Instant retail Three Kingdoms killing: Meituan supplement, Ali collaboration, JD.com drainage

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Author 丨 Gu Fu

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"We firmly believe that the final situation of the retail industry is all things to come home." Wang Xing, who has always emphasized that the business -free border, has solemnly drawn the future of the retail industry. For this final battle, Meituan adjusted the corporate strategy from the "Food + Platform" proposed three years ago to "retail + technology".

From serving e -commerce to physical e -commerce, Meituan's understanding of retail is instantly satisfied.

Based on the local living community, all the supermarkets, pharmacies, fruit shops, flower shops, pet shops, mother and infant shops, service shops, beauty shops, etc. in supermarkets, pharmacies, fruit shops, flowers shops, pet shops, mother and infant shops, service shops, and beauty shops are all circled, and then the surplus capacity outside the peak of three meals is , Make a retail business for 30 minutes.

In this logic, the instant service capability + offline physical cooperation stores have become a spear for Meituan to attack traditional e -commerce. In order to forge this spear, Meituan's strategic losses in a year are close to 40 billion.

As the guardians, the traditional e -commerce platforms mainly based on Ali and JD.com have not been idle.

Ali has upgraded the organizational structure in 2021. In the architecture adjustment, the three major businesses (Gaode, Hungry, Flying Pig), which will be based on geographical location services, form a living service sector.

Through the new model of plate -based governance, consolidate and improve the organization and collaboration in the new retail field, thereby improving the customer service experience. Compared with Wang Xingwan's strategic view of retail the final retail at home, Ali obviously emphasizes organizational ability.

As early as 2015's speech, Zhang Yong once believed that all commercial competition would become organizational competition in the end. It is Ali's response to Meituan's attack on physical e -commerce.

JD.com focused on three adjustments.

First of all, on the entrance side, the entrance to the previous JD.com and JD.com, etc., re -integrate it into "hours" to form a unified brand for consumers; on the performance side, further consolidate the distribution capacity, complete the Dada's Dada Increasing holdings; on the innovation side, JD.com New Department Stores are located nationwide, while testing in some cities in some cities.

With the full end of the mainstream platform, the real -time retail of the market growth verification period also came to the midfield stage of the platform economy. At this stage, it has become a demand for demand, and the scale effect has once again become the focus of platform competition.

When the competition begins to emphasize the scale effect, the performance level is no longer just faster distribution, but has become a full -scale and instant service capabilities involving warehouse picking, commodity richness, and distribution efficiency. This real -time retail killing that emphasized the "fast" word that emphasized the word "fast" was finally returned to the traditional retail product relationship represented by the balance of "more and good province".

01 Meituan Makeup: Forces "Duo" word tactics

In Meituan's meeting report, real -time retail translation was translated to everything now. With Now as the core expression of real -time retail performance capabilities, Meituan, which is based on the reuse of local living capabilities, is intended to emphasize the near -field e -commerce company than Ali and the retail of JD.com.

Fast delivery capabilities are the strong entry point of Meituan from serving e -commerce to physical e -commerce. Therefore, on behalf of Meituan non -meal business, the flash purchase business, as of the end of 2021, covered 2,800 counties and cities, GMV reached 81.4 billion yuan, an increase of 66%year -on -year, and the number of users was more than 2.36 million than the same industry competitors.

But more users and more orders do not mean higher profits.

According to the estimates of the Zhejiang Business Securities on the U.S. Group's flash purchase UE (single economic model), the average loss of each single in 2021 was approximately 2.88 yuan. Although the average losses of about 4 yuan in 2020 have narrowed, the UE model that reduces losses and improves the flash purchase business is still the main problem that Meituan will solve.

From takeaway catering to physical e -commerce, in the real -time retail track, Meituan needs to solve the problem of the goods: one is the shallow inventory of the single store, and the other is the expansion category under the limited brand and product.

According to the UE model of real -time retail, in the 1.0 era, the daily prefectures under the direct -operated model are subject to limited fresh fresh categories. In the end, it is difficult to increase customer unit price and end losses.

When Meituan initiates the real -time retail 2.0 of all things at home in the platform model, and in addition to the reuse of the performance of takeaway, whether it can establish a sufficient warehouse in the same city to improve the richness of the category and determine whether it can form a scale effect in the end.

