Core Viewpoint - Community group buying has been recognized as a significant failure in the internet industry, with major players incurring substantial losses and ultimately leading to a rapid decline in the sector's viability [1][3]. Group 1: Industry Overview - The community group buying sector experienced explosive growth in 2020, followed by a swift decline, with major companies like Meituan and Pinduoduo reporting cumulative losses exceeding 80 billion yuan from 2020 to 2024 [1][3]. - Major players such as Meituan, Pinduoduo, Alibaba, and Didi invested heavily in community group buying, with Alibaba's Taocai Cai reportedly spending at least 20 billion yuan to secure a top market position [4][3]. - The community group buying model was initially seen as a cost-effective alternative to traditional retail, with lower prices and reduced delivery costs compared to other models like front warehouses [6][8]. Group 2: Business Model Analysis - Community group buying utilized a "next-day delivery + self-pickup" model, significantly reducing operational costs compared to traditional delivery methods [6][4]. - The model aimed to streamline supply chains by minimizing intermediaries, reducing markup rates from 45% to below 20% [8]. - Despite its initial promise, the community group buying sector faced challenges such as high operational costs, limited profit margins, and regulatory scrutiny, leading to a decline in market viability [10][14]. Group 3: Market Dynamics - By mid-2022, Pinduoduo and Meituan held a combined market share of 76%, but both companies shifted focus towards reducing losses rather than aggressive competition [12][14]. - The community group buying sector's struggles were exacerbated by the rise of instant retail, which offered a more efficient and profitable alternative, leading to questions about the future viability of community group buying [22][24]. - Instant retail's market size reached 650 billion yuan in 2023, significantly overshadowing community group buying, which faced increasing competition from established players like JD and Alibaba [22][24].

Core Viewpoint - JD.com's Q2 financial report confirms that the food delivery battle in 2025 will be the most intense commercial competition in the history of China's internet [1] Financial Performance - JD.com reported a quarterly loss of 14.7 billion yuan, indicating that the annualized loss from its food delivery segment alone could exceed Alibaba's announced investment of 50 billion yuan [2] - The report suggests that while JD.com has other new business segments, the food delivery losses are a significant contributor to the overall financial performance [3] Strategic Insights - CEO Xu Ran indicated in a pre-report interview that the food delivery market is experiencing a bubble, with malicious subsidies disrupting the pricing system and not creating incremental value, leading JD.com to refrain from participating [3] - The management stated that the food delivery business is generating synergistic value with its core e-commerce operations, aligning with initial expectations [5] Competitive Landscape - The food delivery market has seen a rapid increase in order volume from 100 million to 250 million, highlighting the extreme price sensitivity of consumers who follow subsidies [9] - If JD.com continues to engage in a direct competition with Meituan and Alibaba's Taobao Flash Sale, it risks significant financial strain due to the high efficiency and funding of its competitors [9][10] Leadership Dynamics - The article discusses the challenges faced by JD.com under the leadership of founder Liu Qiangdong, who has increasingly taken on a hands-on role in operations, reflecting a lack of a strong second-in-command [12][44] - Liu's return to a more active role in management has been marked by significant personnel changes and direct involvement in various business strategies, including food delivery [36][42] Market Positioning - JD.com aims to reshape its pricing strategy to compete effectively against rivals, emphasizing the need for a robust third-party merchant ecosystem [21] - The company has set a target for third-party sales to eventually account for 60% of its business, but current growth rates suggest that achieving this goal will require substantial increases in third-party revenue [26] Conclusion - The ongoing struggles in the food delivery sector reflect broader challenges within JD.com, as it navigates intense competition and seeks to redefine its market strategy while grappling with leadership dynamics [10][44]

以下文章来源于螺旋实验室 ，作者螺旋君 螺旋实验室 . 公众情绪瞭望者 将投中网设为"星标⭐"，第一时间收获最新推送 社区团购的兴衰只是"新商业"的其中一页。 作者丨 追命 编辑丨 坚果 来源丨螺旋实验室 曾几何时，社区团购作为一种新兴的零售模式 ，瞄准了 邻里社交与生鲜电商结合的 新机遇，成为 了各大 资本竞相追逐的热点 ， 堪比当年的 "百团大战"。 不过，社区团购的风口并没有维持太久。 2020年开始，一批社区团购创业公司陆续关停，仅剩下拼 多多、美团、阿里等大厂仍在坚持，但投入力度也大不如前。 近日， 阿里旗下 的 淘宝买菜 也 正式宣告退出社区团购赛道，转而聚焦 "直发到家"的快递电商模 式。至此，社区团购市场仅剩美团优选与拼多多旗下的多多买菜双雄对峙 。 大厂们 试图用资本与技术重塑生鲜消费链路， 最终 却 集体遗憾退场，如今的 社区团购 ，还是不 是一门 "好生意"？ 下沉市场的"探路棋" 2018年，社区团购生意迎来高峰，彼时 全国 有 超过 300家社区团购平台 ，一边是阿里、拼多多 等大厂阵营；另一边则是 以兴盛优选、十荟团 等为代表的 创业公司。 根据报道， 彼时真格基金、高榕资本等知名 ...

Core Insights - Community group buying, once a hot retail model, has seen a decline with major players like Alibaba's Taobao Mai Cai exiting the market, leaving only Meituan and Pinduoduo as the remaining competitors [1][3][14] - The initial boom in community group buying in 2018 saw over 300 platforms and significant investment, but the market has since contracted due to unsustainable business models and high operational costs [3][7] - Major companies initially invested heavily in community group buying to capture the lower-tier market, but the strategy has proven to be costly and ineffective in generating stable profits [5][6][8] Market Dynamics - In 2018, community group buying attracted 4 billion yuan in funding, with an average investment of 150 million yuan per company, indicating strong initial interest from investors [3] - The competition intensified as companies like Alibaba and Pinduoduo engaged in aggressive market capture strategies, leading to significant financial losses for many players [5][7] - By 2023, major companies began to scale back their community group buying operations, with Meituan's losses reaching 73 billion yuan over four years, highlighting the unsustainable nature of the business [8][12] Operational Challenges - Community group buying relies on "extreme low prices," but the cost structure, including sorting, delivery, and commissions, makes it difficult to maintain profitability without substantial subsidies [8][11] - The role of group leaders is critical, but their income has decreased significantly, leading to reduced service quality and customer engagement [11][12] - Companies like Meituan and Pinduoduo are adapting their strategies to enhance service quality and profitability, with Meituan focusing on a "husband-and-wife store + dedicated BD" model [12][13] Strategic Shifts - Alibaba's exit from community group buying does not signify a complete withdrawal from the retail space, as it continues to focus on direct delivery models to retain customer engagement [14] - The shift towards digital empowerment and supply chain efficiency reflects a broader trend among major companies to prioritize sustainable growth over aggressive market capture [17] - The evolution of community group buying illustrates a transition from rapid expansion to a more mature, collaborative approach within the internet ecosystem, emphasizing the importance of core competencies and synergies [17]