抖音电商补“关键拼图”

21世纪经济报道05-15

抖音电商赶在5月份，在App内集中上线了上海、杭州、武汉等多个城市的线上自营旗舰店，商品以电器数码为主，统一标注“本地仓发货、隔日达”，售后提供全国联保和7天无理由退货。　　抖音电商似要在“618”来临之前，筹谋更大的变化。　　一个月前，抖音电商完成了即时零售体系的架构调整，将原有的次日达独立店铺系统全面迁移至主站，商家通过开通“明日达服务”延续业务。　　两件事指向同一个方向：抖音电商正试图用一套...

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puzzle\"","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/4dc5ed53a5e7b6ecd69959fbd25f8edc","symbols_score_info":{"89618":0.6,"09988":1.67,"09618":1.7,"09888":1.51,"BIDU":1.51,"JD":1.7,"PDD":1.65,"KJD":0.6,"BABA":1.67},"content_text":"抖音电商赶在5月份，在App内集中上线了上海、杭州、武汉等多个城市的线上自营旗舰店，商品以电器数码为主，统一标注“本地仓发货、隔日达”，售后提供全国联保和7天无理由退货。　　抖音电商似要在“618”来临之前，筹谋更大的变化。　　一个月前，抖音电商完成了即时零售体系的架构调整，将原有的次日达独立店铺系统全面迁移至主站，商家通过开通“明日达服务”延续业务。　　两件事指向同一个方向：抖音电商正试图用一套后台、一个App，打通全国电商与同城业务的系统壁垒。　　这套动作并不激进，却透露出一种微妙的紧迫感。上线六年，抖音电商的GMV从2020年的约5000亿元增长至2025年的4万亿元以上，仅用了五年时间。　　达到相近量级的GMV，阿里和京东用了近二十年，拼多多用了大约八年。　　闯过阵痛期　　在今年1月的字节跳动全员大会上，CEO梁汝波坦言，尽管抖音电商保持了较好增速，但在退货率、直播画风等关键质量指标上仍有提升空间。　　市场在意识到抖音电商已经成长为商业领域的庞然大物的同时，还需看到这个庞然大物仍处于成长期。起码从发展时长看，它仍处于幼年期。　　据网经社数据，抖音电商日均退货量占全国电商逆向件的10%至20%。不过，这一现象并非抖音独有——任何以内容激发冲动消费为核心的平台，都会面临类似的退货压力。　　关键在于，平台能否通过机制设计来有效缓冲这一压力。　　这是整个直播电商业态共同面临的治理难题，抖音也在持续加强打击力度。随着平台治理的完善和商家选品能力的提升，这一领域正在逐步回归理性。　　2025年，字节跳动净利润同比下滑超过70%，抖音副总裁李亮表示，这是按照国际会计准则核算的数字，包含了优先股和期权成本变动等非运营因素。但他也坦承，由于抖音电商增速放缓和新兴业务相关投入增加，下半年经营利润率确实出现了小幅下滑。　　据报道，字节在AI业务上投入巨大——2025年资本开支达到1500亿元，其中AI算力相关投入约900亿元。电商业务正处于投入期，同时为集团AI战略提供支持，利润端的压力是可以理解的阶段性阵痛。　　为了找到破局的最优解，抖音电商在战略层面进行了多次主动试错。2024年上半年，抖音曾全力押注低价策略，试图与拼多多正面较量；两个季度后，抖音电商不再将“价格力”放在首位，重心重回GMV增长。这种战略快速迭代的能力，本身就是一种竞争优势。独立电商App的尝试也颇为曲折，从“抖音盒子”到“抖音商城”，字节反复试探独立电商的路径。　　抖音长期面临内容与电商的左右互搏，流量分配需要兼顾内容生态与商业变现的平衡。这不是抖音独有的矛盾，而是所有内容平台做电商都必须面对的张力。　　货架场景的追赶已经取得明显成效，但与淘天、京东多年构建的成熟货架体系相比，后面还有一场持久战。　　履约、品牌、留存的决赛圈　　抖音电商在这场终局竞争中既有自己的长处，也有需要补齐的短板。　　一则，抖音拥有超6亿日活用户、超过两小时的日均使用时长；二则是算法推荐机制，使其在内容转化上拥有无可匹敌的优势。　　