美团收购叮咚，即时零售的增长故事要改写？

DoNews02-10

文 | 螳螂观察作者 | 凤年即时零售，正进入新的增长发展阶段。促使这一进程的重要事件，是2月美团以7.17亿美元全资收购叮咚买菜的一纸公告，由此也将行业从沉寂许久的内卷消耗战中，带入了新时期。而外界大多还只是将这笔收购的逻辑上解释为：美团需要在华东市场补齐短板，叮咚需要在巨头环伺中找到出路。这个答案看上去是合理的，直观上是有利于美团在个别单一市场释放自身优势，但往深处分析，这样的企业商业行为，...

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凤年即时零售，正进入新的增长发展阶段。促使这一进程的重要事件，是2月美团以7.17亿美元全资收购叮咚买菜的一纸公告，由此也将行业从沉寂许久的内卷消耗战中，带入了新时期。而外界大多还只是将这笔收购的逻辑上解释为：美团需要在华东市场补齐短板，叮咚需要在巨头环伺中找到出路。这个答案看上去是合理的，直观上是有利于美团在个别单一市场释放自身优势，但往深处分析，这样的企业商业行为，...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260210202124a4939730&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":"LU1105468828.SGD","symbol_name":"Allianz Total Return Asian Equity AM DIS H2-SGD","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260210202124a4939730&s=b","article_id":"2610640292","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260210202124a4939730&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description 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rewritten?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DDL":1.94,"HMTD.SI":0.6,"METmain":0.6,"03690":1.97,"MPNGY":1.97},"content_text":"文 | 螳螂观察作者 | 凤年即时零售，正进入新的增长发展阶段。促使这一进程的重要事件，是2月美团以7.17亿美元全资收购叮咚买菜的一纸公告，由此也将行业从沉寂许久的内卷消耗战中，带入了新时期。而外界大多还只是将这笔收购的逻辑上解释为：美团需要在华东市场补齐短板，叮咚需要在巨头环伺中找到出路。这个答案看上去是合理的，直观上是有利于美团在个别单一市场释放自身优势，但往深处分析，这样的企业商业行为，放大来看更是正在推动行业整体效率与服务能力的升级。也就是说，推动了行业战局从单一平台竞争，转向全区域、全品类、全生态的综合能力竞争。而在新时期，美团也将继续在行业竞赛中掌握话语权。白刃竞争下，即时零售的能力与效率瓶颈客观而言，即时零售的赛道从不缺乏热度，据商务部研究院此前发布的《即时零售行业发展报告（2025）》显示，2025年我国即时零售规模将突破1万亿元，即时零售正处于迈向万亿级规模的关键节点。偌大的行业红利下，资本纷纷加持，平台们疯狂补贴、扩张前置仓，试图用规模筑起壁垒，但热闹背后，行业的核心痛点始终未被解决。区域深耕能力的不均衡成为首要的突出问题。近几年大厂的入局虽然在一定程度上推动了即时零售做大规模，却也让一些玩家在部分高线城市没能构建出完全符合预期的商业模式。例如，朴朴超市聚焦华南市场，其他中小玩家也多局限于局部区域，导致全国市场呈现“诸侯林立”的格局。消费者的体验随之分化，部分低线城市或者一些下沉市场面临品类匮乏、配送时效长的困境，行业难以形成统一的服务标准。从投入产出角度看，这对试图赢得全国市场竞争的玩家来说，可不算什么好事情。与此同时，作为即时零售的重要细分板块，行业的生鲜品控水平短板同样值得注意。《即时零售行业发展报告2025》数据显示，2024年即时零售中生鲜合并食品占比48.2%，纯生鲜的渗透率还有待提高，且半小时送达的承诺，对生鲜等品类仍是巨大挑战。原因在于目前我国生鲜整体冷链覆盖率低于发达国家80%的水平，落到即时零售环节，流通环节的多层级中转损耗率同样在持续叠加。此前的前置仓模式看似解决了“最后一公里”问题，实则还需要在进一步加强冷链能力之际，解决另外一层的效率矛盾。具体而言，即时零售商品种类与供给能力的持续扩容，催生了对履约确定性的更高期待，消费者不再满足于“能买到”，更要求“买得快、买得准、买得放心”的组合性效率体验。以上海为例，理论上50个左右的前置仓即可覆盖全市，但叮咚买菜与小象超市的仓网高度重叠，重复建设导致资源浪费，而部分偏远区域却存在覆盖空白，消费者真实需求难以被全部满足。上述的种种痛点，开始给整个行业抛出了一个难题：即时零售市场规模的膨胀如果没有完整的能力体系支撑，终究只是空中楼阁。在此背景下，行业就不得不面临转型的必然。资源整合，即时零售迈入2.0新阶段的确，过去几年即时零售一直处于“玩家下场、资本烧钱、商品供给与履约能力建设、市场规模起量”的早期培育阶段，我们可以把该阶段可以被视为行业的1.0阶段。