告别大水漫灌，外卖补贴转入持久战。 文 丨 邱豪 管艺雯 制图 丨 黄帧昕 编辑 丨 王姗姗 黄俊杰 据我们了解，淘宝闪购近期明确了外卖将进入持久战。 8 月 8 日立秋后，淘宝闪购订单量首次超过美团。更显著的影响可能是，巨额补贴让淘宝吸引 到了很多用户注意力，7 月以来淘宝在日均活跃用户数（DAU）上拉开了和拼多多的差距。 补贴不会、也不可能以当前的力度持续。按阿里内部说法，大力补贴叫 "上山"，而现在该准备 "下山" 了。 7 月淘宝闪购花在商家端、消费者端、骑手端的补贴共计超过 100 亿元。阿里决策层正在讨论 补贴退坡的节奏，将重点运营高价值用户、调整补贴品类、补贴金额。 据我们了解，9 月 10 日阿里巴巴的公司周年庆将是一个重要节点，会确定更多业务节奏和战 略，继续从 "大消费平台" 这一顶层战略出发，在基础能力上追赶和狙击美团。 1 I I 4 京 3 东 2 +33% +45% +46% +27% 1 2025 2024 2025 2024 2025 2024 2024 2025 注释: DAU 为当月日均活跃用户数 资料来源:QuestMobile 晚点 LatePost 制图 外卖大战以来 ...

Core Insights - The delivery speed issues of food delivery platforms have become a trending topic, with users increasingly sensitive to service capabilities following the reduction of subsidy wars [2][3] - The competition among food delivery platforms is shifting from price wars to service quality, with a focus on improving delivery efficiency and user satisfaction [2][5] Delivery Performance Challenges - Complaints about slow delivery have surged, with over 90 posts on social media platforms in the past week highlighting issues such as delivery times exceeding one hour and lack of available riders [2] - Despite a significant increase in the number of delivery riders, the distribution of riders may vary by region and time, complicating the ability to meet demand during peak hours [4] Rider and Operational Insights - As of late July, the number of riders on platforms like Ele.me has increased significantly, with a 181% rise in active riders and a 236% increase in crowd-sourced riders [3] - The focus on enhancing delivery capabilities is evident, with companies like JD.com reporting 25 million daily orders and over 150,000 full-time riders [3] System and Coordination Issues - Delivery efficiency is affected by various systemic issues, such as discrepancies in estimated delivery times between merchants and riders, which can delay food preparation and delivery [4] - The integration of new riders and merchants into the system raises the bar for operational maturity, necessitating improvements in platform logistics [4] Competitive Landscape - The industry is witnessing a push towards a "15-minute delivery" model, with platforms like Meituan promoting this as a competitive advantage, although actual delivery times may vary significantly [5] - The competition is now centered around three main areas: user engagement, merchant partnerships, and rider resources, with a focus on maximizing existing user value rather than merely acquiring new users [5]

Core Insights - The delivery speed issues in the food delivery industry have become a significant concern for consumers, especially after the decline of subsidy wars, leading to increased sensitivity towards service capabilities [2][3] - The competition among food delivery platforms is shifting from price wars to service quality, with a focus on improving delivery efficiency and customer satisfaction [2][5] Delivery Performance - The number of delivery riders has significantly increased this summer, with Ele.me reporting a 181% growth in active riders and a 236% increase in crowd-sourced riders by the end of July [3] - Despite the increase in rider numbers, challenges remain in maintaining delivery efficiency, particularly during peak hours, due to varying rider density and system coordination issues [4] Service Quality Challenges - The decline in subsidies may exacerbate delivery speed issues, as platforms may struggle to maintain resource allocation and delivery efficiency without financial incentives [3] - Systemic issues, such as discrepancies in estimated delivery times between merchants and riders, as well as inefficient navigation routes, contribute to delays and require optimization [4] Competitive Landscape - The competition is evolving towards a "15-minute delivery" model, with platforms like Meituan attempting to attract users with rapid delivery promises, although actual performance may not always meet expectations [5] - The focus of competition is now on three main areas: user engagement, merchant partnerships, and rider resources, with an emphasis on maximizing existing user value and enhancing service offerings [6]

