低价之后，中国电商出海靠什么

21世纪经济报道01-27

如果以“价格战”定义过去两年中国跨境电商的出海征程，那么2025年，这条赛道的关键词已经改写。速卖通、Temu、TikTok Shop、SHEIN这四家被称为“出海四小龙”的中国跨境电商平台曾以颠覆性的成本优势，从亚马逊手中抢夺了大量流量与市场份额。不过，单纯的低价模式在推动规模增长效果显著，但在抗风险能力上却并不强。当全球贸易规则变化与关税压力袭来，“四小龙”也开启了转型，强化品牌、深耕本地、...

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Shop、SHEIN这四家被称为“出海四小龙”的中国跨境电商平台曾以颠覆性的成本优势，从亚马逊手中抢夺了大量流量与市场份额。不过，单纯的低价模式在推动规模增长效果显著，但在抗风险能力上却并不强。当全球贸易规则变化与关税压力袭来，“四小龙”也开启了转型，强化品牌、深耕本地、...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260127070535a6b02dd2&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":"LU0256863902.USD","symbol_name":"ALLIANZ US EQUITY \"AT\" (USD) ACC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260127070535a6b02dd2&s=b","article_id":"2606240312","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260127070535a6b02dd2&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, 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Shop、SHEIN这四家被称为“出海四小龙”的中国跨境电商平台曾以颠覆性的成本优势，从亚马逊手中抢夺了大量流量与市场份额。不过，单纯的低价模式在推动规模增长效果显著，但在抗风险能力上却并不强。当全球贸易规则变化与关税压力袭来，“四小龙”也开启了转型，强化品牌、深耕本地、提升质量。与此同时，国际监管的审视日益严峻，从数据安全、商品合规到商业模式本身，平台面临的已不仅是市场竞争，更是系统性的合规挑战。在初期的价格优势之后，平台要靠什么持续留住全球消费者？图片来源：新华社逆风过去，低价一直是“四小龙”的重要标签之一。中国超大工业体系带来的规模效应以及高效运营的供应链体系为中国B2C跨境出口电商企业带来了价廉质优的产品，成为中国B2C跨境出口电商业务扩张的重要助力。2024年以来，受海外通胀影响，消费者对价格的敏感程度提升，间接利好于中国跨境电商平台。平台对于供应链的强把控、充分发挥价格优势的策略愈演愈烈，延伸出了风靡跨境圈的“托管”模式，“四小龙”纷纷入局。这种业务给平台带来显著增量。根据阿里巴巴财报，速卖通的托管业务推出后，国际数字商业集团增速达到两位数，连续多季度领跑，速卖通依托于托管业务的Choice订单占比达70%。拼多多Temu在海外扩张最快的2023和2024年里，包括Temu在内的交易服务收入增速一度超过300%。不过，到当前这个节点，低价策略面临的是前所未有的严峻挑战。核心来自于全球贸易规则，尤其是主要目标市场贸易政策的重大转变。过去一年里，全球贸易保护主义抬头，地缘政治因素对商业的影响日益直接。全球最大的单一消费市场美国关税频频变动，同时还取消了价值800美元以下包裹的免税待遇（即“小额豁免”政策），欧盟、东南亚等市场也在跟进。这项政策此前是跨境直发小包能够以极低物流成本和清关效率进入海外市场的生命线。小额商品几乎涵盖了跨境小包的绝大多数类目，包括3C、服饰鞋包、日用百货、小家电等等，对于跨境电商平台来说，“小额豁免”政策的收紧也将影响平台的低价定位，降低平台竞争力。据Sensor Tower的数据，截至2025年6月初，主要受益于“小额豁免”政策的SHEIN和Temu的美国日活跃用户（DAU）较政策取消前，分别下降了25%和52%。Temu在美国市场进入“低调期”，SHEIN也顺势收紧广告支出。数据显示，两家公司在2025年二季度在美广告支出削减了60%以上，并将资金转向其他市场。业绩也难以避免地受到影响。