“外卖大战”，最大的受害者出现了？

Core Viewpoint - The ongoing subsidy war among food delivery platforms is intensifying, with record-breaking order volumes reported by major players like Meituan and Taobao Flash Sale, indicating a significant shift in market dynamics and consumer behavior [1][12][15]. Group 1: Market Performance - Meituan reported a record high of 1.5 billion instant retail orders on July 12, with over 50 million orders for popular items and over 35 million for meal delivery [1]. - Taobao Flash Sale and Ele.me announced a daily order volume exceeding 80 million, with a 15% increase in active users, reaching over 200 million [1][12]. - The competition has led to a substantial increase in market capacity, with consumer willingness and participation rising significantly [15]. Group 2: Subsidy Strategies - Meituan and Taobao Flash Sale have continued their weekend subsidy strategies, with Meituan promoting various discount vouchers and Taobao offering significant cash coupons [4][6]. - The subsidy war is expected to become a regular occurrence, with Alibaba planning to create a "Super Saturday" promotional event, providing consumers with substantial cash vouchers every Saturday for the next 100 days [12][15]. - JD.com has shifted to a more refined subsidy strategy, focusing on quality dining and specific food categories, with a new investment plan to support restaurant sales [16][18]. Group 3: Competitive Landscape - The entry of JD.com into the food delivery market has intensified competition, prompting Meituan and Taobao to respond aggressively to maintain their market positions [24][25]. - Taobao Flash Sale's rapid growth has put pressure on Meituan, which is now adopting a defensive strategy to counter the competition [24][25]. - The overall investment in the food delivery market is projected to reach around 100 billion yuan, with significant losses expected for major players due to high subsidy expenditures [18][19]. Group 4: Industry Implications - The intense competition and high subsidy expenditures are expected to have long-term implications for the industry, with potential over-investment risks if the market does not grow as anticipated [19]. - Despite the short-term benefits for consumers, the sustainability of the current promotional strategies remains uncertain, raising questions about the long-term profitability for businesses involved [26].