TapTechNews September 19th news, according to the report of LatePost tonight, Meituan Takeaway adjusted the first priority of its business goals in Q2 this year, shifting from pursuing GMV to pursuing the growth of order volume. The background of this adjustment is that there has been a continuous decline in the per-customer transaction value of Meituan Takeaway, resulting in a 10%-20% decline in its GMV. Therefore, affected by the consumption environment, Meituan decided to shift to increasing the frequency to stabilize the takeout market.
TapTechNews note: GMV is the abbreviation of Gross Merchandise Volume, that is, total merchandise transaction value. It is a commonly used indicator in the e-commerce industry to measure the total amount of all merchandise transactions conducted through a certain platform or market within a certain period of time.
In September, Wang Puzhong, the CEO of Meituan's core local business, shared data at the Meituan Catering Industry Conference: Since the first quarter of this year, the growth rate of the national catering industry has been rapidly declining, and the four first-tier cities of Beijing, Shanghai, Guangzhou, and Shenzhen have entered negative growth. The same-store performance monitored by Meituan Takeaway, in-store, and catering cashier SaaS has declined, and the per-customer transaction value has continued to decline.
After the goal adjustment, Meituan has invested a large amount of subsidies to stimulate market demand. In August this year, through the First Cup of Milk Tea in Autumn marketing campaign, Meituan Takeaway achieved a single-day peak order volume exceeding 90 million orders.
In addition, Meituan has also opened a gourmet collection store in the form of an aggregated takeout store. Meituan recruits multiple catering brands to settle in and participate in daily management, and selects some products to be listed in the aggregated store. Consumers can purchase products provided by multiple merchants in this store. The report said that Meituan hopes to solve the problem of poor hygiene quality and users' distrust of small and medium-sized merchants' takeout stalls.
Meituan's financial report data for the second quarter of 2024 shows that the revenue in this quarter is 82.25 billion yuan, an increase of 21% year-on-year; the adjusted net profit is 13.6 billion yuan, an increase of 77.6% year-on-year.