Di Yi Cai Jing·2025-10-08 02:18Core Viewpoint - The ongoing price conflict between e-commerce platforms and liquor companies is intensifying, with promotional prices for major liquor brands falling below wholesale prices, putting pressure on offline channels [2][3]. Group 1: Price Dynamics - Major liquor brands are offering significant discounts, with prices for products like Feitian Moutai dropping from a market retail price of approximately 1900 RMB to 1700 RMB, while the wholesale price is around 1780 RMB [2]. - Wuliangye's core product, Pu Wuliang, is being sold at a promotional price of 769 RMB, compared to a wholesale price of 840 RMB [2]. - Other well-known brands, including Shanxi Fenjiu and Jian Nan Chun, are also selling below wholesale prices [2]. Group 2: Impact on Offline Channels - Due to price fluctuations, offline retailers are cautious about stocking inventory, affecting the sales rhythm of distributors [2]. - Traditionally, liquor prices would rise before major holidays, but this year there has been no increase, with expectations of further price declines post-holiday [2]. Group 3: E-commerce Influence - E-commerce platforms are increasingly offering lower prices, leading to a shift in consumer behavior towards online price comparisons, which pressures offline sales [3]. - The normalization of low-price promotions on e-commerce platforms is raising concerns among distributors about future profitability [3]. - The liquor industry is undergoing a deep adjustment phase, with companies struggling to control e-commerce pricing [3]. Group 4: Internet Penetration and Future Trends - The internet penetration rate for liquor sales has increased from under 10% to around 20% due to recent e-commerce promotions, with expectations to reach 50% in the next five years [3]. - The shift towards online sales necessitates changes in the sales model, as e-commerce now offers traceability and lower prices, potentially leading to the exit of many traditional offline liquor retailers [4].