On October 21, at 1:00 a.m., the window was quiet, but Lin Jie (pseudonym) was not sleepy at all. The passionate voice of Li Jiaqi, the “suona of the world” in her mobile phone, makes her continue to be “poisoned”. On the other hand, on the iPad page, there is a big brand beauty area subsidized by 10 billion yuan on an e-commerce platform. Lin Jie is quickly comparing and calculating how to buy the most suitable product with the least money. < / P > < p > day workers and night payers. At that moment, Lin Jie was in a trance. Who was she working for? What kind of money is saved?

tiktok and Kwai Yin also joined the war; agricultural products, food fresh, digital 3C, beauty makeup shoes were subsidized, and even tourism, movies, real estate and other diversified products began to appear in the subsidy area. < / P > < p > this means that consumers have more choices, and everything looks good. But do consumers really save money? Are businesses really losing money? Does the platform really subsidize 10 billion yuan? Will the next subsidy be “100 billion”? < / P > < p > between the collection and the collection, the 10 billion yuan subsidy is becoming a mobius ring. Consumers, businesses and platforms are running around the ring, and they can’t see the end point. < / P > < p > last year, she bought two iPhones in the 10 billion subsidy zone of an e-commerce platform, and since then, she has started her more crazy price comparison shopping. < p > < p > it was once regarded as “new frugality” by Lin Jie, such as grabbing “big coupons”, being a “don’t sleep” girl, and buying things at the best price at the right time. Li Jiaqi’s calculator and the original price deletion line on the product page are telling themselves that everything is “super value”. < / P > < p > in fact, Lin Jie found that many of the goods she bought were “planted grass” in the process of repeated price comparison. The platform found out her preferences through “algorithm” and accurately pushed her “favorite”. < / P > < p > “if businesses find that they make too little or no money, they will definitely raise the price, because the 10 billion subsidy is a bidding mode, and the lowest price of the same product can be obtained. We will certainly not sell at a loss. Naturally, we will bid again, and the price must be higher than before.” Liu Jia (not his real name), who has worked hard in the cosmetics industry for more than 10 years and has been acting as an agent for several big brand products, has expressed the “hidden rules” that Lin Jie does not know. < / P > < p > as an agent, Liu Jia’s key operation this year is to put some products in the 10 billion subsidy flow pool of an e-commerce platform. It can be found that the prices of these products are much lower than those of other e-commerce platforms. When the prices are low, the sales volume will naturally rise. Liu Jia’s top three sales in stores on the e-commerce platform are all products with 10 billion subsidies. < / P > < p > “it’s not easy to participate in this activity. The platform side is very strict.” Liu Jia said: first of all, we need to compare prices. For the same product, the lower the price, we have to work hard on the supply chain. Secondly, it is necessary to obtain the authorization and certification from the brand side. Only authorization is not enough. It is also necessary for the brand side to issue an official email to prove it, and let the dealers participate in the 10 billion subsidy activities. < / P > < p > “I have to control the price and communicate with the brand.” In the round after round of competition, the winner joins the 10 billion subsidy flow pool, and the loser can only continue to prepare and make a comeback when everything is complete. < / P > < p > the person in charge of three squirrels (300783. SZ) told the times weekly that 10 billion subsidies are now the development trend of major e-commerce platforms, and the three squirrels are also closely following the platform changes to participate in the 10 billion subsidy activities of tmall. < / P > < p > “participating in the 10 billion subsidy is a link in negotiating the layout of online channels, not all of them.” The person in charge of the e-commerce of qiaqa food (002557. SZ) told the times weekly that the flow of 10 billion subsidy activities is relatively large. From the perspective of the platform side, it generally tilts resources to grab users. Therefore, qiaqa food generally participates. < / P > < p > “in some e-commerce platforms, there is no fixed rate of subsidy for goods, and a large amount of capital subsidies are given to products that can be drained, such as big brands such as the mystery of sea blue. And we these small and medium-sized brands can not get so much subsidy, or even no subsidy. ” Liu Jia’s tone is full of pity. < p > < p > in Liu Jia’s opinion, the initial 10 billion yuan subsidy must be spent in real money, but for example, the 10 billion yuan subsidy of a certain platform has become a flow pool to attract merchants, and some product merchants have to lower the price, so it is not known whether the platform has spent money. < / P > < p > on October 16, a business representative who did not want to sign provided the time weekly reporter with the “ten billion subsidy” service fee rules sent to the business on October 14. < / P > < p > in this rule, businesses who want to participate in the 10 billion subsidy activities need to pay the platform service fees based on the valid orders of the active goods (orders without return refund). < / P > < p > according to the rules, the activity service fee = the amount actually received by the merchant of the valid order × the rate of the activity service fee; the amount actually received by the merchant = the amount actually paid by the consumer + the amount of the coupon on the platform. Specifically, the service charge rate of women’s clothing category is 2.5%, color makeup is 2.0%, snack is 1.0%, and fresh fruit is 1.0%. However, this agreement was stopped by the platform. “This agreement has caused a lot of resentment in the business community, and everyone is not willing to pay the service fee. It’s a small profit. If you pay the service fee, you’ll lose money. ” He said. < / P > < p > “I’m afraid that because of the customer’s stickiness, the platform starts to harvest consumers in disguised form through harvesting merchants, and the wool