饿了么橙变，阿里决心有多大？

东哥解读电商2025-12-10

来源：虎嗅APP作者：安蕴一个拥有上亿用户的知名品牌，为何甘愿“隐入”另一个品牌之后？大众已经熟悉的蓝衣骑手，为何一夜间变成身披橙色铠甲的军团？11月25日，阿里巴巴管理层在三季度财报电话会议上披露了这场变革发生前的“成绩单”：即时零售业务收入229.06亿元，同比增长60%，成为阿里本季度营收增长的关键引擎。更重要的是，自9月以来，该业务的单位经济效益（UE）显著改善，并带动了淘宝App月活用户...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251210192905a72fad53&s=b><strong>东哥解读电商</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>来源：虎嗅APP作者：安蕴一个拥有上亿用户的知名品牌，为何甘愿“隐入”另一个品牌之后？大众已经熟悉的蓝衣骑手，为何一夜间变成身披橙色铠甲的军团？11月25日，阿里巴巴管理层在三季度财报电话会议上披露了这场变革发生前的“成绩单”：即时零售业务收入229.06亿元，同比增长60%，成为阿里本季度营收增长的关键引擎。更重要的是，自9月以来，该业务的单位经济效益（UE）显著改善，并带动了淘宝App月活用户...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251210192905a72fad53&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1044876610.USD","symbol_name":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"ZU\" (USD) 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Ali?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89988":0.6,"BABA":1.95,"ALBmain":0.6,"09988":1.95,"HBBD.SI":0.6},"content_text":"来源：虎嗅APP作者：安蕴一个拥有上亿用户的知名品牌，为何甘愿“隐入”另一个品牌之后？大众已经熟悉的蓝衣骑手，为何一夜间变成身披橙色铠甲的军团？11月25日，阿里巴巴管理层在三季度财报电话会议上披露了这场变革发生前的“成绩单”：即时零售业务收入229.06亿元，同比增长60%，成为阿里本季度营收增长的关键引擎。更重要的是，自9月以来，该业务的单位经济效益（UE）显著改善，并带动了淘宝App月活用户的快速增长。截至10月31日，已有约3500个天猫品牌将其线下门店接入即时零售体系。“饿了么”图标全面焕新为“淘宝闪购”的背后，是阿里坚决加码大消费下一步投入的新标志。目前来看，饿了么的“橙变”已取得阶段性成果，但这仅仅是开始。随着管理层提出“深耕用户体验、聚焦高价值用户、聚焦零售品类”的新目标，这场战役已正式进入更为关键的精细化运营阶段。初战战果：从规模到效益的落地在三季度财报电话会上，阿里巴巴中国电商事业群CEO蒋凡指出，淘宝闪购已在第一阶段完成了规模的快速扩张。这一阶段，阿里通过百亿级的资源投入，迅速重塑用户习惯，将“淘宝”与“即时可得”强绑定。成效显而易见：截至2025年8月，淘宝闪购日订单峰值达1.2亿单，月度交易买家数较4月增长了200%。规模企稳后，“效益”也成为了新的目标牵引红线。据财报电话会披露，10月以来，淘宝闪购的每单亏损较7、8月份降低一半，并保持了订单份额稳定。这一“UE减半”的成果，让内部看到随着效率提升、整体亏损预计在下个季度将收敛的可能性。这也标志着，阿里的策略从“不惜代价抢份额”，已经可以转向兼顾着“精打细算要效益”。高盛也预测，阿里该板块的单笔亏损将在12月季度进一步收窄。比减亏更具战略意义的是订单结构的优化。数据显示，淘宝闪购非茶饮订单占比已提升至75%以上，笔单价较8月环比实现两位数增长：这意味着“淘宝闪购”已实质性跳出了单纯“奶茶咖啡”的羊毛补贴心智，成功切入更多样的品类市场。这种转变也验证了品牌升级背后的逻辑：只有建立起更广阔的“送万物”用户认知，高价值订单才有可能爆发。