At the 2021 Meituan Flash Purchase Digital Retail Conference, it was announced that it would launch the "Billion Brand Growth Plan" for brand vendors and the "Action of Baicheng Wandian" for chain -oriented chain. The transaction value of flash purchase exceeded 1 billion yuan.

Reach cooperation with more offline physical stores to increase the number of cooperation between non -food business merchants on the platform, which can obviously bring more goods to the platform on the supply side.

Taking a chain convenience store as an example, in the period of high -speed growth of instant retail, public data shows that the demand -side real -time retail market size increased from 83 billion in 2019 to 151 billion in 2020. 11%to 73%.

Fast delivery speed (30-60 minutes) reaches the ceiling, and more goods are becoming the main factor in the rapid growth of the driver's instant retail market.

Rich products are rich, and the land push capacity of the US group catering business has been reused to more non -catering business online platforms. The essence is the same as the catering business. In addition to the cooperation of offline stores, lightning warehouses that only do online business are also another way for Meituan to supplement the rich commodity. As an innovative business for the incubation of Meituan, the lightning warehouse is mainly built through the method of franchise cooperation and the merchant. It is positioned as a 24-hour online convenience store and operates 3000-5000 SKUs. Tail products such as swimsuits.

Different from traditional offline convenience stores, lightning warehouses mainly focus on takeaway operations. Focusing on online services, SKUs are more and different structures. The main categories do not include fresh freshness. Non -self -employed.

As of June 2022, Meituan Lightning Warehouse has covered more than 100 cities across the country, with more than 500 cooperative merchants and more than 1,000 merchants. According to media reports, the Meituan Flash Purchase plans to open 10,000 lightning bars from 2022-2024, and support more than 200 revenues of over 100 million merchants.

According to this growth rate, Meituan is clearly replenished by a similar way to setting up a front position model to quickly replenish the ability of the investment promotion to increase the ability of the goods to improve the product structure and supplement the richness of the product.

However, some people in the industry believe that it is also a faster way to acquire companies with existing front warehouse resources.

According to Tencent News, Tencent in 2019 has matched Meituan to acquire daily freshness, but at that time, the fresh e -commerce track was like the sky, and the two parties did not talk about it. At present, the fresh e -commerce track is cold, and it has fallen to almost delisting after the day after listing, and even the news of privatization was even reported before.

At this time, if you acquire Daily Youxian for Meituan, you can supplement the front warehouse resources, and the latter can also be separated from the dilemma to join the new track of real -time retail.

But this potential merger and acquisition is not optimistic at present. Close the 9 -city front warehouse business in 3 days, and only the rapid shrinking rhythm of 4 cities. How much can the daily fresh front warehouse resources be reused?

02 Ali collaboration: hard to see the master's bone

The Meituan, which serves the transformation of e -commerce, mainly emphasizes the ability to supplement more goods during the outbreak of the midfield. Ali emphasizes the collaboration of each section for instant retail.

Adhering to the idea of ​​operating a plate of goods nationwide, Ali's instant retail is not short of goods. At the same time, it has a 30 -minute rendering (Hummingbird) and half -day (based on the rookie system) in the performance capacity.

But for Ali, the richness of resources does not represent the powerful combat power. The lack of the backbone is becoming a manifestation of Ali without the main force in the real -time retail track.

According to media reports, retail sales are divided into "regional retail, local retail, and city retail" within Ali. The retail business group in the same city.

Theoretically, local life with people -centered 3 kilometers is the main force that can match the real -time retail track.

However, after being hungry, after getting out of the take -out catering business, Ali's local life business began to show the state of travel business mainly based on Gaode maps, flying pigs -based wine travel business, and hungry catering takeaway business.

Under the disadvantage of the takeaway catering business, it is really difficult for the Ali Local Local Living service sector to pull out the main force that can be touched with Meituan.

It is upgraded by the Tmall Supermarket Business Group. The retail business group established in April 2020, the business includes Tmall Supermarket, Tao Xianda, and local life (hungry) new retail business. From the perspective of resource synergy, it is undoubtedly the best choice for the main force of real -time retail.

