Core Viewpoint - The ongoing competition in the food delivery and instant retail market has intensified, with major platforms like Meituan, Taobao, and JD launching aggressive subsidy campaigns to attract users and increase order volumes [2][14][18]. Group 1: Market Competition - Meituan reported a record order volume of 1.5 billion for instant retail as of July 12, indicating strong market performance [2][16]. - Taobao's flash sales have seen significant user engagement, with daily active users exceeding 200 million and a focus on high-frequency consumer categories [2][15]. - JD has shifted its subsidy strategy to focus on high-value food items like meals and crayfish, contrasting with other platforms that emphasize beverage subsidies [2][18]. Group 2: Rider Earnings - Riders on platforms like Meituan and Ele.me have experienced substantial income growth, with weekend earnings increasing by 111% and order volume rising by 33% in July [5][3]. - Many riders reported daily earnings exceeding 800 yuan, benefiting from peak order volumes during the subsidy wars [3][5]. Group 3: Merchant Challenges - Despite increased sales due to subsidies, many merchants face profit challenges, with some reporting that increased order volumes do not translate to higher profits [9][12]. - Merchants are often required to share the cost of subsidies, leading to situations where they experience increased sales but reduced margins [12][13]. Group 4: Consumer Behavior - The consumer response to subsidy campaigns has varied by region, with riders in lower-tier cities reporting lower order volumes and subsidies compared to those in major cities like Shanghai and Hangzhou [8]. - The effectiveness of promotional strategies, such as "0 yuan purchase" offers, has been noted, with varying levels of participation and success among different merchants [16][17].