2025.08. 18 本文字数：1562，阅读时长大约2分钟 作者 | 第一财经 陈杨园 8月18日，"外卖大战 配送慢"登上微博热搜，不少用户在微博、小红书等平台吐槽外卖配送问题。"补贴大战"降温后，用户对外卖平台履约、服务能力的 敏感度正在上升。 记者查看小红书发现，近一周内，关于外卖配送慢的吐槽帖超90篇，京东、美团、淘宝闪购均有相关吐槽贴，外卖配送时间需一小时以上、订单超时、 无骑手接单等问题受到消费者关注。 在这背后，值得关注的是，随着反内卷、"价格战"降温，外卖大战正在驶入服务比拼的"深水区"。外卖高峰期的配送混乱在今年夏天并不少见，过去几个 月，第一财经多次报道了"0元购"等低价促销下奶茶店等爆单导致商家无法出餐、骑手取消订单、送不过来等现象，不过，彼时低价掩盖了不少用户对履 约的不满。 "本轮外卖平台的竞争焦点非常明确，主要围绕用户、商家和运力三个战场展开。"百联咨询创始人、零售电商行业专家表示，从行业整体来看，在用户 端，外卖竞争已从用户增长的"增量博弈"转变为挖掘现有用户价值的"存量博弈"，用户黏性与消费份额的提升是竞争关键；在商家端，竞争关键将从饱和 的线上实物商家转向海量线下本地生活 ...

Core Viewpoint - The article discusses the current state of JD's food delivery business, highlighting its significant losses and strategic shift towards a more sustainable growth model amidst fierce competition in the delivery sector [4][5][6]. Summary by Sections Financial Performance - In Q2, JD reported a new business loss of 14.7 billion, exceeding investor expectations, with net profit down 51% year-on-year [4][5]. - Total revenue grew by 22.4% to 356.7 billion, with the new business segment, including food delivery, seeing a revenue increase of 198.8% to 13.852 billion [8][13]. - The core retail business remains the strongest performer, with a revenue increase of 20.6% and an operating profit margin of 4.5%, marking the highest record for JD during major promotional periods [5][13]. Strategic Shifts - JD is adopting a more pragmatic approach in the food delivery sector, focusing on building a solid foundation rather than competing aggressively for market share [4][7]. - The company aims to enhance user, merchant, and delivery personnel experiences while prioritizing quality over quantity in its service offerings [5][10]. Market Position and Competition - The competitive landscape has shifted, with JD becoming a quieter player in the "delivery war," as rivals like Taobao and Meituan ramp up their efforts [7][11]. - JD's strategy includes avoiding direct competition with rivals during peak promotional periods, instead opting to support quality merchants through subsidies [7][8]. User Engagement and Growth - JD's active user base saw a significant increase, with daily active users up 35% and monthly active users up 17% year-on-year [8][9]. - The company is working on enhancing cross-selling capabilities between its food delivery and core retail businesses, although the effectiveness of this strategy remains uncertain [10][11]. Future Outlook - JD's management emphasizes a focus on sustainable business models rather than engaging in excessive competition, aiming for long-term growth through operational improvements and user experience enhancements [11][12]. - The company acknowledges the role of government subsidies in its recent performance but does not intend to rely on them as a long-term strategy [12][13].

