瑞银:预计补贴大战至少打到双11

格隆汇
Jul 12, 2025

格隆汇7月12日|据一财,瑞银预期,当前竞争形势至少会持续至今年双11。网经社电子商务研究中心数字生活分析师陈礼腾表示,对于商家而言,补贴大战的影响呈现阶段性差异。短期来看,订单暴增带来运营压力:中小商家可能面临“爆单”现象,但需承担部分补贴成本,叠加原材料消耗激增和人力不足,可能导致出餐延迟、品质下降。长期而言,行业将加速整合。市场集中度向供应链效率高、品牌力强的头部企业倾斜。同时,监管介入倒逼...

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