china’s online travel market – market analysis report 2012-2013

Private and Confidential

C h i n a ’ s O n l i n e T r a v e l M a r k e t -

M a r k e t A n a l y s i s R e p o r t(2012-2013)


Foreword

Online retail has boomed significantly over the past 2 years while the online travel market

has also evolved drastically with the proliferation of new advertising channels and

technologies. According to the statistics from iResearch, the transaction scale of online

payment yielded $1,700 billion Yuan (CNY) in the online travel industry in 2012. This

marks an annual growth rate of almost 30%. With increasing fierce competition in the

market, vertical research engines operating on OTA such as Ctrip and Qunar.com have

been battling head to head in the online travel industry. The entire online travel industry

has maintained a strong momentum, where channels of sales are further diversified , with

sales moving onto social platforms and other media channels. Overall, the growth of online

retail business is expected to further be fueled by the emerging use of various media

channels.

Following the continuous improvement of the market, marketers are challenged with the

task of the industry weakening in every tier of the value chain and the tendency of user

dispersion. Marketers will soon be realized that capturing the key potential target users will

be critical to its business success and stay ahead as a competitive leader in the online

travel market.

In iClick, we value our travel clients as close business partners and provide customized

solutions that can best suit their business needs. We strive our effort to best provide a wide

variety of services to keep our clients maintained at their leading position in the industry.

For this reason, we have specifically researched, analyzed and compiled this industry’s

specific report, in hopes of providing the finest sales support services in the industry.

Last but not least, we will continue to work on various analytical reports on other industries

such as luxury goods and eCommerce sector; for those who are interested, please stay

tuned to our official website and our Weibo updates.

—— Co-founder of iClick

Ricky Ng- 1 -


Table of Contents

- 2 -

• Part 1 An overview of China’s online travel market

- An introduction to the value chain of China’s online travel market

- A history of China’s online travel market

- The current state of the online travel market

• Part 2 Competitive market segmentation in the online travel market

- Upstream —— suppliers entering the online platform

- Midstream —— fierce competition among online agencies

- Downstream —— continuous emergence of new marketing platforms

- Weakening of the value chain in the online travel market

• Part 3 Parting the red sea: venturing off from users’ needs

- Online travel industry: consumer profile

- Online travel industry: consumer psychological needs

- Online travel industry: consumer behaviour analysis

• Part 4 iClick – key strategies to increase your revenue


The value chain of China’s online travel market is mainly comprised of upstream suppliers, midstream

online agencies and downstream online marketing platforms as shown in the graph below:

Source：The National Tourism Administration of The People’s Republic of China, Increasing Trend in China’s Online Travel

Industry Whitepaper（2012-2015）

Up Stream:

Suppliers

Midstream:

Online Agencies

Downstream:

Online Marketing PlatformsUsers

Airlines

Hotels

Users

Social Media

Comprehensive

Search

EnginesOnline Travel

Agencies (OTAs)

Travel Agencies

Scenic

Spots

Car Rentals

EntertainmentFacilities

ConcertsTour

Guide

Insurance

⋯⋯

Direct Sales

Online Videos

Mobile Applications

Vertical

Search

engines

Vertical

Reviews

⋯⋯

Graph 1-1: The value chain of China’s online travel market

An overview of China’s online travel market

- 3 -

Direct Sales


From 1999 to 2012, the online travel industry has surged rapidly in China. The table below describes

some major highlights in the history of China’s online travel market.

Early stage for online travel market

• Mainly commission based through airline ticket

and hotel bookings

• Launch of online travel agencies such as Ctrip,

eLong, etc.

Maturity Stage for online travel market

• Entry of new online travel agencies such as

Mangocity.com and 17u.cn, providing consumers with

a portfolio of diverse and mature offline products

• Huge price discrepancy amongst various agencies

resulting in the development of price comparison

search engines such as Qunar.com

New competitors in the online travel market

• Major eCommerce platforms such as QQ, Taobao and

JD.com enter the online travel market, providing more

comparable sites through commission based scheme

• Airlines and hotels increased their efforts in direct sales

as they create their own official websites or reach

consumers directly through vertical search engines

Phase 1: from late 1990’s to early 2000’s Phase 2: 2004 - 2006

Phase 3: 2006 - 2010 Phase 4: 2010 - 2012

A history of China’s online travel market

- 4 -

Segmentation of online travel market and

rise in social media

• Rising demand for vacation packages including

lvmama.com or tuniu.com with features such as

tourist attractions and route maps, providing more in-

depth online booking services

• Maturation of users whose demand extend from

booking to sharing such as social networking sites,

including tip sharing site mafengwo.cn, travel review

site daodao.com, etc.


