不过，吃下红利后，还需要正视红利退场后可能造成的影响，特别是当高基数增长的可持续性更多地取决于外部因素、而不是行业竞争和内部 变化本身时。 竞争局面一度轰轰烈烈的外卖业务，备受分析师的关注——前两个提问都与之有关。2025年第一季度，京东在外卖领域全面发力，通过拓城招 商、骑手五险一金缴纳、升级在App的入口位置等举措，持续加码。许冉透露，京东外卖已接近实现日均2000万单。她认为，"即时零 售"和"外卖业务"在战略上都是从京东核心的零售业务角度出发，深植于整体业务生态而不是割裂的，可以和现有业务产生巨大的协同价值。 2025年第一季度，京东高调入局外卖领域，为平淡了许久的互联网行业增添了几分热闹，也让外界十分关注这项新业务的表现，特别是加大投 入可能带来的影响。5月13日，京东发布了2025年第一季度业绩，无论是收入还是利润，数字都称得上不错。同时，财报中以一定篇幅介绍了 外卖业务的表现，称"在极短时间内已经取得显著进展"，京东CEO许冉也表示："我们在新业务探索中取得令人鼓舞的早期成果。" 这一季度，京东收获了几个双位数增长百分比——总收入为3011亿元，同比增长15.8%，为近三年以来最快增幅；非美国通 ...

即时零售发展空间广阔 商务部国际贸易经济合作研究院发布的《即时零售行业发展报告（2024）》显示，2023 年中国即时零售规模达到 6500 亿元，同比增长 28.89%，预计 2030 年将超过 2 万亿元。商务部研究院市场研究所的报告也指出，当下即时电商行业仍在持续保持高复合增长，年均增速超过 30%，预计至 2027 年，即时电商 市场规模将突破 5 万亿元。 京东外卖依托京东主 APP 的 "秒送" 频道，借助京东庞大的电商用户基础和成熟的生态体系，将外卖业务与电商、超市、医药等业务深度融合。这种布局不 仅实现了流量的高效复用，降低了外卖业务的获客成本，还通过业务耦合，为用户打造了 "一站式生活服务" 场景，增强了用户粘性。同时，整合运维体系 和营销资源，与达达骑手的协同配送，提升了运力效率，降低了成本。 淘宝则将即时零售业务升级为 "闪购"，并在淘宝 APP 首页给予一级流量入口。借助淘宝海量的用户和丰富的品牌资源，联合饿了么的商家资源和配送能 力，淘宝闪购实现了电商与本地生活服务的深度融合。通过解决传统电商时效性差的痛点，以 "小时达" 甚至更短时间的配送服务，吸引了大量追求即时满 足的消费者，为 ...

Core Viewpoint - Instant retail is recognized as the fifth revolution in the retail industry, focusing on matching "instant demand" with "instant fulfillment" through digital technology, with a target fulfillment time of 30 minutes to 1 hour [1] Group 1: Market Dynamics - Instant retail is currently dominated by three major platforms: Meituan Flash Purchase, JD Instant Delivery, and Taobao Flash Purchase & Ele.me, with Meituan Flash Purchase having a significant competitive edge due to its established logistics network [1] - A recent competition has emerged among these three platforms for market share, while Douyin has opted for an indirect approach by promoting a "next-day delivery" model instead of directly entering the instant retail battle [1][6] Group 2: Douyin's Strategic Challenges - Douyin faces inherent logistical shortcomings as it lacks a self-built logistics system, relying on third-party delivery services, which results in higher fulfillment costs and inconsistent delivery times compared to competitors like Meituan [4] - The core product categories of instant retail, such as fresh produce and daily necessities, conflict with Douyin's content-driven ecosystem that is more suited for high-margin, non-standard products [4] - Douyin's instant retail strategy has been hampered by organizational instability and unclear strategic direction, leading to resource allocation issues and reduced confidence among merchants [5] Group 3: Douyin's Strategic Adjustments - Douyin has incorporated next-day delivery into its instant retail framework to circumvent logistical limitations and expand service coverage, allowing for a broader range of products and lower logistics costs [6][7] - The platform aims to leverage its content advantages to reshape consumer scenarios, transitioning from emergency needs to interest-driven consumption through short videos and live streaming [6][8] - Douyin's next-day delivery model is designed to lower entry barriers for small and medium-sized merchants, focusing on supply chain efficiency rather than the stringent requirements of instant delivery [6][9] Group 4: Competitive Implications - By redefining the delivery timeframe from "hour-level" to "day-level," Douyin seeks to establish itself as a rule-maker in the instant retail sector, potentially expanding its market space significantly [7][9] - The success of Douyin's strategy will depend on its ability to transform the competition from a focus on logistics efficiency to a battle of psychological expectations regarding delivery times [9]

