聊聊外卖的护城河

Core Viewpoint - The competitive moat of Meituan's food delivery service is considered very wide, especially when compared to WeChat's moat, which is perceived to be even wider [1][12]. Group 1: Competitive Landscape - The food delivery business operates on a three-sided network effect, connecting users, merchants, and delivery personnel, where the increase in any one party enhances the value for the others [5][6]. - The food delivery market is characterized by a "winner-takes-all" dynamic, where companies with higher market shares can achieve better monetization rates, lower subsidy rates, and reduced fulfillment costs [8]. - The second-place player in the food delivery market faces significant challenges, making it difficult for new entrants like JD to compete effectively [10][11]. Group 2: Market Dynamics - Users primarily order food from within a 3km radius, where price, delivery service, and variety are crucial factors influencing their choices [9]. - The competitive environment in e-commerce is likened to the liquor industry, where despite intense competition, market share remains fragmented, and leading players are still profitable [7]. Group 3: Strategic Considerations - Even the widest moats must consider pricing strategies, as excessively high prices can create vulnerabilities [14]. - Long-term profitability should be evaluated, taking into account not just pricing but also the importance of corporate culture in sustaining service quality for users and merchants [16]. - Warren Buffett emphasized the need for companies to continuously strengthen and widen their moats, suggesting that a company's ability to do so is a key indicator of its greatness [17].