The total revenue of China’s tourism industry in 2012 is estimated to be valued at $2.4 trillion Yuan.

Within that portion, China’ s online booking transactions are estimated to be valued at $1,729.7 billion

Yuan, thereby giving the online tourism a penetration rate* of 7%. It is evident that there is still much

room for growth. Hence it is estimated that the online travel market will keep growing at a rapid rate of

20% to 30%** over the next few years.

* Online travel penetration rate = Scale of online transaction/Gross Income of Online Travel Industry

** The National Tourism Administration of The People’s Republic of China, Increasing Trend in China’s Online Travel

Industry Whitepaper（2012-2015）

60000

50000

40000

30000

20000

10000

0

2008 2009 2010 2011 2012e 2013e 2014e 2015e

Scale of Domestic Travel (in one trillion Yuan)

Graph 1-2 Penetration rate of china’s online travel vs domestic travel market

4.2% 4.8% 5.1% 6.1%7.2%

8.5% 9.6%11.6%

35.0%

58.0%

38.5%

29.1%

34.4%

22.4%

29.7%

Growth Rate (%)

Online travel penetration rate

Continuous Expansion in China’s online travel

market

- 5 -


• Online agencies (OTAs) and suppliers provide more product features such as car

rentals, ticket sales, tourist attractions

• Increasing popularity in direct sales of travel products via third-party platformsTour

operators

• Provision of 24/7 online service

• Transparent pricing; vertical search engines allow further price comparison

• Location service from mobile networks facilitates the booking of nearby services or

accommodations

• Rise of segmentation for services such as supply of travel guides, vacation package

group buy, etc.

Online

Players

• According to a report published by the China Tourism Academy in June 2012, the

number of users booking travel arrangements have reached 42,070,000, with a

recorded annual growth of 16.5%*

Consumer

Habits

* China Tourism Academy Wuhan Branch, 2012 Chinese Tourism Development Report

3 Key Factors Boosting Continuous Growth

- 6 -

Private and Confidential- 7 -

Table of Contents















Private and Confidential- 8 -

Competitive marketing segmentation in the

online travel market

• From industry’s perspective, target users are

highly fragmented. As indicated, the

consumer has nearly visited 8 different

categories from the beginning of the journey

to sharing the trip experience.

• According to BCG’s report on the travel

industry, none of the existing travel websites

are able to provide an all-rounded service

while the consumer has to spend a lot of

time visiting different sites for their travel

itinerary. Hence, the ad conversion rate

tends to be low.

• Although travel sites from different tiers

strive to enhance their service portfolio, but it

is rather difficult to satisfy every single type

of service demanded by the consumer. Not a

single website was able to create a

comprehensive, closed ecosystem of the

services provided.

- 8 -Graph 2-1 China Online Travel Market Categories


Upstream — Suppliers：

• Include airlines, hotels, attractions, car rentals and other travel service providers

Revenue Model：

• Suppliers generate profits from tourist resources and ancillary services

Market situation and competition：

• Airlines and hotels from upstream tend to use direct sales to enter into the competition

as they offer services directly to consumers while eliminating costs given to the

resellers through commission based

• Although airlines and hotels provide single service only, but they have large capabilities

in providing large discounts to the consumers in the competitive market

• OTAs from the midstream have already accounted for a large market share in the

industry but it is relatively difficult to steal users away while their consumer habits are

gradually formed over the decade

Upstream — suppliers entering the online platform

- 9 -


Midstream — Online Resellers：

• Include online agencies, integrated eCommerce platforms etc.

Revenue Model：

• Connect suppliers with users to generate profits based on a commission based

model through online transactions

Market Situation and Competition：

• Diversification of online platforms; new entries of online agencies and eCommerce

players keep emerging as to capture more from the user market

• Suppliers from the upstream market increased their sales effort

• Downstream vertical search engines have captured a lot of visitor traffic, bring visitors

towards suppliers and smaller online agencies

Midstream — fierce competition among online

agencies

- 10 -


Downstream — Marketing Platforms：

• Include websites offering price comparison search, guides, reviews, etc.

