Sells for HK$238 Million

A 3,330-square-foot penthouse with a 2,933-square-foot balcony at the St George’s Mansions project in Kowloon, Hong Kong, has sold for more than HK$238 million (US$31 million). The home was the second-most-expensive deal in the past three months in Hong Kong. The St George’s Mansions project has three 20-story buildings surrounded by luxury villas and thick greenery. South China Morning Post

U.S. Vacation Housing Markets See Increasing Demand

Traditional vacation housing markets across the U.S. have seen an increase in demand from buyers who have the flexibility of working from home, according to data from Zillow. Page views on the site’s listings are up nearly 50% year-over-year in September in metro areas typically considered vacation destinations, compared to a 37% increase in page views nationally. Vacation destinations are defined as metros with at least 65,000 people and five times more vacation homes than the U.S. as a whole. World Property Journal

Frank Lloyd Wright-Designed Illinois House Sells for More Than $2 Million

The only Lake Forest, Illinois, home designed by Frank Lloyd Wright sold last week for $2.075 million, within 10 weeks of listing. Completed in 1953, the house sits on a nearly two-acre parcel with a 4,300-square-foot house that mimics a yacht. The house is among the largest of Wright’s Usonian designs and one of the only ones to originally include staff quarters. Patch

Former Los Angeles Home of Late Lakers Owner Jerry Buss Changes Hands

The former home of late Lakers owner Jerry Buss in the Bel-Air neighborhood of Los Angeles has sold for $5.35 million. The buyer is “The Real Housewives of Beverly Hills” star Sutton Stracke. Built in 1938, the Georgian-style house has 4,400 square feet of living space with four bedrooms and five-and-a-half bathrooms. Buss, who died in 2013 at age 80, owned the house until 1984, when he sold it for $775,000. Los Angeles Times

AROUND NEWS CORP

Welcome to Newburyport, Where Million-Dollar Homes Are Flying Off the Shelves [The Wall Street Journal]

The French ‘Timeshare’ Bombshell [The Times of London]

Fred Astaire’s Old Park Avenue Pad Hits the Market for $4M [New York Post]

Germs, Be Gone! 7 Simple Renovations to Coronavirus-Proof Your Home [realtor.com]

Source Article

Continue reading