过去的2025年，国内的电商行业悄然迈入一个关键拐点—电商行业十多年来以GMV（商品交易总额）为核心指标，靠补贴与流量狂奔的增长模 式正在终结。如淘宝、京东等综合电商平台增长已极度放缓，而抖音等内容电商平台虽然仍保持较高的增长，却也显疲态。 更令市场意外的是，曾在2024年，线下零售额同期增速达到4.59%，出乎意料地反超线上0.67%。而到了2025前三季度，线下零售额对比线上， 几乎到达一个持平的状态，这一信号绝不简单，意味着有大量的消费者，正放弃线上流向线下实体店。 这些现象的背后，暴露的核心问题是消费者决策逻辑正在发生根本性转变。 更严峻的是，线上零售退货率居高不下，这带来了巨大的库存积压和现金流压力，而退货成本最终由商家或品牌承担。相比之下，线下门店天 然的零距离体验几乎消灭了"因无法试穿、看不见摸不着而产生的大规模退货"，其自然客流和即看即买的特性，反而在当下构成了坚实的成本 护城河。 如今的实体店，早已进化为线上线下融合的全域零售枢纽，形成对纯线上模式的降维打击。 总结起来，电商行业面临的增长乏力，背后就是消费逻辑的迁徙、流量经济的枯竭、线下价值的重生等三股力量悄然交汇，酿成的一场无声却 席卷全 ...

图 贵州茅台1月4日晚间公告称，公司于2025年11月28日股东大会通过回购方案，将以自有资金回购股份用 于减少注册资本，回购金额15亿元-30亿元，实施期限6个月，回购价不超1863.67元/股。2025年12月31 日首次回购，已回购87059股，占总股本0.0070%，支付总金额1.20亿元，回购价在1377.22-1385.76元/ 股。 在白酒行业深度调整的背景下，茅台正在通过数字营销平台及其相关政策，提振销量与业绩。 1月3日晚间，小茅i茅台公众号发布消息称，自1月4日至春节前，小茅将每人每日可购买的飞天53%vol 500ml贵州茅台酒(2026)最大数量调整为6瓶。元旦期间，其限购数量最大为12瓶。 当日开放购买后，i茅台APP持续显示"补货中"，延续了元旦期间的火爆。据其介绍，元旦三天，超10万 名用户购买到了茅台产品。 得益于此，1月4日，i茅台APP冲上苹果应用商店购物免费榜第一名，并在免费总榜单中位列第四。 片来源：界面图库 1月4日，1499元/瓶飞天茅台(2026)在i茅台APP开放购买后持续秒空。同日，飞天茅台的批发价却再次 跌破指导价。 第三方平台"今日酒价"披露的批发参考价显 ...

Core Insights - The consumption market showed strong performance during the New Year holiday, with JD's Seven Fresh supermarket achieving significant results as it enters 2026 [1] Group 1: Store Performance - The first Seven Fresh store in Shijiazhuang attracted over 100,000 customers in three days due to a free tasting event, with total online and offline orders doubling year-on-year and online orders increasing by 180% [3] - The store's daily average foot traffic exceeded 30,000 during the holiday, with many products becoming "out of stock" due to high demand driven by the tasting activities [3][5] Group 2: National Expansion - Seven Fresh plans to open two new stores in Beijing and Shanghai before the Spring Festival, marking a significant step in its national expansion strategy after integrating warehouse and store operations [3][6] - The successful operation of the Shijiazhuang store serves as a replicable model for future store expansions, focusing on a dual strategy of "fresh large stores + NB discount stores" [8] Group 3: Strategic Developments - Since 2021, Seven Fresh has focused on a core strategy of "efficiency, quality, and service," enhancing supply chain capabilities and achieving a picking efficiency of under 5 minutes [5] - The integration with JD's grocery business has led to a "front warehouse + store" model, reducing delivery times to within 30 minutes and improving instant retail service capabilities [5] Group 4: Sales Growth - All product categories saw significant sales growth, with online vegetable sales increasing by 190%, and meat and poultry products rising by 150% [5] - The bakery category also performed well, with online sales growing over 200%, showcasing the strength of the supply chain and cross-category growth potential [5]