Revenue Model：

• They are not involved in the transaction process of online travel booking but they

mainly use vertical search engines or social network to attract visitors. They rely

heavily in providing retail services to upstream and midstream companies for

profits.

Market Situation & Competition：

• The success of the model is mainly determined by visitor traffic. New models keep

appearing, e.g. Home Exchange* etc.

• Travel social networks for mobile users are growing rapidly in order to capture the

market e.g. BreadTrip** etc.

• Major midstream online agencies are gradually improving their customized

services in capturing users and traffic

* Refers to the swapping of home between two friends, allowing them to enjoy a more personalized vacation

** BreadTrip – a new mobile application to record travel footprints with offline support and share travel experience with family

and friends

Downstream — Continuous emergence of new

marketing platforms

- 11 -


The continuous improvement and updates made to the value chain result in the continuous

weakening of the tiers within the industry.

Graph 2-2 - The Value Chain of China’s online travel industry

Weakening of the value chain

- 12 -


Table of Contents

- 13 -
















Parting the red sea: venturing off from users’

needs

Despite the intense competition in the online travel market as previously described, the entire market

will continue its growth at a phenomenal rate. According to a report from the China Tourism Academy,

the country’s online travel transactions in 2014 will reach $4,580 billion Yuan, which will double the

figure* from this year.

The key to break out from this intensely competitive market is to win visitors. Currently, the

marketing platform is at a competitive advantage because they have secured the top spot in visitor

traffic, but suppliers using direct marketing as well as OTAs are able to increase the volume of sales

by attracting more users.

Volume of Sales = Number of users x Customer Conversion Rate. To gain shares in the market, both

volume of sales and customer conversion rates need to be tackled. On one hand, the online travel

company can actively try to find their online travel target users to boost visitor traffic. On the other

hand, they can use specially targeted advertisement and promotions to raise their customer

conversion rate.

* China Tourism Academy Wuhan Branch, 2012 Chinese Tourism Development Report - 14 -


The Opportunity: Find the target users & personalized products

To raise the sales for online travel agencies, it is important to find the target users and cater

to different consumer groups by providing them with personalized information about travel

products.

1. Who are they?

2. What do they want?

3. How do we find them?

- 15 -

Parting the red sea: venturing off from users’

needs


1) Female and male ratio of online travel consumers**

Internet users who are interested in the travel industry in

2012, 38% are female, 62% are male.

2) Age group (ratio) of the online travel consumers**

As Generation Y became a major force of consumption, the

travel industry saw the 20 - 40 age group making up the

largest proportion of consumers online. They account for

68% of the searches. The market for Internet users aged 40

years old and above is also rising.

3) The location of the online travel consumers:

distribution across cities

Internet users from Beijing and Shanghai are most

interested in obtaining information about travel. They are

then followed by Internet users from Shenzhen, Guangzhou

and Tianjin, etc. These five cities make up more than 35% of

the total.* Source: iClick Database

iClick’s unique audience data has collected a total of 1.7 billion user’s access data and 26 million active users’ data. The data is derived from the

character traits of active users including their interests, hobbies and spending habits over the past 30 days in order to come up with 22 distinctive

groups of audience segments such as “Paradise Seekers”, “Online Shopper, etc. It is then further divided these segments into 4 to 6 categories. This

report is mainly based on the category of “Paradise Seekers”, which include users in terms of their usage on computers, tablets and Smartphones;

Areas restricted to Internet users within China; period between Jan to Dec 2012.

** iClick is based on the browsing sites of Internet users and compared with the data from iResearch and Comscore to generate user’s

gender and age .- 16 -

Online travel industry: consumer profile

38%

62%


Time of Browsing

AM PM

Least Active Most Active

4) Time of browsing

Users are most active browsing online from 10am to

12 noon and 8pm to 10pm in the evening.

5) Browser version

When it comes to browsers, it appears

that 34% of consumers in the online

travel industry would like to try new

things. They are particularly keen on

using the latest version of browsers*.

