2 1 Shi Ji Jing Ji Bao Dao·2025-12-30 10:24Core Insights - The essence of the e-commerce business is "traffic," and the competitive landscape is evolving with significant investments in subsidies and strategic maneuvers by major players like JD.com, Alibaba, and Meituan [1][6] Group 1: Market Dynamics - In 2025, the competition in the e-commerce sector intensified with JD.com launching a major offensive in the food delivery market, disrupting the status quo [1] - The financial data indicates that the increased subsidies for food delivery services have led to significant losses for platforms, with Meituan, Alibaba, and JD.com collectively spending an additional 614 billion yuan on sales and marketing in Q3 2025 [1] - The competition is no longer a zero-sum game; it has transformed into a "full-scale war" involving traditional giants and emerging platforms like Douyin and Xiaohongshu, all seeking differentiated advantages [2] Group 2: Strategic Moves - JD.com and Alibaba's actions are seen as strategic defenses against Meituan's encroachment into the e-commerce space, with both companies aiming to prevent Meituan from gaining a foothold in physical goods transactions [1][3] - Alibaba's recent restructuring, which includes integrating Ele.me into its broader e-commerce strategy, highlights its intent to leverage Ele.me's local supply and delivery capabilities to expand into various consumer goods [3][5] - The rapid expansion of Alibaba's instant retail business, which reported a 60% year-on-year revenue increase to 229.06 billion yuan, underscores the importance of this segment for the company's future growth [5] Group 3: Industry Trends - The industry is witnessing a shift from a focus on scale to efficiency and resilience in supply chains, driven by changing consumer habits and technological advancements [2][8] - The competition is characterized by a blend of opportunities and challenges, with companies needing to adapt to a more refined and localized operational approach [2][8] - The ongoing "delivery war" reflects a complex interplay of market forces, with platforms like Xiaohongshu also attempting to enter the local lifestyle market despite the dominance of established players [7]