【券商聚焦】中信证券:即时零售将是本届双11的重要看点

金吾财讯
Oct 14

金吾财讯 | 中信证券表示,双11大促已于近日开启,该机构盘点了各家玩法及促销力度,总结下述几个特征:1)大促启动时间较去年提前一周左右,全周期超过一个月,侧面体现平台对流量及增长的渴求;2)平台推行经典的“满300减50”与“单件立减”并行组合,并加大对会员用户的补贴力度,提升核心用户粘性;3)外卖与即时零售平台预计将成为大促的新变量,关注外卖与电商间的协同效应。该机构提到,即时零售将是本届双11的重要看点。2025年以来即时零售伴随美团京东、淘宝的外卖混战而加速扩张,美团闪购在今年的618大促首次加入电商购物节,取得亮眼成绩。从各平台披露的双11大促政策来看,京东、阿里均将即时零售纳入本届双11大促范围:1)京东推出秒送好物低至5折的促销活动,2)淘宝闪购推出88VIP外卖5折的促销活动。考虑到双11大促期间互联网广告单价水涨船高,外卖与即时零售的高频流量或有望为电商平台带来一定的流量协同效应,建议持续关注交叉销售效果。该机构续指,25Q3以来国内电商的主阵地大盘增速与竞争态势均相对平稳,各家平台延续24H2以来的竞争策略,处在各自的增长、变现或让利周期内。同期,京东、淘宝相继在外卖与即时零售市场展开激烈的补贴战,美团亦动态调整补贴力度、捍卫市场份额,巨量投入之下即时配送单量快速扩容,而各方均有明显的利润下滑。该机构建议持续关注外卖与即时零售市场的竞争动态演绎,以及其向电商导流效果的持续评估。

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