The year before last165438+1October 4th, Alibaba's share price dropped by 8. 13% due to the suspension of IPO announced by Ant Financial. On July 2 last year, the Cyber Security Review Office conducted a cyber security review of Didi Chuxing, and Didi's share price closed down by 5.30%.
In contrast, Meituan's share price is not only incredible, but also the reasons for the decline are a bit confusing. Its share price plummeted because the National Development and Reform Commission and other departments 14 jointly issued "Several Policies on Promoting the Recovery and Development of Difficult Services Industries" (hereinafter referred to as "Policies").
For catering, retail, tourism, service and other industries, the Policy has introduced a number of relief support measures, including fiscal and taxation policies, employment support, rent reduction and exemption, and financial support. Since the outbreak of the epidemic, restaurants, restaurants, travel agencies, etc. have suffered obvious damage. At this time, the joint policy of multiple departments has undoubtedly given the industry a shot in the arm.
According to the truth, Meituan serves the catering industry. When the catering industry is getting better and better, Meituan should be better. Why did its share price plummet because of the great benefits of the catering industry, and why did the good news of the industry become the bad news of the US Mission? Has Meituan stood on the opposite side of the catering industry?
"trouble" Committee
After careful analysis, we can find that one of the "policies" directly refers to the "life gate" of Meituan-guiding Internet platform enterprises such as take-out to further reduce the service fee standards of catering merchants and reduce the operating costs of related catering enterprises. Guide internet platform enterprises to give preferential service fees to catering enterprises in county-level administrative areas where epidemic areas are located. "
Seeing this, I understand that the original capital market is worried that lowering the service fee of merchants will affect the long-term revenue of Meituan in the future. So, why is the business service fee so important to the US Mission?
Because this part of the income accounts for half of the US Mission. In the third quarter of 200212002, the revenue of Meituan was 48.829 billion yuan, including 26.485 billion yuan for food and beverage. In addition, the total commission income of Meituan in the third quarter was 2.310.28 billion yuan, of which the commission income of food and beverage take-out was/kloc-0 1.8255438+0.8 billion yuan. In other words, takeaway accounts for 54% of Meituan's revenue, commission income accounts for 69% of takeaway, and takeaway commission accounts for 79% of Meituan's overall commission income.
As a platform, Meituan connects a large number of consumers at one end and offline businesses such as restaurants, hotels, KTV and massage shops at the other end. Meituan charges merchants by bringing traffic and orders to them. There are two main categories: one is the take-out of the US group, the brand exposure of public comments, preferential activities, similar to Taobao's "through train", and the other is the transaction commission. The restaurant must pay a sum of "money" to the Meituan for every order it sells in the Meituan takeaway.
Before the "Policy" was promulgated, the controversy about the high commission and high commission of Meituan never stopped. In April 2020, Guangdong Catering Service Industry Association issued a negotiation letter to Meituan, saying that Meituan platform "newly opened catering merchants' commission is as high as 26%, which has greatly exceeded the threshold endured by the majority of catering merchants." At that time, catering associations in Yunnan, Chongqing, Shandong and other provinces and cities also called on the US delegation to reduce the commission.
In March, 20021,the All-China Federation of Industry and Commerce submitted the Proposal on Strengthening the Coordination of Anti-monopoly Supervision of Food and Beverage Takeaway Platforms and Reducing Commissions. According to the proposal, catering enterprises can accept the commission of the take-away platform in the range of 10% to 15%, but the actual commission is often higher than this ratio.
Angry, in May of 20021year, Meituan had to adjust the commission rate: from the original fixed rate 17%-22% to an irregular commission based on the time of ordering, delivery distance and unit price of meals. However, the situation of the merchants does not seem to have changed much.
In September, 20021,in a report in Qilu Evening News, Mr. Jiang, the owner of the breakfast shop who joined the US Mission, said, "We just joined the take-away, but I didn't expect a single order to be about 22%." Mr. Pang, the owner of another rice noodle shop, said, "The platform (Meituan) is 23%. For example, this single customer actually paid 2 1.7 yuan, and my actual income was only 1 1.06 yuan, almost 50%. " Mr. Pang also needs to pay promotion fees ranging from 16-40 yuan every day.
When the industry generally improves, a high percentage of commission is acceptable. However, in the past two years, affected by the epidemic, the catering industry has entered a cold winter, and big brands such as Haidilao and Xibei have a hard time, not to mention using small restaurants on the street, and closing stores everywhere. According to the latest data from June 5438+1October 65438+July of this year by the National Bureau of Statistics, in February 20021year, the national catering revenue was 484 1 billion yuan, down 2.2% year-on-year. The national catering revenue in 20021year was higher than that in 2020 and 20 1 year.