Core Insights - The article discusses the unprecedented success of the "Autumn Milk" promotion initiated by Meituan, which saw Taobao Flash Sales surpass Meituan in order volume for the first time during this event [4][5][6] - The promotion period lasted from August 7 to August 10, coinciding with several marketing events, leading to a significant increase in order volume and competition in the food delivery sector [4][6][7] Summary by Sections - **Promotion Overview** - The "Autumn Milk" promotion set a new record with over 100 million orders on Taobao Flash Sales, marking a significant milestone in the food delivery industry [5][6] - The event was strategically timed with traditional seasonal promotions and aimed to test peak order volumes and enhance team capabilities [6][7] - **Market Dynamics** - The competition between Taobao Flash Sales and Meituan has intensified, with market share shifting from a long-standing 70:30 split between Meituan and Ele.me to a more competitive 50:40:10 ratio with the entry of JD.com into the food delivery space [7] - The promotional strategies included extensive marketing efforts, such as live streaming, offline advertising, and significant subsidies, leading to a longer promotional cycle of 10 days [7][9] - **Brand Performance** - Leading tea brands experienced exponential growth during the "Autumn Milk" promotion, with some reporting over 1000% year-on-year growth in GMV [11] - Brands like Yihe Tang prepared extensively for the event, resulting in a substantial increase in order volume and customer engagement [9][10] - **Operational Changes** - The promotion led to increased operational costs for brands due to extended hours and higher staffing needs, although overall profit margins decreased, total profits increased [11] - Taobao Flash Sales focused primarily on food categories during the promotion, with only 10% of subsidies allocated to non-food items, indicating a strategic focus on maximizing efficiency in food delivery [13] - **Future Strategies** - Taobao Flash Sales aims to enhance its non-food supply chain by increasing the density of convenience stores and flash warehouses, particularly in underserved markets [15][16] - The platform is also exploring innovative fulfillment strategies for various product categories, including self-pickup options for larger items to reduce shipping costs [16][19] - **Market Expansion** - The article highlights the significant growth in lower-tier markets, with brands like Yihe Tang expanding their presence and achieving impressive order growth in these regions [19] - The competitive landscape is likened to the early days of Pinduoduo challenging Taobao, with new players leveraging subsidies to capture market share and reshape supply chains [19]

Core Viewpoint - The ongoing competition between major food delivery platforms, particularly Meituan and Alibaba's Taobao Flash Sale, has intensified, leading to unprecedented order volumes and operational challenges for tea beverage brands and their supply chains [5][6][8]. Group 1: Competition Dynamics - On August 7, 2025, over 260 million orders were placed across Taobao Flash Sale and Meituan, more than double the previous year's figures, marking a historical high [5][6]. - The three-day promotional event at the start of autumn saw over 600 million total orders, with more than half attributed to tea and coffee beverages [6][8]. - The competition has led to a clear offensive and defensive strategy between the two platforms, with Taobao focusing on aggressive growth through subsidies while Meituan aims for efficiency and targeted user engagement [8][9]. Group 2: Operational Challenges - Many tea beverage brands faced significant operational strain, with reports of staff exhaustion and supply shortages during peak order times [5][31]. - The rapid increase in order volume has tested the supply chain efficiency, with brands struggling to maintain adequate stock levels and manage labor effectively [31][32]. - Brands have had to adapt their operational strategies, including adjusting order processing methods to cope with sudden spikes in demand [32][35]. Group 3: Financial Implications - The financial dynamics of the promotional battles have shifted, with brands increasingly reliant on platform subsidies to maintain order volumes, leading to concerns about long-term profitability [10][19]. - Major brands like Mixue and Luckin Coffee have reported significant sales increases, while smaller brands struggle to keep up with the competition and maintain profitability [26][27]. - The cost-sharing model for subsidies often places a financial burden on both platforms and brands, complicating the profitability landscape [24][25]. Group 4: Consumer Behavior - Consumer habits are shifting as promotional activities become more frequent, leading to a potential desensitization to discounts and a challenge for brands to maintain pricing power [28][29]. - The reliance on promotional events has altered consumer expectations, making it difficult for brands to revert to standard pricing without losing market share [28][29]. - The overall market for tea beverages is expanding, but the sustainability of this growth amidst aggressive discounting strategies remains uncertain [27][28].

