3 6 Ke·2025-05-22 02:39Core Insights - The explosive growth of instant retail is not solely dependent on creating absolute increments but rather on reallocating the existing market share of traditional commerce [1][17] - The entry of major e-commerce platforms into the flash purchase business has made it an attractive new theme for capital markets [2][3] Company Performance - Recent quarterly reports from Alibaba and JD.com indicate that instant retail has significantly boosted platform performance, becoming a focal point for analysts [3] - JD.com achieved a milestone of 20 million daily orders, with its new business segment, including food delivery, generating revenue of 5.753 billion yuan in Q1 2025, a year-on-year increase of 18.1%, surpassing the overall revenue growth of the group [4] - Alibaba's "Taobao Flash Purchase" and Ele.me's "Over 10 Billion Subsidy" campaign achieved over 10 million orders within six days of launch, with Ele.me's daily active users nearly doubling [4] Market Dynamics - The instant retail market in China is estimated to have a current scale of 500-600 million consumers, with potential growth to 1 billion, indicating significant room for expansion [9] - The competition in instant retail is characterized by two types of players: the aggressive newcomers like Meituan and the established e-commerce giants like JD.com and Alibaba [17] Strategic Initiatives - Meituan's strategy focuses on building a logistics network with plans to establish 100,000 flash warehouses within two years, while JD.com and Alibaba are leveraging existing stores for their instant retail initiatives [11][13] - Alibaba's investment of 10 billion yuan in instant retail is primarily aimed at acquiring new users, with a long-term goal of upgrading its business model [16][22] Consumer Behavior - The rapid adoption of instant retail is reshaping consumer habits, with platforms seeing increased app engagement and order frequency [6][10] - The integration of instant retail with existing food delivery services is expected to enhance user experience and operational efficiency [17][18] Competitive Landscape - The competition is intensifying as JD.com and Alibaba face pressure from Meituan's aggressive expansion into instant retail, which threatens their market share [20][21] - The challenge for Alibaba lies in balancing its extensive product offerings with the need to invest in new supply chains for instant retail without cannibalizing its existing e-commerce business [22]