在财报电话会上，蒋凡特别重申，闪购是淘天平台升级的核心战略之一，目标是三年后带来万亿成交。从单纯的规模扩张向价值挖掘转身，是实现这一目标的关键一步。对阿里来说，淘宝闪购能在短时间内从“猛踩油门”模式，可以顺利切换成“油门”和“刹车”灵活转换模式，这验证了这盘生意在经营上具有可持续性。蒋凡则在会上明确表示，淘宝闪购在第一阶段完成了规模的快速扩张，第二阶段的经济效益优化符合预期，这为外卖业务长期可持续发展奠定了基础，也增加了在即时零售长期投入的决心。深度整合：打破固有天花板今年11月起，陆续就有市场消息传出“饿了么”即将更名为“淘宝闪购”。在虎嗅看来，这并非简单的更名，而是阿里对用户心智的一次精准重构：“饿了么”曾拥有坚实的送餐心智，但这既是护城河，也成了它迈向“送万物”的天花板。从用户习惯来看，点午餐时会打开饿了么，但买洗发水、电池或鲜花时，第一反应往往是淘宝。品牌焕新此举，正是意图将饿了么强大的线下履约能力，更深刻嫁接到淘宝的购物心智上，加大压强、夯实淘宝闪购作为心智需求的起点。经历这次品牌变化，可以想见调整后，业务分工更加明确：淘宝闪购承接淘宝、支付宝、高德等全域流量，而饿了么继续作深全品类的即时履约基础设施。这种“前台流量+中台履约”的组合，将释放新一轮的协同效应。与此同时，阿里生态内的资源整合也在加速。菜鸟供应链于10月接入淘宝闪购，在上海、杭州等城市提供“小时达”服务；高德则利用地图优势优化既是配送路径，确保订单准时率维持在97%的高水平。在组织架构层面，饿了么在今年并入中国电商事业群后，打通了决策、数据和业务流，打破了以往的部门壁垒。淘宝闪购也成为了连接淘宝、菜鸟、高德、支付宝等业务的关键枢纽。这背后可见阿里对“近场电商”的重新思考，要通过数字化全面激活用户身边3公里的实体商业。双十一期间，约3500个天猫品牌线下店接入即时零售，非餐品类成交额激增超290%，数码、服饰、奢侈品通过线下门店实现了“半小时达”。可以预见：更多的线下门店将从客户接待和展示厅，进化为具备履约能力的前置仓。战局演变：从拼补贴到拼体验11月25日,商务部研究院发布的《即时零售行业发展报告(2025)》指出,国内即时零售正处于迈向万亿级规模的关键节点，2026年规模将突破1万亿元，其中非餐饮品类占比首次超过50%。阿里的入局，也在推动行业从餐饮外卖竞争转向全品类即时零售竞争。在这种背景下，美团等原有行业玩家的餐饮优势被稀释，而包括阿里在内的电商玩家在商品供应链上的积累开始显现。2025年，美团、阿里巴巴和京东三家针对即时零售展开激烈争夺。交银国际研报显示，2024年美团外卖占据65%的市场份额，饿了么份额为33%，其他平台合计仅占 2%；也有美团份额稳定在70%左右，饿了么约为 30%。经过这一轮调整后，美团市占率减少约15%~25%，阿里增长约10%~15%，京东约为8%。一些市场调查显示，美团和淘宝闪购份额整体实现五五开，甚至在个别城市已发生逆袭反超。面对阿里的攻势，美团整体更希望大战能”熄火“。三季度，美团核心本地商业板块面临盈利压力，CEO王兴在电话会上明确表态反对价格战，强调行业应回归真实价值。但可见与美团的防守策略不同，淘宝闪购更关注通过精细化运营拓宽边界。这意味着淘宝闪购希望能通过丰富的商品供给提升客单价，而非由于存量市场争夺外卖订单。虎嗅了解到，淘宝闪购也正试图通过生鲜、电子产品等高客单品类，设计定制化的售后与履约标准，从而完成从“流量运营”到“深度客户运营”的跨越。随着补贴逐渐退潮，行业共识已日渐清晰：单纯的价格战已成过去式，以品质和服务为核心的价值竞争、生态竞争，将成为新阶段胜负手。无论是专美团、阿里，亦或是京东，都在表明即时零售的下半场将是一场基于效率、协同和体验的持久战。尾声从蓝色到橙色，不仅是品牌颜色的更迭，更是竞争维度的升级。互联网竞争已从粗放的流量争夺，进入到对用户场景和心智的精细化占领。面向即时零售的下半场，饿了么和淘宝闪购用了一种最彻底的方式，完成了这场面向未来的心智切换。而这，也是阿里对其大消费战略坚定投入的决心。文章系转载，图文皆源于网络，如有侵权可联系运营删除！海豚社——新消费新国货第一社群沟通、合作扫描下方二维码如果觉得内容不错，请点击一下“在看”，或者，把它转发分享给需要的人","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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