Core Viewpoint - The "Autumn Milk" promotion, initiated by Meituan, has set a new record in the takeaway industry, with Taobao Flash Sale surpassing Meituan in order volume for the first time during this event [5][6][7]. Group 1: Promotion Overview - The "Autumn Milk" promotion took place from August 7 to 10, coinciding with traditional seasonal changes and various marketing events [5]. - On the first day, Taobao Flash Sale achieved over 120 million orders, surpassing Meituan's order volume during the subsequent weekend [6]. - Both platforms did not set specific order targets, focusing instead on testing peak order volumes and enhancing team capabilities [7]. Group 2: Market Dynamics - The promotional period was extended to 10 days, leading to increased preparation time for brands, with many top brands starting their preparations 1-2 months in advance [8]. - Market share among takeaway platforms has shifted, with Meituan and Taobao now at a ratio of 5:4, compared to the previous 7:3 split [8]. Group 3: Brand Performance - Leading tea brands experienced significant growth during the "Autumn Milk" promotion, with some brands reporting over 1000% year-on-year growth in GMV [12]. - Brands like Yihe Tang prepared extensively for the event, resulting in a tenfold increase in traffic and visibility compared to previous promotions [11][12]. Group 4: Supply Chain and Strategy - Taobao Flash Sale is focusing on enhancing supply chain efficiency, particularly in non-food categories, while also increasing the density of convenience stores and flash warehouses [14][15]. - The strategy includes targeting underdeveloped markets, with significant growth in order volume and new user acquisition in rural areas [20]. Group 5: Competitive Landscape - The competition between Taobao Flash Sale and Meituan is likened to the early days of Pinduoduo challenging Taobao, with both players leveraging subsidies to capture market share [20].

互联网大厂的亏损原因 互联网大厂第一季度的开门红效应已经不再，据高盛预计，中国互联网大厂在今年第二季度、第三季度 将持续亏损，财报出现数年以来的首次负增长，而亏损的主要原因，正是还在继续的外卖大战，以及不 确定性持续上升的出海业务。 虽已被顶层设计叫停，但事实上的外卖大战仍在一定程度上的持续，互联网大厂对用户和流量的争夺需 要决出胜负，因此投入强度没有明显放缓。之前的补贴让入局的互联网大厂盈利已经承压，而当下的补 贴竞争还未达到高点，"每一单都有亏损压力"的说法并不夸张，据测算，互联网大厂每季度的亏损都可 能在一百亿元以上。外卖大战看似让消费者获益，但中小商家却并未完全受益，且外卖领域的 ...

Core Viewpoint - The "first cup of milk tea in autumn" has sparked a fierce competition in the delivery market, leading to a surge in orders but also overwhelming store operations and creating a dilemma between high traffic and low actual revenue [2][6][7]. Group 1: Order Surge and Operational Challenges - On August 7, many milk tea stores experienced a significant increase in orders, with some reporting a 200% to 300% rise in order volume due to platform subsidies and promotional activities [6][7]. - Employees at various stores reported extreme workloads, with some stores even shutting down their delivery order channels due to the overwhelming number of orders [3][4]. - The first wave of orders peaked around noon, causing long wait times for customers, with some stores unable to fulfill orders in a timely manner [4][5]. Group 2: Profitability Concerns - Despite the high order volumes, the profitability of stores remains uncertain, especially in first- and second-tier cities where delivery orders significantly cut into profit margins [7][8]. - The reliance on delivery orders, which typically incur higher platform fees, has led to lower actual revenue for stores compared to in-store dining, which generally has a higher profit margin [7][8]. - Many franchise owners expressed concerns about the sustainability of relying on delivery orders, as the high volume does not necessarily translate to higher profits [8]. Group 3: Competitive Landscape and Strategic Implications - The competition among delivery platforms is intensifying, with tea and coffee becoming a battleground due to their operational flexibility and high standardization, making them ideal for delivery [9][10]. - Platforms are using the tea and coffee category to enhance rider engagement and test their operational capabilities, which could have implications for more complex food categories in the future [9][11]. - The current delivery war is not only about increasing order volumes but also about managing rider resources effectively, as rider availability directly impacts order fulfillment and customer satisfaction [11].