Among them, Tmall Supermarket, which is positioned as a local life online retail supermarket, launched the last mile battle after the strategic upgrade in 2019; the real -time retail e -commerce platform of "Supermarket Products Call" is also incorporated into the sky in the same year. Cat supermarket business group; new retail business that is hungry is the supermarket retail business launched on the new retail strategy after completing the acquisition.

Although the three have been collaborated for a long time, it seems difficult to say that the three have formed an effective synergy. On the competitive side, even if internal reforms are coordinated, it still has not become a resistance to the Meituan real -time retail business. In terms of internal performance, it is difficult to be called ideal.

Taking Tao Xianda as an example, Ali had been pushed to the cusp in the incident in the incident of "female employees who was violated by male bosses" and accused of market share in a weak position.

In Ali's financial report, which was recently appeared, it was found that as of March 31, 2021, in addition to Gaoxin Retail, Tao Xianda helped 42 retail chain supermarkets to open online stores, provided services in 145 cities in China, and helped exceed more than more than more In 168 retail chain, supermarkets realize digital marketing projects.

According to the performance in the financial report, the number of cooperative merchants and the number of urban services provided is different from Meituan and JD.com. Not only that, although it is positioned as a real -time retail e -commerce platform, the main core capabilities of Tao Xianda are to help traditional businessmen to achieve digital transformation in the back end, and there is no advantage in the front -end performance service and user traffic operations.

To a certain extent, Tmall supermarkets, Xianda, and hungry new retail business are all the products of the internal horse racing period of Ali's new retail business. With the fall of the new retail air outlet, the internal organizational reform was integrated and upgraded to the same city retail business group. However, as a product of historical relics, how to find a strong main line leader in business collaboration, there is no answer at present. 03 Jingdong Destroy: Migration of traffic from low -frequency to high frequency

In terms of instant retail, JD.com is mainly based on Jingdong to home. The performance capacity is mainly based on the third -party takeaway invested by the group. The ability of the goods is mainly based on the JD.com self -operated commodity system.

In 2021, JD.com re -integrated all the real -time retail business of the group and united its Dada for release hours, becoming a unified brand for consumers.

After the upgrade, at the product level, consumers can choose products with hourly purchase labels according to the positioning when shopping at JD.com, which will be shipped 3-5 kilometers around the user POI and will be delivered within 1 hour.

At the business level, JD.com was purchased on the basis of JD.com's access to merchants to further link more commodity categories.

In terms of organizational capabilities, according to media reports, in March of this year, JD.com's Tongcheng Purchase Business Department was established, integrating JD.com to home, former JD Retail omni -channel to home business department. The task is to expand a variety of business scenarios from home and stores. The business department is independent of other business groups and is the head of the vice president He Huijian.

After the adjustment, JD.com is not short of stock, distribution, and organizational business. However, compared with Meituan and Ali, JD, which lacks local living business, the traffic path in instant retail is low -frequency and high -frequency, and more traffic has become the main point.

The first is the adjustment of the product side. After the release of JD.com ’s purchase business last year, the traffic entrance of the same city retail business was launched on the JD Main APP, and it was tied as the“ near ”channel with the homepage.

Secondly, in the innovation business, according to "Late LatePost", JD.com is about to test water for food and beverage. It is rolled out through the JD.com APP. Dada is responsible for distribution. This business will be responsible for the catering business department under Jingdong City. Through the entry of high -frequency businesses such as takeaway, it will migrate from low -dimensional to high -frequency traffic.

Finally, after the long -distance running of the traffic resources with Tencent eight years, on June 29 this year, JD.com and Tencent renewed the three -year strategic cooperation agreement.

WeChat continues to open the door to JD.com, while JD.com is rewarded with a generous consideration, including the issuance of a category of Class A with a maximum value of 220 million US dollars. After the news was announced, JD.com's stock price rose nearly 2%against the trend, and many institutions such as Goldman Sachs gave buying rating.

At the moment when the traditional e -commerce era was basically ended, JD.com once again renewed Tencent. Some analysts believe that on the one hand, it is to continue to consolidate the basis of traffic entrances. On the other hand, in the competition of instant retail First.

It is foreseeable that although the final victory and defeat of the final retail, it has not yet known, but it has come to the midfield stage. Whether it is the initiator Meituan, or the guardians Ali and JD, they all do their best without exception.

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