* latest version means that said browser version has been released for use over the past six months - 17 -



Devices used for Browsing

6) Devices used for browsing and booking

73% of the typical online travel consumer uses a desktop to gain access to the internet. Those who

make use of a smartphone or a laptop/tablet amounted to 19% and 8% respectively. However, as the

penetration rate of smartphone usage continues to increase, more and more users obtain

information about hotels, attractions, maps, directions and instructions, etc., via the use of their

smartphones on the go. It is expected that smartphone usage will increase exponentially. However,

as users are not yet comfortable with entering information for payment while they are on the go, they

are still refused to call the supplier directly by phone as to make a reservation or a purchase. Users

who make use of a mobile phone or Smartphone for their reservations amounted to nearly 2.3%.

- 18 -

Devices used for Booking

Smartphone PC tablet Desktop Smartphone PC tablet Desktop

2.3% 5.7% 92%



3%

5%

9%

10%

18%

55%

Travel channels or pages

on large-scaled sites

Reviews &

Ratings websites

OTAs

Website*Vertical Search Engines

Comprehensive

Search Engines

7) Top 5 Channels of obtaining information

Currently, it appears that a majority of the online travel consumers obtain information on trips and

voyages via various channels. Comprehensive search engines and vertical search engines are found

to be mostly used by these users.

* include official websites of tourism board, hotels, airlines and major attractions - 19 -

Channels of

obtaining

information



Conversion Time

<7 Days

7 — 14 Days

15 — 30 Days

>30 Days

Conversion Path

<10

10 — 20

20 — 30

>30

Touch Points

8) Conversion time

From the first viewing of an ad to the point of final conversion, it takes about 7 to 14 days for such change to

happen accounting for almost 50% of the online travel consumers. This indicates that ads must be

implemented and published at various stages (of site visits) in order for the consumer to be converted and

attracted by the advertisement.

9) Conversion path

The term "touch point" refers to the number of times a consumer comes into touch with an advertisement.

Almost 50% of all online travel consumers require between 10 to 20 touch points before they finally convert.

This process includes the use (and visit of) comprehensive search engines, vertical search engines, official

websites of tourism boards, hotels and airlines, as well as reviews, ratings and how-to type of strategic sites,

forums, travel channels in large-scale sites, OTAs and large-scale online retail platforms, etc.

8%

45%

32%

15% 18%

44%

28%

10%

- 20 -



Most popular travel destinations for consumers

Destinations within China

Sanya

Xiamen

Lijiang

Jiuzhaigou

Guilin

Beijing

Chengdu

Qingdao

Xi’an

Hangzhou

Destinations outside of China

Hong Kong SAR and Macao SAR

Thailand

Korea

Japan

Maldives

Indonesia

Singapore

Taiwan

Cambodia

Malaysia

1

2

3

4

5

6

7

8

9

10

10) Places of Interest

Online travel consumers are most interested in the following travel destinations within China:

Sanya, Xiamen, Lijiang, Jiuzhaigou, Guilin, Beijing, Chengdu, Qingdao, Xi’an and Hangzhou.

Online travel consumers are most interested in the following travel destinations outside of China:

Hong Kong, Macau, Thailand, Korea, Japan, Maldives, Indonesia, Singapore, Taiwan, Cambodia and

Malaysia.

- 21 -

Online travel industry: consumer psychological

needs


Interest

9.63XTravel

5.53XJewelry &

luxury goods

2.21XComputers &

Electronics

2.11XBeauty &

Cosmetics

1.51XReal Estate

11) Points of interest

As consumers in this industry generally have more disposable income than the average online users,

they are more inclined to browse about “jewelry and luxury goods” as well as “computers and

electronics”, other than obtaining information related to travel. Relevant data shows that these

consumers display 9.63 times and 5.53 times more interested in information falling under these two

respective categories than the average online users.

- 22 -

Online travel industry: consumer psychological

needs


The backpacker Self Traveller Honeymooner Photographer Shopper

Age

Group

TOP

20-29 30-39 20-29 max. followed

by 30-39

30-39 followed by

20-29

30-39

Origin

TOP

Beijing, Guangzhou,

Shanghai,

Chengdu, Wuhan,

Fuzhou, Hangzhou

Beijing, Shanghai,

Chengdu, Tianjin,

Guangzhou, Xi’an,

Suzhou, Shenzhen

Beijing, Shanghai,

Tianjin, Hangzhou,

Suzhou, Nanjing,

Shenzhen

Beijing, Shanghai,

Chengdu, Tianjin,

Hangzhou, Suzhou

Beijing, Guangzhou,

Shenzhen, Shanghai,

Chengdu, Tianjin

Gender

ratio

(M)52.8% /

(F)47.2%

(M)71.1% / (F)29.9% (M)64.4% / (F)35.6% (M)70.5% / (F) 29.6% (M)38.9% / (F)61.1%

Interests eCommerce &

online retail, sports,

leisure and

entertainment

Automobile, jewelry &

luxury goods, banking

and finance

Jewelry and luxury

goods, cosmetics

and beauty products

Computers and

electronics

eCommerce and

online retail

Device(s)