以拼多多财报为例，受关税冲击影响，拼多多2025年前两个季度的交易服务收入增速仅为5.8%、0.7%，无法与快速扩张期的增速相比，较2024年第四季度33%的增速也有进一步的下降。在享受了多年的全球化红利与效率红利后，行业首次遭遇如此强劲的逆风。继续固守纯粹的“低价血拼”策略，道路显然越走越窄，且充满不确定性。出路，必然要求平台们进行深刻的结构性调整。转型如何做？平台在具体举措上各有差别，但整体都是以品牌化、本地化和高质量增长为核心的系统性重塑。动作最明显的是阿里速卖通。2025年，一直比较低调的速卖通大力加码品牌，直接对标行业标杆亚马逊，推出“超级品牌出海计划”，并打出“以亚马逊一半成本为品牌带来全新增量”的价值主张。数据显示，在海外双11与黑五期间百万美元品牌数量同比增长80%，在欧洲的下载量甚至一度超越亚马逊。目前，已有小米、泡泡玛特、宇树科技等一批具备品牌认知度的企业入驻。“我们的品牌的货盘和高客单价商品对生意的成交，已经在逐步地超过一些中低客单的。”速卖通品牌出海业务负责人衍之向记者表示，“品牌属性的货盘已经成为速卖通的增长引擎。”阿里2026财年第二季度财报显示，国际数字商业集团（AIDC）实现经调整EBITA盈利1.62亿元人民币，成功扭亏为盈。过往在低价上最为激进的Temu，在2025年12月的年度股东大会上也表示推动运营模式整体性升级。拼多多管理层显然意识到，若想实现“再造一个拼多多”的宏伟目标，并实现可持续的盈利，就必须带领平台上的中国制造完成一次价值跃迁。新任集团联席董事长的赵佳臻表示，公司将继续践行高质量发展，All in中国供应链的高质量、品牌化，实现平台的再造。这预示着Temu未来将不再满足于仅仅充当低价商品的集散地，而是希望赋能中国制造企业完成品牌附加值提升。战场也随之铺开。在北美市场遭遇政策壁垒后，“四小龙”不约而同地将目光投向了更具潜力或政策环境更友好的广阔地域。同样有着较大的市场规模、较高的消费力基础的欧洲市场成为美国之后一大战略市场，拉美、中东等新兴区域的关注度也显著升温。2025年初，阿里国际站宣布将瞄准欧洲核心市场翻倍投入，欧洲订单同比大涨57%。Temu加大了在欧洲多国的投放力度，其中法英两国增幅最为显著。SHEIN在欧洲开了线下店，以提升品牌感知，也开放了中东半托管站点。TikTok Shop也加快进入新兴市场的步伐，2025年新增了欧洲、拉美和亚洲的多个站点。值得注意的是，平台也不再仅仅依赖中国直邮，而是通过招募本地卖家、建立本地仓、开设线下店等方式，深度融入当地市场。平台在转型，行业的竞争维度正被全面抬升，经过一年的调整后，“四小龙”仍然具有国际竞争力。合规当“四小龙”将中国供应链更深、更广地推向全球市场时，它们所面临的合规挑战也在急剧升级，尤其在全球地缘政治格局的重塑与博弈的背景之下。在平台的未来发展战略里，复杂且日益严格的国际监管环境，成为其战略能否行稳致远的关键变量。而当前，全球主要市场的合规壁垒越来越高，从数据安全、隐私保护，到产品安全标准、环保要求，再到知识产权保护与平台责任，对于任何一家希望长期经营的中国出海企业，这都是无法绕开的必修课。2025年，欧盟委员会依据《欧盟外国补贴条例》对Temu发起调查，而这只是Temu面临的一系列监管审查的一部分。此前其业务模式已在产品安全、环保标准、消费者权益保护等方面受到多国消费者协会和监管机构的质疑。拼多多董事长陈磊在股东大会上回应称，随着Temu业务在三年内完成拼多多国内电商十年的扩张历程，面临更严格的审视是“可以理解的”。“当前的各类检查会为进入下一个阶段的成长建立很好的基础，也会为快速变化的国际政治和政策环境下的模式迭代探索出方向。”陈磊表示。具体而言，拼多多要通过“All in”中国供应链的高质量与品牌化升级，更好地满足甚至超越国际市场严格的法规与质量标准，从而系统性降低潜在的合规风险。不难看出，国际监管已从单点合规要求，演进为对商业模式、数据流向甚至地缘政治的全方位审视。未来，国际合规环境不会松动，反而可能进一步趋紧。对中国出海平台而言，合规能力本身将成为核心竞争力之一。快速的用户增长和市场份额扩张不再是压倒一切的单一目标，平台将更关注可持续的、合规的、可盈利的运营模式，以及建立与当地社会、监管机构的长期信任。有行业人士向记者表示，新的一年里，合规基本是所有主流平台的战略重点，同时也在将合规的压力传导至卖家侧。在全球化进入“深度博弈”的新阶段，以“四小龙”为代表的中国出海平台正站在一个关键的十字路口。在这场马拉松中，跑得快固然重要，但能持续地“留在这里”，显然更为关键。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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