Sou Hu Cai Jing·2025-10-27 01:24Core Viewpoint - The article discusses JD.com's aggressive pricing control measures during the 2025 Double Eleven shopping festival, reflecting its struggle to maintain market competitiveness and the implications of its reliance on subsidies and punitive strategies against merchants [2][19][24]. Group 1: Pricing Control Measures - JD.com issued strict directives to merchants, prohibiting them from offering lower prices on other platforms like Douyin and Tmall, and established inspection teams to enforce compliance [2][19]. - Violations of these directives could result in severe penalties, including fines up to 5 million yuan and freezing of payments [2][19]. - This approach is seen as a form of "coerced exclusivity," reminiscent of JD.com's past experiences with similar tactics [3][19]. Group 2: Strategic Challenges - JD.com has faced significant challenges in recent years, with its revenue growth lagging behind the overall e-commerce market, achieving only 3.7% growth in 2023 [7][12]. - The company's marketing expenses have surged, with a 28.4% year-on-year increase in Q4 2024, indicating a reliance on subsidies to attract customers [10][12]. - Despite a temporary boost from national subsidies, the underlying issues of consumer trust and merchant profitability remain unresolved [13][24]. Group 3: Structural Anxiety - JD.com's business model heavily relies on self-operated sales and 3C home appliances, leading to a structural dilemma where high revenue does not translate into high profit margins [14][24]. - The company's inability to adapt to the rise of live-streaming e-commerce reflects a broader struggle to innovate and compete effectively in the changing market landscape [17][19]. - The punitive measures against merchants are viewed as a short-sighted strategy that may ultimately harm JD.com's long-term viability and consumer trust [24][25]. Group 4: Future Implications - The article suggests that JD.com should focus on embracing market trends and developing its own live-streaming ecosystem rather than resorting to punitive measures [22][24]. - The reliance on subsidies and price control is seen as a temporary fix that could lead to a decline in genuine consumer engagement and market growth [13][24]. - A shift towards a consumer-centric approach that empowers merchants and fosters innovation is essential for sustainable growth in the e-commerce sector [24][25].