Sou Hu Cai Jing·2025-06-22 21:32Core Viewpoint - The 618 shopping festival this year was notably quieter, attributed to the increasing number of promotional events and more rational consumer behavior, leading to a dilution of 618's impact [1][2][6] Group 1: Changes in E-commerce Strategies - E-commerce platforms have simplified subsidy rules, reducing complexity and competition among them, resulting in a more subdued atmosphere compared to previous years [2][6] - The previous aggressive price wars have led to a "low-price trap," where platforms struggled to maintain profitability while competing on price [4][5][6] - The 618 event this year marked a shift away from price wars, with platforms focusing on differentiated competition based on their unique strengths and market understanding [6][8] Group 2: Platform-Specific Developments - Taobao: Despite a 10% growth in GMV, there are concerns about the increasing costs for small merchants and complaints about unclear service fees, indicating a struggle to balance the interests of different merchant types [11][12][13] - Douyin E-commerce: Focused on enhancing content advantages and supporting small merchants through flexible policies, Douyin has shifted towards a model that combines content and commerce effectively [17][20] - JD.com: Achieved over 100% growth in user orders, benefiting from government subsidies, but faces challenges in maintaining its competitive edge as market dynamics evolve [21][22][23] - Pinduoduo: Launched a "trillion support" plan to assist small merchants, aiming to improve supply-side efficiency, but faces profitability challenges due to ongoing subsidies [25][26][27] Group 3: Industry Trends and Consumer Behavior - The retail industry is evolving towards a consumer-centric model, where understanding and meeting user needs is paramount for competitive advantage [27][28] - The focus has shifted from merely competing on price to enhancing user experience and building sustainable competitive advantages [28]