而当下，美团收购叮咚买菜的交易，会进一步推动行业迈入2.0阶段，即，在满足用户品类需求的同时，兼顾效率平衡以及玩家在各地区的商业利益，市场也就步入了全区域、全品类、全生态的玩家综合较量时期。当然，得出上述这样的结论并非没有道理，而是符合深刻而复杂的行业发展规律。此前的即时零售的竞争，大多围绕“抢地盘、打价格战、淘汰对手”这三件事展开。但时至今日，即时零售行业迎来拐点，转向价值深耕，或许才能形成新的增长，并达成合理的商业化诉求。加之随着消费端“即需即达”的基础需求得到满足，用户决策核心不仅开始从配送速度转向商品丰富度与品质。由此可见，全场景的消费需求，要求行业必须从“商品供给、供应链要素、履约网络”等方面进行整合协同升级。因此，“整合资源”就成了各个玩家完善品类的同时，进一步提升效率和用户服务体验的必要。只不过在这个过程中，最先迈出这一步的企业会因此而受益并被大众热议，所以美团才会被外界普遍解读为只是补齐某些方面的能力短板，又或者迎接即将到来的夏季战役。可回过头来看，视角要是仅仅集中在单一的短期的企业商业竞争上，未免缺乏了更深层次的考虑。进一步分析，美团收购叮咚同样意味着，即时零售行业早期的单纯的规模扩张无法驱动行业长期健康的增长，只有通过在夯实内力的同时，率先获取市场上的合理资源，进而完善品类布局、提升运营效率，才能契合用户深层次需求。而在行业迈入2.0新阶段的过程中，美团也就成了最合适的引领者。当前即时零售行业已形成三大阵营，以美团为代表的本地生活平台，依托全域履游网络布局全品类；阿里、京东等电商巨头从线上向线下渗透；朴朴超市等垂直生鲜平台深耕区域与供应链。尽管三大阵营各有优势，但美团的平台基因与综合能力更适合推动资源整合。一方面，美团拥有近800万骑手的履约网络、1450万本地活跃商家资源与超过8亿年交易用户，即时零售日订单峰值超过1.5亿单，平均送达时间30分钟左右，中低频用户向高频跃迁，用户消费频次和黏性显著提升，消费场景持续多元化。另外一方面，旗下小象超市已是前置仓赛道的核心玩家，而叮咚买菜积累了1000个前置仓、这些核心资源与美团闪购形成精准互补。所以，相较于电商巨头的线上基因与垂直平台的区域局限，美团的“供应链+履约+流量”三重优势，更能实现跨区域、全品类的资源高效整合。那么接下来的问题是，现在，市场将会走向何方？我们认为，资源整合的核心首先在于实现“1+1>2”的协同效应，也就是将双方各自擅长的事情发挥到极致，形成强有力的市场增长驱动力。前置仓层面，叮咚买此前长期深耕江浙沪前置仓市场。外界普遍认为，双方仓网布局形成互补，美团可快速补齐华东地区短板，同时优化仓储布局降低履约成本，推动其在上海等核心城市的日均单量有望进一步提升。至于用户侧，叮咚买菜本身 用户复购率就长期领跑行业，拥有的700万中产用户年均消费频次达72次，客单价72.9元，能与美团的年轻用户形成互补，帮助美团从“即时用餐”场景延伸至“家庭厨房”，构建全品类消费闭环。再借此放大到更全面的行业竞争中，还能得出另外一个结论：美团收购叮咚的意义，可能绝非只停留在华东市场。在资源整合、夯实能力的大基调下，它无疑将对美团在未来的即时零售长期竞争中带来正向价值。美团拿下叮咚，即时零售行业迈入“共赢”新阶段收购叮咚的交易完成后，我们判断，美团的整合规划会更加清晰，美团会持续成为即时零售2.0阶段的领导者。之所以这么讲，是因为抛开美团本身就已经在即时零售订单规模、“品牌官旗闪电仓”增速、用户品牌认知等方面形成的优势外，美团的长期主义能力实际上还得到了提升。供应链的布局和打造能力“首当其冲”。考虑到即时零售已经进入“万物到家”阶段，品类疯狂扩张，跨生态融合与生活全场景消费日渐成为趋势，这对身处该赛道的玩家的供应链能力，提出了更高的要求。而美团收购叮咚的举措表明，美团实际上一直具备打通双方资源，强化冷链与品控能力的意识，也善于挖掘和发现此类优质的资源。比如，叮咚买菜在供应链领域构建的核心优势85%以上生鲜源头直采、12家自营工厂、2家自营农场，且在黑猪肉、有机菜、健康食品等品类上取得显著增长。另外，在行业整体因为经营承压而陷入无尽难受的情况下，美团显然将复用叮咚买菜的垂直一体化生鲜运营经验，强化产地直采与冷链品控能力自有品牌与预制菜赛道的协同也将提速，叮咚买菜的高毛利商品将接入美团小象超市、美团闪购等多个渠道，丰富供给品类的同时提升整体盈利能力。再配合前面提及的前置仓与履约网络的协同，会进一步释放美团即时零售的规模效应。一旦订单规模扩大以及订单消费单价得到拉升，美团生态护城河自然也将得到进一步夯实。换言之，原来的叮咚买菜的会员体系将与美团会员实现互通，数百万高粘性用户将接入美团的流量池，而美团的海量流量也将反哺叮咚买菜，提升订单量与用户复购。这种双向赋能不仅能扩大用户覆盖，更能通过数据共享优化选品策略，让商品供给更贴合不同区域、不同消费群体的需求，实现从“人找货”到“货找人”的转变。回过头来看，从行业发展来看，美团的整合动作预示着即时零售的未来方向：即时零售未来的核心竞争力，不仅在于配送时效与履约能力，更在于供给侧柔性供应与消费侧会员生态的协同演进。而美团，也会持续引领即时零售产业的发展。","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":"merge","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"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 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