血脉偾张的竞争，最终反馈到"血淋淋"的财务报表上。京东、美团相继披露二季度财报，美团经调整净 利润为14.9亿元，同比下滑89%；京东归属股东净利润62亿元，同比下滑50.8%。 巨额补贴为主要特征的外卖大战，给企业带来数十亿乃至百亿级别的利润下滑，业内早有预料，答案揭 晓依然触目惊心。有些成本支出契合产业生态，比如骑手社保权益、商家佣金减免。但更多的补贴和花 销，大抵归类在平台非理性竞争策略。 补贴是平台竞争的显学，历史经验同样告诉我们，在对手倒下之前，"烧钱"策略没有赢家。二季度利润 不佳，持续受非理性竞争的影响，美团预计核心本地商业三季度会出现较大规模的亏损。 从市场感知来看，在监管部门三令五申以及各大平台表态的当下，外卖大战里那些夸张的"零元购"越来 越少，裹挟商家以壮声势的手段逐渐消失，但美团、京东、阿里都不会停下在即时零售圈地的步伐。 圈地，意味着真金白银甚至不计成本的投入。 过往数年，互联网行业竞争进入下半场是认知主旋律。主流平台拥有了数亿用户，并建立了相对稳固的 细分市场护城河。互联网人口规模的红利被描述为"不再重要"，单个用户收益、投入产出比、利润率是 每个大平台心里的"小九九"——这几乎是 ...

2025年7月初，杭州拱墅区，运河公园。 闪电仓老板老杨，尾随着骑手小哥在公园里紧张地寻找着闪购订单上的主人。 这是盛夏凌晨两点钟杭州市政公园，能发声的除了他们俩，只有知了、蚊子跟它们家亲戚。而此刻两个人身上扛着订单要求的货品居然是八把户外椅。 老杨解释自己去现场的原因，一方面主要是担心订单配送地点没有具体门牌号和更详细的位置，还是户外公共区域，骑手一旦找不到客户，客户又说自己 没拿到货，搞个"仅退款"，这会引发平台客户骑手说不清的第三方纠纷。 另一方面老杨也是好奇，都这么晚了，还有人一次下单买这么多椅子着急送到这个地点，客户是要干嘛。 一个小时后，老杨气呼呼地回来了，嘴里还骂骂咧咧的：他妈的，居然是一帮偷钓的。 简单概括老杨在前置仓里过去小十年的买卖，特别像女神小甜甜甩给舔狗之一的经典话术： 她慢热，要用我的时间和实际行动来慢慢证明一切。 可时间就是金钱，小甜甜早已变成了牛夫人，老杨的女儿今年都十岁了！10后成为这轮补贴大战中狠薅京东、美团、淘宝闪购羊毛，下单一堆奶茶外卖的 目标客群。 所见即所得，所想即所享。 前置仓生意这个不入流的称呼已经改名换姓，"闪购"成了今天中国最炙手可热的电商项目。 据朱思码记独 ...

Core Insights - Taobao and Ele.me announced a daily order count exceeding 80 million, with non-food orders surpassing 13 million, and Taobao's flash purchase daily active users exceeding 200 million, showcasing the aggressive strategy of Jiang Fan [1][3] Group 1: Business Strategy - Taobao's flash purchase program, launched with a 10 billion subsidy and an additional 50 billion, is projected to consume 75% of Alibaba's net profit for 2024, indicating a bold move by Jiang Fan and Alibaba [3] - Jiang Fan's approach emphasizes decisive actions without excessive verbal commitments, focusing on substantial resource mobilization within ONE ALIBABA to drive a comprehensive company-wide campaign [3][4] - The integration of marketing and user retention strategies in Taobao's flash purchase is highlighted as a systematic approach, contrasting with competitors' short-term tactics [3][4] Group 2: Competitive Landscape - The flash purchase initiative is seen as a response to competitive pressures, particularly from JD.com, which has spurred a sense of urgency in the industry [7][10] - The competition is not merely about subsidies but revolves around customer retention, with the need for a shift in user habits being crucial for long-term success [7][10] - The ongoing flash purchase battle is expected to continue, with significant implications for market dynamics and user engagement strategies [8][11] Group 3: Organizational Dynamics - Jiang Fan's leadership is fostering a renewed sense of confidence within Alibaba, emphasizing a narrative of capability and resilience among employees [5][6] - The organizational structure and resource allocation are critical in the flash purchase competition, with the ability to mobilize resources effectively being a key determinant of success [12] - The role of Tencent's ecosystem is highlighted as a significant factor in determining the future of the flash purchase market, influencing which company gains a competitive edge [11]

Core Insights - The perception of online shopping speed has changed, with consumers feeling that delivery times have slowed despite actual improvements in logistics efficiency [1][2] - Major platforms are heavily investing in instant retail, with significant subsidies and promotional activities aimed at enhancing consumer experience and stimulating demand [2][3] Industry Trends - Instant retail is rapidly becoming a central battleground for major e-commerce players, with platforms like Meituan and JD.com reporting substantial growth in their instant retail segments [3][5] - The daily order volume in China's instant retail market has surged from approximately 100 million to 160 million in just three months [4] Consumer Behavior - Consumers are increasingly favoring instant retail options over traditional e-commerce, leading to a decline in the appeal of major shopping festivals like Double Eleven and 618 [11][18] - The 2024 618 sales event saw a 7% decline in total sales compared to the previous year, indicating a shift in consumer purchasing habits towards immediate gratification rather than bulk buying [13][18] Competitive Landscape - Major platforms are adopting aggressive strategies to capture market share in instant retail, with significant subsidies and promotional offers to attract consumers [2][10] - The competition is intensifying, with platforms like Taobao, JD.com, and Meituan expanding their instant retail offerings and enhancing delivery capabilities [20][21] Future Outlook - The instant retail sector is projected to continue growing, with estimates suggesting it could exceed 2 trillion yuan by 2030, driven by a growing user base and evolving consumer preferences [10][18] - Traditional e-commerce events may transform into instant retail showcases, reflecting the changing dynamics of consumer shopping behavior [18][19]

京东、美团、阿里在新战场相聚。 文 丨 管艺雯 编辑 丨 黄俊杰 据我们了解，在 4 月的最后一天，阿里将淘天旗下即时零售业务淘宝 "小时达" 升级为淘宝 "闪 购"，先在 50 多个城市上线，并将在 5 月 6 日覆盖全国。 升级后，最重要的变化会集中在三个方面：消费者侧，淘宝闪购将联合饿了么共同补贴，规模 超过百亿元，提供免单、大额优惠券等；供给侧，饿了么的供给面向淘宝闪购全部开放，也包 括餐饮外卖，此外，结合淘天在品牌电商商家的优势，与它们的城市仓、线下门店合作设立品 牌即时零售旗舰店，目标是首先覆盖 200 家核心连锁品牌；组织侧，淘系内部所有和即时零售 相关的业务将由淘宝闪购全面负责，饿了么全力协同。 我们在去年底曾分析 ：做外卖的美团和阿里京东等电商公司，看似在不同赛道，但最终都会进入同一 个战场 —— 如今，这个战局已经到来。 美团从送外卖扩展到送酒送菜送衣服送电子产品，在全国招纳零售商家设置闪电仓。阿里和京东则试 图从远距离的全国电商配送拉近到一个城市内。现在即时零售一致变成了这三个零售平台的第二条增 长曲线，竞争变得直接、激烈。 据我们了解，淘宝闪购原计划 618 大促期间上线，五一假期开始 ...