第一财经·2025-07-22 02:51Core Viewpoint - The recent decline in subsidies from food delivery platforms indicates a shift in the competitive landscape, influenced by regulatory actions and the need for rational competition among major players in the industry [1][2][3]. Group 1: Impact of Subsidy Cuts - Consumers have experienced a reduction in the benefits of food delivery subsidies, leading to a decrease in the excitement of "hunting for deals" [1]. - The intense competition among platforms has resulted in record-high order volumes, but has also caused some merchants to face declining profits and operational challenges [1][2]. - The shift in order distribution, with delivery orders increasing from 30%-40% to around 60%, has altered the dynamics between dine-in and delivery services [3]. Group 2: Merchant Perspectives - Restaurant owners express concerns over the pressure from platforms to participate in subsidy programs, which can lead to reduced profit margins and negative impacts on product pricing [2][3]. - The need for platforms to return pricing power to merchants is emphasized, as many businesses struggle to maintain profitability amidst aggressive discounting [2][5]. - The operational challenges faced by merchants, such as staffing and supply chain adjustments, highlight the strain that rapid order increases can place on businesses [6]. Group 3: Long-term Industry Implications - The substantial investment in subsidies by platforms, exceeding 100 billion, raises questions about the long-term benefits for the restaurant industry [3][7]. - The ongoing competition may lead to increased consolidation within the restaurant sector, with smaller businesses at greater risk of failure [7]. - Platforms are encouraged to adopt a more rational approach to competition, which aligns with their long-term interests and the need for a sustainable industry ecosystem [7][8]. Group 4: Future of Instant Retail - The future of instant retail hinges on the ability of platforms to integrate more product categories and enhance service efficiency, which will require significant improvements in supply chain and technology [8]. - The potential for growth in the instant retail market remains high, but the effectiveness of platforms in transitioning from aggressive competition to building a more digital and efficient ecosystem is yet to be seen [8].