破内卷 外卖赛道格局重塑

Core Insights - The National Market Supervision Administration has drafted the "Basic Requirements for Delivery Platform Service Management" to regulate the increasingly competitive food delivery industry [1] - The intense competition has led to a consensus that excessive price wars are unsustainable and detrimental to service quality and profitability [1][4] Industry Dynamics - The summer of this year saw a fierce competition among e-commerce giants, characterized by various subsidy activities, which temporarily boosted consumer spending [1][2] - Small and medium-sized businesses are not the main beneficiaries of the delivery war; larger chain brands receive more support from platforms due to their scale advantages [2] - The delivery war has resulted in significant revenue growth for leading companies in the new tea beverage sector, with some reporting profit doubling in the first half of 2025 [2] Consumer Perspective - While consumers enjoyed short-term benefits from price wars, the long-term implications may lead to reduced consumption frequency as subsidies decrease [3] - Consumers have reported feeling misled by promotional offers that do not reflect actual prices, indicating a potential disconnect between perceived and real value [3] Platform Competition - Major delivery platforms are experiencing rising revenues but declining profits due to ongoing subsidy investments, indicating a lack of true winners in the competition [4] - The reliance on subsidies has distorted consumer behavior, making price the primary factor in platform choice, which could lead to high user churn when subsidies are reduced [4][7] Regulatory Environment - The tightening of regulatory policies is shifting the competitive focus from price to service quality and operational efficiency [6] - New regulations aim to curb excessive price wars and ensure that promotional costs are borne by platforms rather than merchants or delivery personnel [6] Future Trends - Industry consensus suggests that the subsidy-driven model is not sustainable, prompting platforms to explore value-based competition [7] - Platforms are beginning to implement strategies that focus on social responsibility and service optimization, such as providing benefits for delivery personnel and enhancing user experience through personalized services [7][8]