used for

Internet

PC PC and Mobile PC PC PC and Mobile

- 23 -

Online travel industry: behaviour analysis


The backpacker Self Traveller Honeymooner Photographer Shopper

Conversion

Path

7-14 Days 7-14 Days followed by

15-30 Days

>30 Days 15-30 Days 7-14 Days followed by

less than 7 Days

Touch

Points

>30 10-20 followed by

20-30

>30 10-20 <10

Specific

characteris-

tics

• “Graduation trips”,

primarily students

in universities and

born in 1990s (not

much ratio

difference between

male and female)

• Usually a large

majority of people

joining graduation

trips and mostly

local travel; Less

majority choose to

travel within China

and Taiwan

• Self travellers are

predominantly

made up of late

70s and early

80s, more males

in this group “

• Mostly car owners

and family

oriented with

money surplus

available for

frequent travel for

relaxation

• Honeymooners are

mostly in their 80s,

originated from

countries with high

living standards (more

males in this group)

• Look for romantic,

relaxing holidays

especially on the

coast; Main

destination within

China is Hainan and

outside of China

would be Maldives,

Tahiti, Europe, etc.

• Photography

lovers, mostly

males and born in

the 70s and 80s,

great interest in

electronics

• Primarily prefer to

choose

destinations

known for their

exotic landscape

and seasonal

travellers

• Primarily female,

born in late 70s and

are usually from

well developed

cities within China

• Most of them have

successful career

and love to shop for

luxury goods to

reward themselves

or to buy it for

friends and family.

They are also avid

online shoppers.

- 24 -

Online travel industry: behaviour analysis


Table of Contents

- 25 -
















iClick – key strategies to increase your

revenue

From Media Buy to Audience Buy

The fragmentation of the industry's user profile means that we can no longer rely on the typical

behavioral patterns when it comes to media buying. We need to move towards automating the

traditional methods of media buy. With a better understanding of the typical traveler’s behavioral pattern,

needs and demands, our robust technology in audience buy can assist online travel advertisers in

locating their target consumers, investing in advertisements and marketing in a targeted manner.

Media Buy Audience Buy

Difference in

Focus Mainly focus on media content Mainly focus on personal traits of the consumer

Difference in

approach Ad placement and position Audience segment and needs

Difference in

TechnologyTargeting by URL and web context Targeting by users cookies

Features Distributed in a “net-casting” manner

Create personalized ad display for online users

who exhibit similar behavior patterns that are

most relevant

* The “Database of Audience Classification” will build a personalized profile catered for each and every target user. The

data can be categorized into the following types: demographics, geographic locations, lifestyle, types of social media

used, points of interest, etc. Every category will be further divided into sub-categories in forming a complete and

comprehensive description for each individual. - 26 -


Volume of Sales = Number of users x Conversion Rate of Purchase

It is essential to consider customers’ needs as top priority if we are to seize the market. So how can we

effectively make "audience buy" a reality?

1) Audience buy via audience segment targeting

iClick connects quality media partners and covers over millions of Internet users. The users are

categorized into 22 categories in accordance to their behavior traits. Within each category, we further

classified these individuals into 4 to 6 different levels. With the specific performance data available from

each category, iClick is designed to provide any online travel clients in performing audience buy by

optimizing their advertising campaigns across online channels for the best configurations and thus to

maximize ROI in a sustainable manner.