在流量端，京东逐渐看到外卖对于整个平台流量以及新用户的拉动作用， 在流量端，京东逐渐看到外卖对于整个平台流量以及新用户的拉动作用，同时也提升了平台整体的流量转化率。目前京东观察到外卖用户的跨品类购买行 为，现阶段更多集中在商超生活服务品类。 许冉肯定了业务团队的执行能力，并表示外卖业务快速发展仅几十天，许多运营动作和系统能力仍然在建设和持续优化中，包括跨品类拉动功能等。 许冉强调了外卖业务对京东整个生态体系的重要作用。她称，外卖对京东是一个长期可持续发展的业务，当然在短期内会有一定投入。同时京东相信随着规 模增长，外卖业务将逐渐释放规模效应并改善效率。更关键的是，外卖业务在京东整个生态中，与即时零售、核心电商零售业务以及物流业务都有巨大协同 价值。在用户流量、购物频次、跨品类购物等方面，都可以为平台带来增量贡献。同时，在配送运力、技术、数据等方面也可以提升效率和降本。 被问及外卖业务的中期目标时，许冉回应称在现阶段京东更关注用户和商家体验，当然公司也关注业务规模和ROI。她表示，外卖业务可以和京东现有的核 心业务产生巨大的协同价值，京东的目标是在中长期进一步提升京东整体生态的协同效应和运营能力，为长期的健康增 ...

文 | 即时刘说 即时零售从"两虎相争"到"三国杀"的进化论 大家好，我是专注即时零售领域研究的刘老实。 2025年的中国即时零售市场，正经历一场前所未有的结构性震荡。美团、京东、阿里（淘宝闪购+饿了 么）三方的混战，本质上是高频流量入口争夺、供应链效率革命与用户心智重构的复合战役。这场战役 的底层逻辑早已超越传统外卖的"送餐"功能，而是向"万物到家"的全品类即时零售跃迁，其市场规模预 计2030年将突破2万亿元。 美团作为即时零售领域的"守擂者"，凭借700万骑手、日均千万订单的配送网络，以及闪电仓模式构建 的3万前置仓网络，形成了"高频外卖+低频闪购"的流量闭环。其核心优势在于即时履约能力的稳定性 ——30分钟送达率高达98%，并通过5.82亿年交易用户的超高频打开率（年均132次）实现用户习惯的 强锁定。 然而，美团面临双重隐忧：一是骑手社保成本上升对盈利能力的挤压（2025Q2起全面缴纳）；二是闪 电仓的多平台经营特性导致独家供给壁垒不足，难以抵御京东供应链与阿里品牌资源的夹击。 京东的入局堪称"精准爆破"，其以"零佣金+全社保+品质外卖"的组合拳突袭美团腹地，外卖日订单量半 年内从100万飙升至10 ...

