Di Yi Cai Jing·2025-11-21 10:20Core Insights - The competition in the food delivery market has intensified since July, leading to a 7% average increase in total daily orders for merchants, while their actual revenue has decreased by approximately 4% [1][2] - A study conducted by Fudan University highlights the impact of the subsidy war on restaurant merchants, indicating that while large subsidies stimulate consumer demand, they do not translate into increased revenue for merchants, resulting in a "gain in traffic, loss in profit" scenario [1][2] Summary by Sections Impact of Subsidy Wars - Since the onset of the subsidy wars in April, the average total profit for merchants has decreased by 1.7% during the competition period, with a more significant decline of 8.9% during the intensified competition phase [2] - Merchants that participate more heavily in subsidies see an increase in orders but also experience a greater decline in profits [3] Merchant Dynamics - Non-participating merchants are also affected by a "siphoning effect," where consumers shift to subsidized merchants, forcing them to reconsider their strategies [3] - Merchants focusing on dine-in services show greater resilience compared to those primarily reliant on delivery, with dine-in revenue declines being significantly smaller [3] Market Regulation - The National Market Regulation Administration has urged major platforms like Ele.me, Meituan, and JD to regulate promotional behaviors and foster a healthier ecosystem for consumers, merchants, and delivery personnel [4] - The study recommends establishing a regulatory framework for platform subsidies to protect small merchants and ensure fair pricing practices [4]