• For example, products such as an "Island Honeymoon" are specifically recommended to female

online users aged between 20-29 who are interested in wedding gowns and rings. In accordance to

their income level and regular browsing habit, we can simply divide the ads into “great value” or

“premium relaxation”

• Particular segment who have once searched for flight tickets and hotel reservation about South East

Asia, we can further sub-divide the segment to “flight deals” or reservation for “luxury hotels”

Solution to increase the conversion rate of

purchase

- 27 -


2) Cross-channel solution for audience fragmentation

In response to the continuous growth of the online market and the increasing complexity in the

conversion process of an online travel consumer, the fragmentation of this particular target audience

means that a single channel of advertising is no longer able to satisfy the needs of the marketer. Hence,

the primary use of cross channel nowadays is essential for marketers to gradually catch on in delivering

their target markets with relevant messages.

- 28-

Channel Assist Effect across

various media:

Accurate analysis of various

media across different channels

for channel optimization resulting

in the "channel assist effect"

Solution to increase the conversion rate of

purchase


Identify potential customer using machine learning

The traits and behavioral patterns of an online travel consumer are extremely complex. With more and

more online travel products entering the competition, more potential users would be able to identified. It

is therefore vital for marketer to invest in machine learning to identify potential customers akin to their

existing customers in terms of their needs and behavior.

Specific traits of this

population group:

Male, 30-39, High Income,Beijing

Browsing habits and

preference(s):

Gadget for internet access:

Browser

Resolution

Time spent online

Sites browsed and keywords

searched

Number of clicks on a site

⋯⋯

(Over 600 traits)

Let’s set OTA client as an example. The client desires to promote its

business class fare deals to customers, XMO will first collect all the

relevant data of the related customer segment including their personal

traits, browsing habits and interests in order to integrate such data into

the database.

XMO will then employ the learning sample and use

that as a "prototype" to classify other Internet users

based on the level of similarities of personal traits,

habits and preferences in order to determine whether

the potential users are matched for the advertising

campaign.

Business

class airfare

Consumer

sample

- 29 -

Solution to grow the number of target

audience


• iClick has pioneered Asia's first Cross-Marketplace Optimization (XMO) Platform,

introducing algorithmic optimization and programmatic media buy with exclusive focus on

performance marketing inventories.

• Integrate search marketing, display ad and mobile marketing to enable the channel

optimization for online advertising.

• Primarily focus on managing and connecting internet marketing strategies across various

channels that provide marketers with maximum efficiency and return on investment.

• Over 100 advertisers from Fortune 100 companies and various reputable multinationals;

Specialized in serving sectors with high concern on advertising performance such as

banking/finance, travel, CPG and eCommerce.

• Offices in Hong Kong, Beijing, Shanghai, Shenzhen, Singapore, Taiwan and Korea with

over 200 staffs.

About iClick

- 30 -


iClick – XMO Platform

iClick's proprietary XMO platform, the only online buy-side platform available for media buyers that provide

marketers with maximum efficiency and return on investment by involving optimization algorithms and taking into

account of numerous performance data as to predict online campaign performance in various online channels.

Also, XMO offers powerful and actionable insights through its robust, intuitive reporting and analytics system,

making sustainable performance possible for every marketer.

XMO can access to a variety of digital

channels, biddable inventories and RTB

exchanges to reach the maximum audience

in your target market as shown below:

• Over 95% in Hong Kong

• Over 90% in China

• Over 80% in South East Asia

• XMO performs distinct audience

segments with the classification of

users’ interests and lifestyles to best

meet the different needs from the

advertiser

• Using machine learning to identify

online users who exhibit similar

behavioral patterns to your converting

users

• Sophisticated data-based empirical

analysis yields accurate insights that

enable marketers to learn how customer

behavior is affected at the key points along

the converting funnel

• Specialized in visualizing performance

through a combination of canned and

custom reports

• Leading RTB technology that is built

on our self-invented cloud-based

infrastructure and featuring the

highest queries per second (QPS)

• Advanced attribution model with

multiple attribution settings available

right from the platform

Media Aggregator Audience Builder

XMO Analytics Programmatic Buy - 31 -


Website：i-click.com.hk

Weibo：weibo.com/iclickasia

Email：[email protected]

Thank you

The intent of this document is to provide supplemental information solely based on the opinions of the Company. The Company

has made no effort to verify the accuracy and suitability of any information contained in this document. Accordingly, the

Company will have no liability or responsibility whatsoever for any content presented in this document.

mailto:[email protected]

china’s online travel market – market analysis report 2012-2013

Marketing

entire online travel

travel clients

online marketing platforms

midstream online agencies

i n e t r

channels of sales

business needs

y s i s r e p o r t2012