comes from sheep.” Liu Jia said. < / P > < p > “if the 10 billion subsidy becomes a normal activity, it can not be called an activity, but a standard configuration. Businesses do not have the right to choose, because consumer awareness has been cultivated, and businesses can only match the needs of consumers and the requirements of the platform, and make adjustments in the supply chain and products. ” The above businesses said. < / P > < p > “I’m not going to give up the 10 billion subsidy, but I need to find something more suitable for the 10 billion subsidy.” Although the difficulty is increasing, Liu Jia will continue to participate in the 10 billion subsidy activities, after all, driven by the flow, he still made money. < / P > < p > “there are too many enterprises that claim to subsidize 10 billion yuan. Many enterprises have not sold 10 billion yuan since their establishment. Are you going to subsidize the company to consumers?” On October 19, Han Rui, vice president of Jingdong group, said at his own press conference. As can be seen from the naked eye, this year’s double 11 came earlier than in previous years, perhaps because the 10 billion subsidy never left this year. If the platforms don’t have some strong materials, it is already a shopping festival every day. How can we show the popularity of double 11? However, the threshold of 10 billion subsidies throughout the year is obviously higher. Some enterprises have been labeled as “fake version” of 10 billion subsidies, while some enterprises’ subsidies really cost real money. < p > < p > at the end of March this year, qudian( NYSE:QD )Wanlimu, its cross-border e-commerce platform, once it entered the Bureau, made a lot of “10 billion subsidy” gimmicks, trying to seize the market with low-cost luxury goods. According to the financial report of qudian in the fourth quarter of 2019, as of December 31, 2019, its cash and cash equivalents on book were only 2.86 billion yuan. As of October 30, the total market value of qudian was about 2.274 billion yuan. Obviously, the size of the store is far from 10 billion yuan. < / P > < p > according to the “supersymmetric technology” report of the third-party data research team, in the fourth quarter of 2019, the subsidy amount invested by pinduoduo for 10 billion yuan reached about 5 billion yuan, with an average subsidy rate of about 15% for each commodity. According to the financial report data of pinduoduo in the second quarter of 2020, 9.114 billion yuan was spent on subsidies and promotion expenses, up 49% year-on-year. < / P > < p > in 2014, there was a fierce subsidy war between didi taxi and kuaidi taxi, which can be called “asking the people of the whole country to take a taxi”. On Valentine’s day in 2015, the two taxi software giants, which once fought each other to death, announced their merger. < / P > < p > with the merger, the “subsidy war”, which had been silent for a year, was ignited again in 2016. Didi and China Uber launched large-scale preferential activities one after another. < / P > < p > “didiqui’s war quickly spread to o2o industry, and all industries were subsidized.” Cheng Wei, founder of didi travel, mentioned in his 2015 Luoji thinking New Year speech “Friends of time” that the abundant capital and fierce competition of the Internet have made the Internet from free economy to subsidy economy. < / P > < p > it is difficult to expand without subsidies. Subsidies have become a signboard action for both new ventures and established giants. It seems that the platform is willing to be “fleeced”. In fact, it is a battle of life and death. If it can’t endure, it can only fall down. < / P > < p > “last year, pinduoduo, the head platform, took the lead in the strategies of” 10 billion subsidies “+” daily cash collection “, which rapidly increased the customer acquisition cost of shopping shopping shopping e-commerce. With the participation of Jingdong, Suning e-buy and juhuasuan, small and medium-sized social e-commerce companies can’t survive in this fierce competition situation, and” jungle rule “leads to the survival of the fittest.” Cao Lei, director of the e-commerce research center, said. < p > < p > on December 9, 2019, taojiji, regarded as the next “pinduoduo” in the industry, announced that due to the failure of this round of merger and reorganization, taojiji will go through bankruptcy liquidation or bankruptcy reorganization. Now, taojiji has disappeared. < / P > < p > the dark horse, a social e-commerce launched in August 2018, attracted users by means of subsidies and low prices. However, the collapse was just a flash and unexpected. In his 2020 speech, Wu Xiaobo pointed out that with the end of the era of traffic, traffic has become more and more expensive: “in 2015, it costs 166 yuan for Taobao to acquire a new user, 142 yuan for Jingdong, 536 yuan for Taobao today, and 757 yuan for Jingdong. In 2016, facing the sinking market, it will cost pinduoduo 10 yuan to obtain a user, and by the fourth quarter of 2018, it will cost 143 yuan even for pinduoduo to obtain a user. ” < / P > < p > Zhongtai Securities believes that in the long run, high marketing investment is difficult to sustain, and supply chain optimization measures such as category expansion, brand and c2m commodity proportion increase are the key factors to enhance the core competitiveness of the platform. Wang Xin (pseudonym) is the world’s largest cloth textile distribution center, a self-employed business in Guangzhou Zhongda textile industry business circle, mainly engaged in fabric lace business, and is an upstream business in the supply chain of clothing and textile industry. But the platform’s subsidy low price storm still affected her livelihood. “How low the price of clothes on the e-commerce platform is, my wholesale price will be pushed lower.” As early as last year, Wang Xin told the time weekly. < / P > < p > “if the subsidy of 10 billion yuan continues, on the one hand, consumers may feel tired of consumption, and they may form a” price only “consumption habit like live broadcasting.” Cui Lili, executive director of the E-commerce Research Institute of Shanghai University of Finance and economics, told the times weekly that there must be a certain relationship between the platform marketing strategy and the consumer behavior, but it should be benign and complementary, and they should be compatible with each other. Global Tech