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19元的奶茶,商家到手仅1.69元!大额补贴成本谁买单?
第一财经· 2025-07-16 03:30
Core Viewpoint - The ongoing subsidy war among food delivery platforms is creating a low-price environment for consumers, but the burden of these subsidies is not solely borne by the platforms, as merchants are also facing challenges in profitability and sustainability [2][4][10]. Group 1: Impact on Merchants - Merchants are experiencing a decline in profit margins due to high subsidy costs, with some orders resulting in losses despite increased order volumes [5][7]. - A specific example shows that a drink priced at 19 yuan had a merchant subsidy of 6.4 yuan and a platform subsidy of 9.6 yuan, leading to a final revenue of only 5.99 yuan for the merchant after deducting delivery fees and platform commissions [5]. - Merchants are often left without pricing power, as subsidy rules are set by brand headquarters in collaboration with platforms, leading to confusion among staff regarding the subsidy structure [5][8]. Group 2: Consumer Behavior - Consumers are benefiting from significant discounts, with some even opting to place takeout orders while dining in-store due to lower prices [8][9]. - The availability of extreme discounts, such as 0 yuan coupons, is driving consumer behavior towards lower-priced options, which may lead to a long-term dependency on low prices [9][10]. Group 3: Industry Dynamics - The subsidy war is intensifying the "Matthew effect" within the industry, where larger brands with better negotiation power can capitalize on increased traffic, while smaller or newer brands may struggle to cope with the surge in orders [9]. - Analysts suggest that the long-term reliance on subsidies is unsustainable for most brands, particularly smaller merchants, and emphasize the need for brands to develop membership systems and digital supply chain solutions to reduce dependency on subsidies [9]. Group 4: Calls for Regulation - The restaurant industry association in Guizhou has called for an end to extreme subsidy practices, citing that such actions lead to a chaotic market environment and threaten the viability of many businesses [10].
19元的奶茶商家到手仅1.69元!外卖大战的补贴成本谁在买单
Di Yi Cai Jing· 2025-07-16 02:54
Core Viewpoint - The ongoing subsidy war among food delivery platforms has led to increased order volumes but has also resulted in reduced profit margins for merchants, raising concerns about reliance on low prices after subsidies are withdrawn [2][10]. Group 1: Impact on Merchants - Merchants are experiencing a mixed bag of outcomes from the subsidy war, with some reporting significant increases in order volume but lower overall revenue due to high subsidy costs [5][10]. - Specific examples show that merchants are often left with minimal profit after accounting for subsidies, delivery fees, and platform commissions, leading to situations where they may even incur losses on certain orders [5][8]. - The subsidy structure is typically negotiated between brand headquarters and platforms, leaving individual stores with little control over pricing and promotional strategies [6][10]. Group 2: Consumer Behavior - Consumers are benefiting from substantial discounts, with some promotions offering zero-cost options for self-pickup, which has led to increased order volumes [2][10]. - The price-driven nature of consumer behavior raises concerns for brands about sustaining sales once subsidies are removed, as customers may become accustomed to lower prices [10][11]. Group 3: Industry Dynamics - The subsidy war is intensifying the competitive landscape, favoring larger brands with better negotiation power while potentially overwhelming smaller or newer brands [11]. - Analysts suggest that the long-term reliance on subsidies is unsustainable and that brands should focus on building membership systems and digital supply chains to reduce dependency on price cuts [11][12]. - A recent call from a local restaurant association highlighted the negative impact of extreme subsidy practices on market order and the operational viability of many businesses [12].