外卖大战降温后，第三方即配价值加速显现

Core Insights - The regulatory discussions have slowed down the fierce competition in the food delivery sector, but the competition is far from over, with platforms like Taobao and JD actively engaging in the market [1][3] - The long-term competitive landscape around instant retail remains unchanged, with leading platforms achieving peak daily order volumes exceeding 250 million, approaching traditional e-commerce delivery scales [1] - Despite the growth, there are significant challenges such as profit pressure on restaurants, loss of autonomy, and consumer experience issues, indicating a need for high-quality development in the industry [3][4] Market Dynamics - Restaurants have seen an increase in order volumes but face dual challenges of profit pressure and loss of autonomy, with delivery delays becoming common due to the surge in orders [3][4] - Platforms are under pressure due to their cash-burning subsidy models, with JD and Alibaba reportedly investing 80 billion yuan in subsidies over the past three months, leading to significant projected losses for their food delivery businesses [6][10] - The intense competition has overshadowed the potential of non-food categories in instant retail, which remain underdeveloped due to resource allocation heavily favoring food delivery [6][10] Relationship Between Platforms and Merchants - The relationship between platforms and merchants has shifted from a collaborative model to one strained by price wars, impacting profit margins and operational control for merchants [4][12] - Merchants are increasingly finding themselves at the mercy of platform policies regarding commission rates and delivery fees, which limits their flexibility and profitability [4][11] - Successful brands like Luckin Coffee and McDonald's have demonstrated effective strategies in managing customer loyalty and delivery logistics, highlighting the importance of private domain operations and third-party delivery partnerships [8][12] Path to Resolution - The industry must transition from a cycle of internal competition to a model of value co-creation, where merchants regain autonomy and platforms redefine their roles [7][12] - Merchants are exploring various strategies to reclaim control, including returning to dine-in services and building private customer bases, while still leveraging the large user base of platforms [7][8] - The collaboration with third-party delivery services is emerging as a viable solution, allowing platforms to focus on their strengths while providing merchants with the flexibility needed to thrive [11][12]