第一财经·2025-06-11 09:56Core Viewpoint - The article discusses the intense competition among food delivery platforms, particularly focusing on the significant subsidies being offered by companies like JD.com, Alibaba, and Meituan, which have led to a surge in orders and changes in consumer behavior [1][2]. Group 1: Impact of Subsidies on Orders - JD.com launched a 10 billion yuan subsidy campaign in April, resulting in daily orders exceeding 10 million by April 22 and reaching 25 million by June 1 [3]. - Alibaba's Ele.me also increased its subsidies, with the combined daily orders from Taobao and Ele.me surpassing 40 million, where non-tea drink orders accounted for 75% [3]. - The coffee and tea categories have seen significant price reductions, with JD.com's Kudi coffee selling for as low as 5.9 yuan and sales exceeding 100 million units [3][4]. Group 2: Merchant Experiences and Concerns - Merchants have reported increased orders and revenue due to the subsidies, with one merchant noting a 50% increase in daily orders since April [5][6]. - However, there are concerns about the sustainability of these subsidies, with merchants fearing a drop in orders once the subsidies are removed [9][10]. - Some merchants are experiencing pressure from the subsidy competition, leading to a situation where they must bear a larger share of the subsidy costs, which could impact their profitability [10]. Group 3: Regulatory and Market Dynamics - Regulatory bodies have begun to take notice of the competitive practices in the food delivery industry, urging platforms to adhere to fair competition and consumer protection standards [11]. - Analysts predict that the current subsidy war may not last beyond 1-2 years, as both merchants and consumers will likely return to more rational behaviors, reducing the effectiveness of subsidies [10][11]. - The competition is expected to shift from price wars to brand marketing, technological innovation, and rider rights protection, emphasizing the need for a more sustainable and balanced market environment [11].