Core Viewpoint - The launch of the 500ml 53-degree Flying Moutai at a price of 1499 yuan on the official platform "i Moutai" marks a significant step in Moutai's channel and service transformation, aiming to reshape market order and enhance consumer experience through stable supply and pricing [1][12][14]. Group 1: Product Launch and Consumer Demand - The 500ml 53-degree Flying Moutai was sold out within half an hour of its release on January 1, 2026, indicating strong consumer demand [2][6]. - Moutai implemented a staggered release strategy, replenishing stock every five minutes and limiting purchases to 12 bottles per person per day to allow more consumers the opportunity to buy [2][10]. - The product's pricing strategy reflects a tiered approach based on the year of production, with the 2026 version priced at 1499 yuan, while older vintages are priced higher, demonstrating a clear correlation between age and price [13][14]. Group 2: Consumer Experience and Market Strategy - The launch has shifted consumer behavior from "stockpiling Moutai" to "buying for immediate use," thereby reducing opportunities for price speculation [7][11]. - Moutai's strategy aims to enhance consumer trust by ensuring product authenticity and providing a wider range of purchasing options, including home delivery and in-store pickup [8][10]. - The company is focusing on a consumer-centric approach, utilizing data to better understand consumer needs and preferences, which will help in achieving a balanced supply-demand relationship [10][15]. Group 3: Channel Integration and Digital Transformation - Moutai is enhancing its channel ecosystem by integrating online and offline sales strategies, establishing a multi-dimensional sales model that includes self-sale, distribution, and consignment [15][16]. - The "i Moutai" platform serves as a crucial hub for this strategy, allowing for direct consumer engagement and better control over pricing and inventory [16]. - The company is committed to transforming its business model from merely selling products to offering a lifestyle experience, thereby extending its brand value and competitive edge [16].

2025年12月31日，2026年全省促消费活动启动仪式在兰举行。此次活动以"惠享四季·购在陇原"为主 题，组织贯穿全年、覆盖全域、全民参与的消费促进活动，通过强化省市县联动，深化政银企合作，推 进"文旅体健展商"融合，持续优化消费环境，丰富优质供给，为全省经济持续健康发展提供坚实支撑。 "金秋丰韵·品质体验消费季" "迎春焕新·数字惠购消费季" 一季度以传统节庆与新兴业态融合为主线，激发春季消费潜力，实现节庆消费、大宗商品消费、冰雪赛 事消费、政策激励消费协同发展。 一是开展"网上年货节""甘味"农产品展销及节假日餐饮促销等活动，打造线上线下融合的"一站式"年货 采购体验；推动汽车、家电等大宗消费品以旧换新，组织绿色智能家电下乡。二是在全省范围联动开展 发票抽奖活动，引导群众愿消费、规范消费、保护消费权益，以发票抽奖形式回馈群众消费。三是举办 冰雪赛事，开展"冰雪嘉年华"活动。 二季度 "夏悦畅享·绿色金融消费季" 二季度主要以金融赋能和夏季消费为主线，释放消费潜力，形成金融助力、节庆带动、展会拓展的夏季 消费新动能。 一季度 一是联动金融机构，围绕汽车、家电、家居、文旅等重点领域，推出分期免息、即时补贴等 ...

一年内，458万个中小商家在该平台开展经营，超2.2万个中小商家抖音年销售额超百万。更多实体生意借 助抖音品销合一，如城市文旅特色IP营销、优质零售企业免佣入驻、连锁酒店强化消费供给、主题景区 NPC沉浸式内容运营、老字号数字化经营守正焕新等。 据了解，抖音生活服务达人创作为线下商家带来超过1725亿元经济收益，形成了"观看-兴趣-探寻-购买"的 消费链路；300多万商家"职人"在抖音发展，店长、店员、技师教练等实体店员工在抖音收获自己的专业 名片；"心动榜"餐厅、"心动榜"酒店、烟火榜等特色榜单，以真实、品质消费体验为核心，加大用户点 赞、互动等权重，助力商家将"体验优势"转化为门店客流。 12月30日，抖音生活服务发布《2025抖音生活服务这一年》社会价值总结，数据显示，该平台2025年总交 易额同比增长59%，动销门店数量累计达1519.8万，新增入驻商家399万，将线上流量持续转化为线下消费 活力。 抖音生活服务相关负责人称，平台将以"激发线下生意，丰富美好生活"为使命，深入餐饮、游玩、零售、 综合服务等多类实体业态，与商家、创作者和消费者同行。（心月） ...