近期，据嘉兴当地美团报道，美团旗下的小象超市已经开启在嘉兴地区的招聘工作，这意味着小象超市即将进驻嘉兴。据悉，其首店可能入驻嘉兴中港 城，且计划今年开设 6 家门店。 此前，包括盒马、叮咚买菜、山姆等知名即时零售/新零售品牌已在嘉兴布局，嘉兴也因此成为集结众多知名新零售品牌的二线城市之一。 新零售品牌齐聚嘉兴 山姆会员商店作为高端会员制仓储式零售商，在全球享有盛誉，其嘉兴首店于今年 3 月 20 日开业，位于长水街道双溪湖超级未来社区，开业后日均客流 量超 2 万，迅速成为嘉兴及周边区域许多家庭周末休闲购物的热门选择，甚至从单纯购物升级为一种生活方式和社交符号。 盒马在嘉兴的布局也较为深入，虽然今年 1 月 17 日嘉兴地区所有盒马自提门店关闭，但目前在嘉兴市区仍有 4 家门店。盒马以其独特的生鲜供应链和线 上线下融合的新零售模式，吸引了大量追求品质生活和便捷购物体验的消费者。 而叮咚买菜则早在 2019 年 5 月 20 日就已在嘉兴进行布局，凭借密集布局的前置仓，实现了快速配送，满足了嘉兴市消费者对生鲜食材即时性的需求。 图为小象超市首店入驻的嘉兴中港城 如今，小象超市的入驻，更是让嘉兴的即时零售/新零售 ...

E-commerce and New Retail - Taobao Tmall and Xiaohongshu signed a strategic cooperation agreement to create the "Red Cat Plan," aiming to enhance the integration from "grass planting" to purchase, boosting merchant business growth [1] - The collaboration allows for the opening of effect advertising links, enabling content on Xiaohongshu to directly redirect to Taobao Tmall for participating brands [1] - This partnership enhances Taobao Tmall's user engagement and conversion rates while allowing Xiaohongshu to achieve a closed loop from content to transaction [1] Logistics and Supply Chain - During the 2025 May Day holiday, the national express delivery business volume exceeded 4.8 billion packages, marking a year-on-year growth of over 20%, setting a historical record for the same period [4] - Zhejiang Daniao Logistics increased its registered capital from approximately 98.39 million to about 498 million, a growth of approximately 407%, enhancing its market competitiveness [6] - The JD Logistics (Xuchang) Supply Chain Industrial Base, in collaboration with Pang Donglai, is expected to achieve an annual output value of about 2.5 billion, contributing 50 million in taxes [7] Life Services - The online operation of "Mivillage Mixed Rice" saw nearly a 100% increase in orders on Ele.me since the full launch of Taobao Flash Purchase, indicating strong synergy between the two platforms [8] - The partnership between Taobao Flash Purchase and Ele.me enhances Taobao's competitiveness in the instant retail sector, responding to competition from Meituan and JD [8] Innovation and Investment - "Qianjue Robotics" completed several million yuan in financing, with funds allocated for R&D, product iteration, and accelerating mass production delivery [12] - The company focuses on multi-modal tactile perception and operation technology for robots, indicating strong innovation potential in the robotics field [12]

Core Viewpoint - The article discusses the evolution and competition among major Chinese internet platforms (Meituan, JD.com, and Alibaba) in the online healthcare and pharmaceutical retail sector over the past decade, highlighting their strategies, market dynamics, and the impact of the COVID-19 pandemic on their business models [1][5][8]. Group 1: Historical Development - In 2015, Meituan launched a "pharmaceutical" module in its food delivery app, marking its entry into the pharmaceutical sector [1]. - Around the same time, JD.com began building its self-operated pharmacy, expanding into the pharmaceutical retail space [2]. - The following year, Alibaba integrated its pharmaceutical business into Alibaba Health, signaling the start of the "Internet + Health" initiative [3]. - Initially, these companies expanded their product categories based on their existing business models, leading to unforeseen competition and convergence in the healthcare sector over the next decade [4][18]. Group 2: Impact of COVID-19 - The COVID-19 pandemic in early 2020 acted as a catalyst for rapid changes in the healthcare sector, increasing demand for health-related products and services [21]. - The pandemic heightened consumer demand for timely delivery of health products, prompting platforms to enhance their delivery efficiency [22]. - JD.com quickly expanded its "urgent medicine delivery" service, achieving significant coverage across cities and improving delivery times [24][27]. - Meituan established "Meituan Buy Medicine" as an independent business, signaling its serious commitment to the pharmaceutical retail market [29]. Group 3: Current Market Dynamics - By 2024, Meituan's O2O system had penetrated both urban and rural markets, with over 300 million cumulative users and partnerships with more than 250,000 retail pharmacies [54]. - JD Health adopted a multi-faceted approach with self-operated, B2C, and O2O models, reporting a revenue of 94 billion yuan from platform services in 2024, a nearly 20% increase [59]. - In contrast, Alibaba Health's revenue for the 2024 fiscal year was 270.42 billion yuan, significantly lower than JD Health, indicating a slower growth trajectory [61]. Group 4: Future Trends - The article suggests that the ongoing competition in the pharmaceutical retail sector is a precursor to broader trends in instant retail, with potential for further development in areas like medical testing and aesthetic medicine [79]. - Platforms are increasingly focusing on integrating online medical services with pharmaceutical sales, leveraging the growing demand for home testing and telemedicine [68][69]. - The future of internet health platforms will likely involve a blend of B2C and O2O models, catering to different consumer needs and preferences [66].

