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19元的奶茶,商家到手仅1.69元!大额补贴成本谁买单?
第一财经·2025-07-16 03:30

Core Viewpoint - The ongoing subsidy war among food delivery platforms is creating a low-price environment for consumers, but the burden of these subsidies is not solely borne by the platforms, as merchants are also facing challenges in profitability and sustainability [2][4][10]. Group 1: Impact on Merchants - Merchants are experiencing a decline in profit margins due to high subsidy costs, with some orders resulting in losses despite increased order volumes [5][7]. - A specific example shows that a drink priced at 19 yuan had a merchant subsidy of 6.4 yuan and a platform subsidy of 9.6 yuan, leading to a final revenue of only 5.99 yuan for the merchant after deducting delivery fees and platform commissions [5]. - Merchants are often left without pricing power, as subsidy rules are set by brand headquarters in collaboration with platforms, leading to confusion among staff regarding the subsidy structure [5][8]. Group 2: Consumer Behavior - Consumers are benefiting from significant discounts, with some even opting to place takeout orders while dining in-store due to lower prices [8][9]. - The availability of extreme discounts, such as 0 yuan coupons, is driving consumer behavior towards lower-priced options, which may lead to a long-term dependency on low prices [9][10]. Group 3: Industry Dynamics - The subsidy war is intensifying the "Matthew effect" within the industry, where larger brands with better negotiation power can capitalize on increased traffic, while smaller or newer brands may struggle to cope with the surge in orders [9]. - Analysts suggest that the long-term reliance on subsidies is unsustainable for most brands, particularly smaller merchants, and emphasize the need for brands to develop membership systems and digital supply chain solutions to reduce dependency on subsidies [9]. Group 4: Calls for Regulation - The restaurant industry association in Guizhou has called for an end to extreme subsidy practices, citing that such actions lead to a chaotic market environment and threaten the viability of many businesses [10].