对此，贵州茅台在这次大会上披露了如下营销方向： 1、致力让茅台的产品和价格，适配市场需求和消费意愿； 历史上，茅台酒一直都处于供不应求的状态，市场长时间是在卖方一边，但最近几年，随着消费环境的 变化，原有的营销模式也需要与时俱进了。 2025年，整个消费板块的表现普遍不佳，这是CPI持续低迷和规模以上工业企业利润总额不断下滑所导 致的，影响的不仅仅是茅台，也不仅仅是白酒，可以说衣食住行各方各面都受到了波及。 2、在2026年的投放计划中，适当减少高附加值产品的量； 3、要价格合理稳预期，让产品价格随行就市； 12月28日，2026年贵州茅台酒全国经销商联谊会召开，会议的主题是"坚持以消费者为中心，全面推进 茅台酒营销市场化转型"，这是贵州茅台营销发展史上的重大事件。 这些变革措施，对茅台，对白酒，乃至对整个消费板块的意义都是重大的。可以说，虽然短期还有价格 起伏，但就2026年全年情况来看，普飞的价格基本可以稳住了。 而且厂家直供的经销商直接对终端销售，可以最大程度保证消费者用比较低的价格买到真酒，这既能防 止分销商低价抛货，扰乱市场整体价格，又能从根本上避免假酒扩散。 价格稳住，假酒消散，茅台就没有问题。茅 ...

12月29日，智通财经记者获悉，宇树科技推出全球首家线下门店，门店已在京东MALL北京双井店开启 试营业，将于12月31日正式开业。此举标志着京东机器人品类全渠道布局正在加速。依托京东线上线下 融合模式，用户可以直观感受机器人在家庭、教育、娱乐、助老等场景中的实际应用，通过实时互动与 反馈，反哺产品迭代与优化，加速机器人走进千家万户。据介绍，该门店集中展示宇树Go2四足机器 狗、G1人形机器人等多款明星产品。（智通财经记者 范佳来） ...

Core Viewpoint - Mannings will officially close all offline stores in mainland China by January 15, 2026, marking the end of its 21-year journey in the market [1][2] Company Summary - Mannings entered the mainland market in 2004, initially targeting high-end shopping malls in first-tier cities and had over 120 stores across 33 cities [2][7] - The company positioned itself as a "health and beauty product chain," offering a mix of health products, skincare, personal care, and maternal and infant products, which was innovative at the time [2][7] - The decision to withdraw is attributed to a combination of factors, including intensified competition in the retail market and rising operational costs [2][4] Industry Summary - The exit of Mannings signifies a turning point in the retail industry, reflecting profound changes faced by the sector [4][9] - The Chinese retail market has undergone significant transformation over the past decade, with e-commerce growth altering consumer shopping habits, particularly among younger generations [4][9] - Local chain pharmacies and drugstores have rapidly emerged, increasing competition, with brands like Watsons achieving greater success through flexible strategies and localized product offerings [4][9] - Consumer demand for health and beauty products has become increasingly personalized and specialized, making traditional "one-stop" drugstore models less effective [4][9][10] - Rising rents and labor costs have placed a heavy burden on physical retail, particularly in prime locations in first- and second-tier cities [10] - Mannings' shift to cross-border e-commerce indicates a strategic pivot towards a lighter asset model, focusing on cost-effective and flexible channels while still targeting Chinese consumers [3][10] - The exit serves as both a warning and an opportunity for remaining competitors, emphasizing the need for continuous innovation and enhanced consumer experience to thrive in a competitive market [6][10]

（来源：河北日报） 转自：河北日报 过去，消费者遇到纠纷，往往"找不对门、跑不停腿"，维权站点少、位置不明确、流程不透明，导致投 诉成本高、解决周期长。对此，邢台市市场监管部门联合当地文旅部门，率先对全市符合条件的69家A 级旅游景区全部建立消费维权服务站，探索引入了百度和腾讯地图定位服务。消费者在旅游景区遇到消 费纠纷，只需打开手机里的"百度地图"或"腾讯地图"App搜索"消费维权服务站"，或根据提示牌信息， 用手机扫码，即可实时查看附近消费维权服务站的地址、联系方式、服务人员姓名等信息，并能直接导 航前往或通过电话进行求助。 依托手机定位功能，邢台市市场监管部门构建起一套线上线下融合的消费纠纷快速处置机制。目前，该 市市场监管部门正在对全市近600个消费维权服务站陆续开展定位录入工作，年底前这些站点将全部纳 入该系统，实现消费投诉精准定位和快速处置。 这一创新举措，大大提升了消费维权效率，净化了区域消费环境。基于地理位置的服务，能够自动将消 费者的投诉需求引导至距离最近、最相关的维权站点。对于发生在具体商场内的消费纠纷，地图定位系 统会优先推荐商场内部的维权服务站，实现"小纠纷不出商场，大纠纷现场引导"， ...