从流量层面来看，淘宝作为国内电商巨头，拥有海量的用户流量。淘宝闪购借助淘宝首页一级流量入口的优势，能够将庞大的淘宝用户引流至即时零售业务 中。相比之下，饿了么此前在阿里生态体系内，虽有资源支持，但流量转化效率并不高。而此次与淘宝闪购合作，直接解决了饿了么长期以来流量不足的痛 点，让饿了么的配送服务有了更广阔的施展空间。 图源：淘宝 在商品供给方面，淘宝闪购的优势同样明显。淘宝闪购通过与品牌商家城市仓、线下门店合作，打通了天猫官方旗舰店和淘宝闪购的货盘及价格。消费者在 淘宝闪购上，既能享受到电商平台的低价优势，又能体验到即时零售的小时内送达服务。饿了么以往在商品丰富度上相对美团存在一定差距，而淘宝闪购丰 富多元的品牌供给，极大地弥补了这一短板，使饿了么的配送服务可以覆盖更多品类的商品，满足消费者多样化的即时消费需求。 此外，双方在营销策略上也展现出了强大的协同效应。淘宝闪购联合饿了么推出 "免单 1 亿杯奶茶" 活动，引发了广泛关注，相关话题迅速冲上热搜，带动 多地外卖订单量激增。这一活动不仅精准地吸引了年轻消费群体，而且通过社交传播，进一步扩大了活动影响力，提升了淘宝闪购与饿了么的品牌知名度。 在即时零售的赛 ...

阿里此番入局，是一场看似攻擂实则守位的战争。面对电商市场的新战事，电商巨头们都不能输。 阿里入局 美团与京东在即时零售市场战得正酣，阿里也不再旁观，躬身入局。 作者 | 王小娟 编辑 | 周智宇 今年的即时零售市场本就烈火烹油，随着阿里下场，这个赛道已然呈现出三巨头"血拼"之势。 5月5日，海报还没有来得及做，饿了么就发布了卷入外卖大战队的战报。当天，来自淘宝闪购的单日订单已突破1000万单，有39座城市的饿了么外卖订单 量，突破了历史单日峰值。此时距离淘宝闪购业务正式上线仅6天。 很明显，这一轮各家盯上的，不只是外卖这项利润率并不高的苦生意。毕竟，美团的外卖业务净利润率为2.8%，饿了么至今尚未盈利。此时混战，各家是 希望通过外卖这一高频刚需的业务，撬动整体的即时零售业务。 这项业务也被视为未来几年，电商市场新的增长方向，也是阿里和京东不得不加码的方向。毕竟，此消彼长间，传统电商的订单也可能会被即时零售抢去。 4月30日，饿了么正式开启"饿补超百亿"大促；同日，淘天集团旗下的即时零售业务"小时达"正式升级为"淘宝闪购"，在阿里月活4亿的APP淘宝上拥有了"闪 购"一级流量入口，上线全国不少城市。 奋战几天后 ...