Xin Lang Ke Ji·2025-07-15 01:21Core Viewpoint - The ongoing food delivery war, characterized by massive subsidies, is primarily harming small and medium-sized businesses, as they bear the brunt of the costs while platforms benefit from increased customer engagement [2][6]. Group 1: Industry Dynamics - The food delivery market has seen aggressive subsidy campaigns initiated by major players like JD, Alibaba, and Meituan, with significant financial commitments, including a 500 billion yuan subsidy plan from Taobao [3][4]. - As of July 2023, daily order volumes have surged, with JD surpassing 25 million, Meituan exceeding 15 million, and Taobao and Ele.me reaching over 8 million [4][6]. - Analysts predict that the three major platforms will incur substantial losses in the coming years, with Ele.me projected to lose 41 billion yuan, JD 26 billion yuan, and Meituan's EBIT decreasing by 25 billion yuan [4]. Group 2: Merchant Concerns - Merchants are voicing their frustrations, highlighting that they are forced to participate in subsidy programs that lead to unsustainable business practices, with one example showing a merchant absorbing 27.9 yuan of a 42.9 yuan order [6][7]. - The call for regulatory measures to prevent platforms from coercing merchants into participating in subsidy wars is growing, emphasizing the need for a healthier market environment [7][8]. Group 3: Company Strategies - JD has taken a more cautious approach, emphasizing sustainable growth rather than aggressive spending, and focusing on quality offerings rather than merely increasing order volume [12]. - The absence of JD in the latest round of subsidy wars has raised questions about its strategy, with some speculating that it may be unable to compete with the established networks of Meituan and Ele.me [10][12]. - JD continues to offer subsidies but is shifting its focus towards high-quality food categories to enhance user engagement and drive growth [12][13].