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Core Viewpoint - The collaboration with e-commerce channels has become an unavoidable topic for liquor companies, as traditional sales channels continue to decline, prompting companies to seek growth in the booming e-commerce sector while facing challenges from aggressive price competition [3][5]. Group 1: Industry Trends - The liquor industry is undergoing deep adjustments, with major liquor companies reporting varying degrees of sales decline in their half-year reports. During the recent "Double Festival" peak season, overall sales of liquor dropped by approximately 25%, primarily due to a significant contraction in group purchases and government-related markets [5][6]. - E-commerce platforms have shown strong growth in liquor sales, with Meituan's liquor category sales increasing by about 800% year-on-year during the last weekend before the holiday. JD's liquor category sales grew by 109% during the "Double Festival," and Douyin's liquor sales heat increased by 41% compared to last year [6]. Group 2: E-commerce Integration - The attitude of liquor brands towards e-commerce has shifted from rejection to cooperation, with companies like Kweichow Moutai and others entering e-commerce platforms to offer services like 30-minute delivery [8]. - Despite the desire for growth through e-commerce, the issue of low-price promotions disrupting offline markets remains unresolved, creating a core conflict between liquor companies and e-commerce platforms [8][10]. Group 3: Pricing and Competition - The current low-price competition in the liquor market is attributed to an oversupply in the industry. E-commerce platforms have begun to operate independently, leading to significant price drops for well-known liquor brands, with some prices falling below wholesale costs [10][11]. - The phenomenon of "naked pricing" in the liquor market has emerged, where prices are driven down by e-commerce platforms, making profitability challenging for liquor companies in the next 3-5 years [9][11]. Group 4: Consumer Perception and Brand Value - Liquor is characterized as an information-asymmetric product, where consumers cannot easily assess its value. The long-term low-price promotions on star products can undermine the brand's foundation [9][10]. - The need for e-commerce platforms to attract traffic has led to a focus on star products, which are crucial for driving sales. Without stronger collaboration between platforms and liquor companies, the ongoing low-price competition will be difficult to manage [11].