海通国际市场洞察系列：电商补贴混战

Core Insights - The report highlights an escalating competition among Chinese e-commerce platforms in the instant retail and food delivery market, with significant subsidies being deployed to capture user attention and market share. This competition is not solely focused on short-term transaction volume but reflects deeper strategic goals centered around user acquisition and platform stickiness [55] - Alibaba is investing RMB 50 billion over 12 months to enhance its logistics and service integration across platforms like Taobao Flash Sale and Ele.me, aiming to improve user experience and operational efficiency [55] - Meituan, as the market leader, has achieved over 120 million daily orders, while JD.com is focusing on quality and high-frequency categories through its "Double Hundred Plan" to support brand sales and improve merchant services [55] Group 1: Competitive Strategies and Subsidy Analysis - The intense competition in the food delivery and instant retail market is driven by platforms extending their services to cover local life scenarios, with Alibaba integrating various services to enhance user retention and cross-category conversion [6][7] - The national appliance subsidy program has provided a strong boost to platforms, with JD.com benefiting the most due to its dominance in the home appliance category, while Alibaba's impact is more moderate due to its broader category coverage [17][21] - The order volume in the food delivery and instant retail market surged from approximately 100 million in May to 250 million daily orders by July, indicating a significant increase in market activity [55][29] Group 2: Market Share and Future Outlook - The report anticipates that by the end of 2025, the market share distribution among Meituan, Taobao Flash Sale & Ele.me, and JD.com will be approximately 60%:30%:10%, respectively, with future competition focusing on user retention and operational efficiency post-subsidy [35][55] - The total addressable market (TAM) for food delivery and instant retail is projected to reach approximately RMB 4.1 trillion by 2030, driven by increasing consumer acceptance of home delivery services and improvements in technology and supply chain networks [32][35] - The report emphasizes that the competition will hinge on who can maintain their core advantages through precise operations and scene-based product innovation after the subsidy war [35]