市值风云·2025-10-11 10:09Core Viewpoint - The article discusses the transformation of the food delivery industry in China, highlighting the shift from a price war to a value war, with a focus on quality delivery services and the strategic positioning of JD.com in this evolving landscape [3][8][54]. Group 1: Industry Changes - The food delivery market has transitioned from being dominated by one major player to a three-way competition among major platforms, with Taobao Flash Purchase/Ele.me leading at 34.2%, followed closely by JD.com at 33.5%, and Meituan at 28.9% [8][10]. - The recent subsidy wars have led to a significant decline in the profitability of many restaurants, with some reporting a drop in actual income of over 15% [3][5]. - The emergence of "ghost kitchens," which operate without dine-in services and often rely on lower costs, has contributed to the challenges faced by traditional restaurants in the delivery sector [17][19]. Group 2: JD.com's Strategy - JD.com has opted not to participate in the aggressive subsidy wars, instead focusing on building a robust supply chain and digital tools to enhance long-term competitiveness [24][54]. - The company has introduced the "Seven Fresh Kitchen" initiative, investing 1 billion yuan to partner with restaurants and establish a network of quality delivery options, aiming to address the issues posed by ghost kitchens [14][27]. - JD.com has implemented a commission reduction strategy, promising that merchants who join before May 1, 2025, will not pay any commissions for the year, with future commissions capped at 5% [24][54]. Group 3: Quality Delivery Focus - Research indicates that 81.3% of users are willing to pay extra for quality delivery services that ensure safety and compliance, with 43.8% willing to pay an additional 2 yuan per order [35][40]. - The definition of "quality delivery" is increasingly centered around safety, compliance, and transparency, moving beyond just taste [38][40]. - JD.com has successfully leveraged its reputation for quality and trust, with 21% of users choosing JD.com for its focus on quality delivery and 20.3% for its brand reliability [40][42]. Group 4: Cross-Category Synergy - JD.com's food delivery service has created significant cross-category consumption synergies, with users engaging in multiple product categories after ordering food [46][48]. - The integration of food delivery into JD.com's broader ecosystem has resulted in a notable increase in user engagement across various product categories, enhancing overall customer retention [50][51]. - The collaboration between food delivery and JD.com's other services is expected to deepen, further unlocking the value of the JD.com ecosystem [53].