3 6 Ke·2025-07-15 12:28Core Insights - The entry of JD.com into the food delivery market has intensified competition, transforming it from a "Yellow-Blue" battle (Meituan and Ele.me) to a "Yellow-Blue-Red" three-way fight [2] - In July, following JD.com's 100 billion yuan subsidy, Ele.me announced a 500 billion yuan subsidy, leading to a significant increase in daily orders from 100 million to approximately 250 million [2] - The "Huaihai Campaign" initiated by Alibaba aims to boost sales through aggressive subsidies, resulting in a surge in order volumes across platforms [2] Group 1: Market Dynamics - The total daily order volume in the food delivery market increased by 30 million orders in the first week of July, with Meituan accounting for 15 million, Ele.me for 8 million, and JD.com for over 1 million [2] - New beverage and coffee brands experienced substantial order growth, with some brands seeing over 160% increase in orders [2] - The competition has raised questions about who ultimately bears the cost of these subsidies, as platforms engage in heavy discounting to attract consumers [2] Group 2: Cost Analysis - On Meituan, consumers paid an average of 31.76 yuan, while merchants received only 23.76 yuan after various deductions, resulting in a merchant revenue share of 74.81% [3] - On Ele.me, consumers paid 26.74 yuan, but merchants' actual income was reduced to 17.94 yuan, leading to a revenue share of less than 70% [5] - JD.com offered the lowest consumer prices at 16.96 yuan, with merchants receiving 18.26 yuan, indicating a loss of at least 1.3 yuan per order for JD.com [5] Group 3: Subsidy Impact - The "Huaihai Campaign" led to all three platforms entering a loss-making state, with Meituan and Ele.me increasing their subsidy levels significantly [7] - By July 12, the average losses per order were estimated at 1.86 yuan for Meituan, 2.75 yuan for JD.com, and 3.2 yuan for Ele.me [10] - The distribution of subsidy costs showed that Ele.me bore the highest burden at 58%, followed by JD.com at 40%, and Meituan at 25% [9] Group 4: Strategic Implications - The competition has highlighted different strategies: Alibaba (Ele.me) focuses on high subsidies, Meituan emphasizes cost control, and JD.com prioritizes consumer benefits [11] - The ongoing battle raises concerns about the sustainability of these business models and the long-term viability of the platforms involved [11] - The outcome of this competition will depend on each platform's ability to build a sustainable ecosystem while managing costs and consumer experience [11]