The catering industry has struggled to recover to the pre-epidemic level, but Meituan has soared all the way, and the growth seems to be very easy: in 2020, the revenue 1 148 billion yuan, and the food and beverage take-away income increased by 2 1% to 66.3 billion yuan. By 20021,in the first three quarters alone, Meituan's revenue exceeded129.5 billion, and its food and beverage take-out revenue exceeded 70 billion, both exceeding the whole year of 2020, which were 20 1.33 times and 1.28 times respectively.
Under the situation that high commission has been criticized, the better the US delegation, the more it can highlight the difficulties of the industry, and the more it will attract criticism.
The difficulty of the US Mission
The stock price plummeted, exposing two dilemmas that Meituan is falling into.
One is word-of-mouth dilemma. The bigger the scale, the worse the reputation.
At this point, the US Mission is a bit like Didi. Didi, which has an absolute share advantage in the travel market, has not lived a stable life with the arrival of the "king" status. On the one hand, the driver thinks that the drip is high, and taxis can often hear the driver's spit on the drip; On the other hand, passengers also spit out the difficulty of calling a car, calling a car expensive and killing big data. In the bilateral market built by Didi itself, it is a bit "not a person inside and outside". In this case, Didi has also been interviewed by relevant departments many times, asking them to strengthen the protection of the rights and interests of drivers and passengers.
Meituan's scale and position in the industry are similar to Didi's, and it faces greater pressure than Didi. In addition to the high draw reflected by the merchants, they also face complaints from the take-away staff. In the aforementioned report of Qilu Evening News, a rider of the US delegation said, "No matter how much the platform is pumped, how much the packaging fee of the store is, and how expensive the delivery fee is in bad weather, it has nothing to do with our salary. No matter what the situation, every time I send a single order, it is 5 yuan. "
What's more, the social security problem of nearly 6.5438 million riders signed by Meituan (Meituan's financial report shows that there will be more than 4.7 million riders with income in 2020) is still difficult to solve effectively in the short term. While charging merchants a high commission, they are unwilling to provide more protection for the takeaway. No matter how fast the delivery speed is, such a beautiful group can't stop its word-of-mouth decline.
The other is the business model dilemma.
In Q3 of 202 1, food and beverage take-out accounted for 54.2% of Meituan's revenue, and commission income also accounted for 47.4% of the revenue. As a platform-based enterprise, it is understandable to collect commissions from settled merchants, even as an important source of income. However, the problem is that the proportion of the US Mission is too high, the profit structure is single, and it is easy to "wind and grass" and stand on the opposite side of the industry.
For all platform enterprises, how to deal with the relationship with merchants is a problem. Better than Ali, 20 1 1, Taobao's "bodyguards and assassins" was triggered by the increase in fees such as merchant deposits. But later, Ali solved this problem better. In fiscal year 2020 (by the end of March 2020), among Alibaba's 332.75 billion retail revenue in China, the commission income of merchants was as high as 7 1 1.4%, accounting for 2 1.4%, but I haven't heard of widespread complaints from merchants about Alibaba's platform.
This may be worth learning by the US Mission. In addition to commissions, Ali's bigger source of merchant income is marketing services. From brand exposure to new product promotion, he can benefit from service merchant marketing. Today, the US Mission is still in its infancy, a simple and rude "bonus hunter". In the future, Meituan should learn from the models of Ali, JD.COM and other e-commerce platforms, serve businesses from a larger marketing perspective, and realize income diversification. Of course, the local life service provider served by Meituan and the national brand of e-commerce service are not the same thing, and it is still very difficult to do this.
On the other hand, Weiwei Du Finance was previously in "When did the US Mission go ashore? This paper analyzes the embarrassment of Meituan's business model. In the traditional field of local life, in the face of the blow of the new player Tik Tok's dimensionality reduction, it quickly set foot in local life business by relying on the video form with lower acceptance threshold, better interpretation effect of talents and easier transformation of business information. In the future-oriented advanced layout, Meituan has invested in travel services such as semiconductors, chips, autonomous driving and smart cars, and no results have been achieved in three to five years. Wang Xing himself said, "It is not a few quarters, nor a year or two, but at least five years, ten years or more. "
In the emerging business fields such as e-commerce, Meituan has high hopes, but from the current situation, it is difficult to pose a substantial threat to Ali, JD.COM and Pinduoduo.
Conclusion:
A number of ministries and commissions jointly issued a document, directly pointing out that "Internet platform enterprises such as take-out should be guided to further reduce the service fee standards of catering merchants and reduce the operating costs of related catering enterprises." Practice has proved that the Internet take-out platform has an important and universal influence on the business operation.
The urgent and important task before the US Mission is not to lay out any new business and realize how much growth, but to really solve the problems concerned by merchants and takeaways, which is the premise to determine how far the US Mission can go.