抖音电商增速仍远高于大盘。这表明，抖音电商已经站稳了脚跟。　　接下来的关键问题是：它能否将流量优势转化为更持久的竞争壁垒？　　市场也在关心下一轮竞赛是否会回到仓储和物流等基建竞赛上。阿里有菜鸟的物流矩阵，京东有自建的仓配一体化网络，拼多多凭借极致成本控制在物流成本上做到了每单3.2元，比行业平均水平低40%。　　2025年10月，抖音电商清退了中通冷链、吉时达等多家提供违规服务的物流商，显示出其加强治理的决心。　　品牌生态上，抖音电商长期以白牌和“抖品牌”为主力。　　这本身并不是问题——拼多多也是从白牌起家。抖音正在积极推进品牌化进程，2026年初推出的“抖音旗舰品牌”扶持计划，投入百亿元级流量和相应现金补贴吸引品牌方入驻。从白牌到品牌，这是一条已经被验证过的路径，抖音要加速走完。　　用户留存上，复购率是公认的增长引擎。　　当用户因为一条视频冲动下单一件商品，却发现物流慢、退货难、售后体验差时，下一次打开的可能是另一个平台。自营店、明日达、品牌扶持等，目标就是这一“会再来”的信任体系。　　抖音的核心底色仍然是内容平台，它对电商业务的流量倾斜注定要保持克制。这意味着抖音电商永远不会像淘天或京东那样，拥有一个完全聚焦于交易的业务体系。它必须要在好看和好卖之间，不停地做出权衡。　　下一步怎么走？　　2025年，抖音电商逐步不再将价格力放在首位，重心回归GMV增长。复盘来看，2024年上半年抖音曾全力押注低价，但效果并不理想，GMV增速一度明显放缓。内部不到两个季度便果断调整策略，将资源聚焦于耐用消费品的市场份额突破，并通过优化流量分配机制降低高退货率。　　一个更深层的变化是，抖音电商正在从流量变现平台向综合性电商平台转型。流量驱动固然高效，但电商的竞争维度远比流量复杂。消费者在抖音上可能会因为一条视频而冲动下单一件衣服，但当需要购买一台冰箱、一台手机或者一箱牛奶时，确定性、物流时效、售后保障往往会成为比种草更优先的决策因素。　　抖音电商在中国电商版图中稳居前三，与拼多多并驾齐驱，海外市场也在扩张——据Flywheel报告，TikTok Shop到2026年底的GMV预计达到约870亿美元，同比增长约56%。但在淘天、京东、拼多多各自建立深厚壁垒的终局赛场，抖音这套组合拳能打多快、打多远，仍存变数。　　一是加速货架布局，淡化直播依赖。货架场景成交额同比增长49%，占比已近大盘一半。流量分配向低退货率商家倾斜，逻辑清晰。但货架电商的核心是用户主动搜索和复购心智，而这恰恰是内容平台的短板——用户来抖音是为了刷，而不是为了逛和买。要扭转这一习惯，需要持续数年的用户教育，而流量成本正在逐年攀升。　　二是强化履约建设，自营店试水。2026年5月上线的城市自营旗舰店，主打本地仓发货、隔日达，释放的信号明确：抖音开始向重资产基建迈进。但问题是，自建仓储物流体系投入极其庞大——京东自建物流用了十几年、烧掉数百亿元才初步建成，至今仍在盈亏平衡线附近挣扎。电商基建这一“吞金兽”能否获得持续输血？京东当年因为自建物流成本过高，长期无法盈利，给了阿里在平台模式上反超的空间。抖音若重走这条路，会不会在利润表上付出更大的代价？　　三是完善品牌化与信任建设。抖音旗舰品牌扶持计划投入百亿元级流量和相应现金补贴，治理层面也清退了大量违规商家。但品牌方入驻的顾虑并未消除——退货、价格体系、直播流量，都是品牌方迟迟不愿all in的原因。信任体系的建立，终究要靠日复一日的履约和售后体验来积累，这不是靠流量能速成的。　　电商的终局是一场持久战。抖音电商拥有最强的流量引擎，也正在拼命补课。能否在烧钱和盈利之间找到平衡，将是接下来最值得观察的变量。（文章来源：21世纪经济报道）","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":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 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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