文｜象先志 京东的二季度财报确认了一个事实，2025的外卖大战是中国互联网历史上烈度最高的商业竞争。 高达147亿元的季度亏损，意味着仅仅京东外卖，年化亏损总额也会超过阿里宣布的500亿投入。 当然，京东的新业务里面不只包含外卖，但毫无疑问这部分亏损贡献了主要比例。 财报发布前，CEO许冉接受媒体专访表示，外卖市场存在泡沫，恶意补贴没有模式创新，并不产生增量价值，只会打乱价格体系，造成商家困扰，京东不会 参与。 事后来看，这更像是财报发布前京东搞的前瞻指引，只为做些舆论缓冲。 财报新闻稿里，京东声称新业务健康发展并已达成初期战略目标。 业绩电话会上，管理层说外卖与核心电商业务产生协同价值，符合最初预期。 我们当然不知道刘强东决定下场做外卖时，到底设置了什么战略目标，又具体树立了哪些预期。 我们可以确定的，是半年前的这些目标和预期，一定不是今天的目标和预期。 如《象先志》在此前曾提到的，京东当下面临的已是骑虎难下的局面。 外卖市场规模能在短期内被各方补贴从1亿单抬高了2.5亿单，证明外卖消费者属极度价格敏感型群体，谁给钱多跟谁走，补贴就是王道。 京东外卖当下或许还谈不上失败，但已然在酝酿败局。 而这，已经是刘强 ...

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]