Sou Hu Cai Jing·2025-07-16 00:13Core Viewpoint - The recent "negative 4 yuan purchase" phenomenon highlights the intense competition among food delivery platforms, driven by aggressive subsidies and promotional strategies aimed at capturing market share in the instant retail sector [1][5][15]. Group 1: Market Dynamics - The competition among platforms like Meituan, Ele.me, and Taobao Flash has escalated, with subsidy amounts reaching unprecedented levels, such as "full 15 off 15" and "0 yuan milk tea coupons" [3][5]. - Daily order volumes have surged, with Meituan exceeding 150 million orders and Taobao Flash surpassing 80 million orders, leading to a 111% increase in average earnings for delivery riders [3][5]. - Platforms are investing heavily, with Alibaba committing 50 billion yuan and Meituan leveraging its WeChat ecosystem to attract users, as the instant retail market is projected to reach 2 trillion yuan by 2030 [5][6]. Group 2: Stakeholder Challenges - Delivery riders face a "sweet trap" with reported daily earnings exceeding 500 yuan, but this comes with increased workload and safety risks, including frequent traffic violations [8][10]. - Merchants experience a "false prosperity," as they are required to absorb 70% of the subsidy costs, leading to significant profit erosion and reliance on lower-quality ingredients to maintain margins [10][11]. - Consumers enjoy low prices but may face hidden costs, such as health risks from unhealthy food options and a decline in service quality due to increased order volumes [13][15]. Group 3: Future Implications - The subsidy war may lead to higher commission rates for merchants, reduced discounts for consumers, and a decline in service quality as platforms seek to recover costs [16][18]. - Regulatory scrutiny is increasing, with antitrust authorities urging platforms to protect the rights of merchants and riders, indicating potential policy interventions in the future [16][18]. - To break the cycle of unhealthy competition, platforms need to adopt tiered subsidy mechanisms, enhance service efficiency, and promote rational consumer behavior [18][23].